Real Estate Articles
REALTORS® seek international real estate designation to better serve foreign clients
The Silicon Valley Association of REALTORS® (SILVAR) offered its third National Association of REALTORS® (NAR) Certified International Property Specialist (CIPS) Institute on Nov. 17-21, with 23 REALTORS® from SILVAR and other REALTOR® associations around the Bay Area in attendance. The CIPS Institute provides REALTORS® the opportunity to learn more about global real estate so they can better serve their international clients.
Florida resident David Wyant, NAR 2012 and 2009 International Instructor of the Year, returned to the Bay Area to teach the week-long courses, which focused on ownership and transaction principles of international real estate, including specifics on the real estate markets in Europe, the Americas and Asia.
"The great thing about teaching the CIPS classes in Silicon Valley is that the REALTORS® here 'get it.' Many of them are already experiencing business with international clients. Others quickly grasp the opportunity that exists here and begin to put their business plan in place to exploit it," said Wyant.
According to NAR, sales to international buyers reached a record $92.2 billion last year. California, Florida, New York and Texas are the most popular states where international buyers search for properties, accounting for 55 percent of the total reported purchases. Florida claimed a 23 percent share of all foreign purchases. California comes in second with 14 percent, Texas with 12 percent and Arizona with 6 percent.
"Silicon Valley is a brand well known in virtually every country in the world, and our CIPS graduates report that they have experienced success reaching out to clients in their preferred 'niche'," added Wyant.
Upon completing the required courses and other necessary requirements, the REALTORS® have the opportunity to receive their CIPS designation at the annual REALTORS® Conference and Expo slated for November 2015 in San Diego. Since SILVAR began offering the CIPS Institute in 2012, more than 50 REALTORS® have earned the prestigious NAR designation and joined the worldwide referral network of elite global real estate practitioners with expertise in working with international clients.
"This year, all but five of our students were members of our REALTOR® association. We are happy that our members are recognizing the advantage of the CIPS designation. The CIPS designation can give REALTORS® a competitive edge in the international marketplace," said SILVAR Executive Officer Paul Cardus.
Five affiliate members sponsored the global courses and presented students relevant information. Kyle Chuang with Farmers Insurance spoke briefly about the benefits of life insurance for REALTORS® and their clients.
Ann Timoney, a mortgage advisor with Opes Advisors, stressed the importance of REALTORS® identifying the status of their foreign client - whether a foreign national, permanent resident alien, non-permanent resident alien, or non-resident alien, because each status has specific requirements and qualifications for purchasing U.S. property.
Kenneth Chan, premier mortgage consultant with HSBC, emphasized lenders require two months of clean bank statements. Large deposits during that period can kill a deal.
Richard Miller, national sales director for Express Loan Services, said the mortgage banker provides services for foreign national borrowers and has various loan programs which give non-permanent residents, visitors with a visa the opportunity to own a home in the U.S.
Proxio CEO Janet Case, educated REALTORS® on the international networking platform that connects them with real estate agents and property developments in the U.S. and abroad, and enables them to share their listings with each other. Proxio is a free benefit for SILVAR REALTORS® who are members of MLSListings Inc. Agents' listings are translated in 19 languages, 55 currencies and metric measurements.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.