Real Estate Articles
Japanese real estate delegation visits Silicon Valley
Fifteen real estate professionals from Japan came to Silicon Valley early in this month to network with Silicon Valley Realtors, bring cultural awareness, and learn about similarities and differences in doing business in the U.S. and Japan.
At the Silicon Valley Association of Realtors, the Japanese real estate professionals also learned about home inspection and typical inspection services provided to homeowners in U.S. SILVAR Global Business Council member Atsuko Yube, a Realtor with Global Estate Link, arranged the visit. Yube, who is also a past president of the Asian Real Estate Association Silicon Valley (AREAA SV) and a board director of AREAA Global Inc., said home inspection is new in Japanese real estate because typically, when purchasing property, the Japanese buyer will tear down the home and build new.
Yube explained it has been the custom in Japan to build new homes because the Japanese like things new. There is also the traditional belief that bad fortune can transfer from the previous owner to the owner. Because of the preference for new and their beliefs, secondhand homes are not as desirable and are heavily discounted. Homes that are newly constructed begin to depreciate in value from the day they are purchased. Most homes are rebuilt after 25 to 30 years.
"The re-sale market has not been strong historically, so when the age of a property is more than 20 years old, its value drops to zero with the property essentially having no value," said Yube.
Upon arriving at SILVAR, executive officer Paul Cardus and president-elect Alan Barbic welcomed the visitors and shared some information about organized real estate in the U.S., the difference between a real estate agent and a Realtor, the Realtor Code of Ethics, and membership in the Association of Realtors. The real estate professionals met with board directors Mark Wong, Ryan Nunnally and Joanne Fraser, members of the Global Business Council, and leadership from other real estate associations, including Tess Crescini, chair of SILVAR's Global Business Council and co-president of the Filipino American Real Estate Professional Association Silicon Valley (FAREPA SV), and Anna Maria Valenzuela and Tracey McNeeley, president and director of membership services, respectively, of the Women's Council of REALTORS® Silicon Valley (WCR SV).
Introductions were followed by presentation by Yube on Silicon Valley real estate in Japanese. SILVAR member Chika Mori, a Realtor with Keller Williams Realty, presented information about the MLS, also in Japanese. Her presentation was followed by a presentation on home inspection in the U.S. by Frank Lesh, executive director of the American Society of Home Inspectors, who flew all the way from Chicago to speak to the group, and Larry Tringali, with Property Inspection Services.
After the presentations, the visitors, members and guests, met for a special evening mixer. Like many foreign guests that visit Silicon Valley, the Japanese real estate professionals were interested in visiting the giant tech companies and were fortunate to tour Google and Facebook during their visit.
Here are some important things to remember when in a business relationship with the Japanese:
- Never handle another's business card carelessly.
- The Japanese may smile even when they don't understand, or to avoid saying no.
- Do not ask questions about your business client's private life.
- Do not point at anyone or use a finger to emphasize a point.
- Avoid giving gifts in sets of four or nine because these are considered unlucky.
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.