Real Estate Articles
SILVAR Concludes 5th Certified International Property Specialist Institute
Seventeen graduates of the 5th Silicon Valley Association of REALTORS® (SILVAR) Certified International Property Specialist Institute have the opportunity to apply for the CIPS designation and be recognized at the 2016 National Association of REALTORS® Conference and Expo in Orlando, Fl. on November 4-7. Holding SILVAR's banner are instructor David Wyant (left) and SILVAR Executive Office Paul Cardus (right).
The Silicon Valley Association of REALTORS® (SILVAR) fifth Certified International Property Specialist (CIPS) Institute concluded last month with students from San Francisco Bay Area and Canada. The students came from diverse cultural backgrounds and were well-traveled, yet eager to learn more about the international real estate market and how to grow their global business.
The courses were taught by National Association of REALTORS® (NAR) 2012 and 2009 International Instructor of the Year David Wyant who, with wife Patsy, travels around the country and the world teaching CIPS courses. It was the Wyants' fifth trip to Cupertino. They remarked with each trip Silicon Valley's growth is evident in increased traffic, hotel occupancy and rates.
"As the economy continues to boom, so will increased interest from foreign buyers," said Wyant.
According to NAR, foreign buyers purchased $102.6 billion of residential property in U.S. real estate between April 2015 and March 2016. Most foreign buyers were from China (14%), followed by Canada (12%), Mexico (8%), India (7%) and the UK (4%). As a consequence of Brexit, the decision by UK voters to withdraw from the European Union, real estate analysts predict the U.S. may see fewer buyers from the UK, but other foreign investors, including global corporations, may move their business and real estate investments to the U.S. due to uncertainty in the future of the UK economy.
Also sharing information to help REALTORS® in the global market were sponsors of each day. Janet Case, CEO of Proxio, said the international networking platform connects Realtors, their listings, and real estate developments they wish to market with over 700,000 agents from more than 120 countries. Proxio's marketing tools give Realtors global reach, translating listings in 19 languages, 55 currencies and metric measurements.
Case noted 43 percent of families in California speak a language other than English at home. In San Francisco, the percentage is higher – 45.4 percent and in Los Angeles, 59.7 percent.
"Proxio allows you to list locally and market globally," said Case.
Amy Ku, Northern California mortgage sales manager with HSBC Bank, shared information about work permit classifications and the visa waiver program. She said HSBC can pull credit in 80 countries and as a portfolio lending banker, can offer flexible terms to foreign buyers.
TourFactory's Darrell Monda said his company has a waiver from the FAA to use drone photography, but clients "do not just get a pretty picture." In addition to virtual tours, the company provides videography, analytics and syndication to 32 real estate engines to assist in marketing properties to foreign buyers who cannot physically be at a property they are interested in purchasing.
Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc., explained how market volatility affects inter-bank currency exchange rates, online rate websites and mitigating risks of rate changes.
From Property Inspection Service owner Larry Tringali, REALTORS® learned whether the client is domestic or foreign, property inspections are essential when buying a home. Realtors have to educate foreign buyers since property inspections are not as developed or regulated in other countries as they are in the U.S.
Upon completing the required courses and fulfilling other necessary requirements, graduates of this year's CIPS Institute can receive their CIPS designation and have the opportunity to be recognized at the 2016 NAR REALTORS® Conference and Expo in Orlando, Fl. on November 4-7. Over 40 members of the Silicon Valley Association of REALTORS® are CIPS designees.
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.