With foreign buyer interest strong in Silicon Valley, more Realtors are seeking further education in global real estate. The Silicon Valley Association of Realtors recently concluded several global courses, including its sixth Certified International Property Specialist (CIPS) Institute. Other neighboring Realtor associations have followed suit.
According to the National Association of Realtors, between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of residential property, a 49 percent jump from 2016 ($102.6 billion). Twelve percent of all foreign sales were in California, with buyers and investors from China maintaining top position in sales dollar volume.
The global real estate courses help Realtors serve foreign and diverse clients living here and abroad. The CIPS Institute teaches Realtors about international business transactions, legal and tax, ownership requirements, and specifics about the real estate markets in Europe, the Americas and Asia. Realtors who complete the full week of courses can earn the prestigious CIPS designation, the only international designation offered by NAR.
The courses were taught last week by NAR 2012 and 2009 International Instructor of the Year David Wyant, assisted by his wife Patsy. Wyant had just taught the CIPS Institute in the Philippines to members of the Chamber of Real Estate and Builders' Association (CREBA) before coming to SILVAR. SILVAR is NAR's Ambassador Association to the Philippines and CREBA is SILVAR's partner association in that country.
"I've just conducted CIPS classes in four different countries, and Realtors in every one of them are interested in Silicon Valley. They see Silicon Valley as both a potential source of outbound investment and a destination for their clients," said Wyant.
Affiliate members of the local Realtor association shared information to help Realtors in the global market. Janet Case, CEO of Proxio, said the international networking platform connects Realtors, their listings, and real estate developments they wish to market with thousands of agents from more than 120 countries.
HSBC Bank loan officers Dean Chang and Kent Chiao shared information on Chinese buyers and investors, and government restrictions on the outflow of money from that country. As a portfolio lending banker, HSBC can offer flexible terms to foreign buyers.
Darrell Monda, owner of TourFactory Bay Area, said in addition to virtual tours, the company provides videography, analytics and syndication to real estate engines to assist in marketing properties to foreign buyers who cannot physically be at a property. Monda introduced the iguide camera that creates high definition photos, 3D videos and floor mapping with a laser that can beam exact measurements in a room.
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 how the exchange rate can fluctuate on a second by second basis. AFEX helps foreign buyers convert their money to dollars quickly and at a competitive rate.
Farmers Insurance agent Kyle Chuang presented home insurance information Realtors can provide clients. He also shared interesting examples of situations when an insurance claim may or may not be filed.
The At Home with Diversity course taught Realtors about cultural differences and how to address the needs of diverse clients. This year, seven SILVAR staff members took the course. Since the Realtor association's membership has become more diverse, the local trade association is requiring diversity training for all staff. Students who take the course can earn the NAR At Home with Diversity certification.
Another course, Real Estate Investing, taught Realtors how to work with foreign and domestic investors and how to become real estate investors themselves.
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.