During the pandemic, Realtor officials are encouraging agents to take advantage of education courses offered online by national, state and local Realtor associations. They say now is the best time for Realtors to focus on education.
"Realtors are busy showing properties to clients under strict Covid health and safety guidelines and they are conducting much of their business virtually. They are also taking education courses online, so once we get through this pandemic, and I'm sure we will, Realtors will be able to better serve their clients both here and abroad," said Joanne Fraser, president-elect of the Silicon Valley Association of Realtors and chair of the SILVAR Global Business Council.
National Association of Realtors instructor Bobbi Decker, who recently taught a course on Asia and international real estate for SILVAR, said global real estate has slowed during the pandemic, but once regular travel resumes, demand for U.S. properties is sure to pick up.
"The real estate industry is clearly global, and that fact is no more prevalent than in the San Francisco Bay Area," said Decker.
According to the National Association of Realtors' 2020 Profile of International Transactions in U.S. Residential Real Estate, from April 2019 through March 2020, China and Canada remained first and second in U.S. residential sales dollar volume at $11.5 billion and $9.5 billion, respectively. At $449,500, Chinese buyers had the highest median purchase price, with nearly half purchasing property in California and New York. California ranked second to Florida as the destination of foreign buyers.
Learning the business culture of your client's country can make or break a deal, said Decker. Students learned in China, punctuality is a virtue. Direct eye contact may be perceived as confrontational. Business cards are presented and received with both hands, with the card facing the person addressed. Gifts of white or yellow flowers and clocks are associated with death. Never refer to Taiwan or Hongkong as separate entities since the Chinese government considers them part of China.
Sponsor of the Day Lisa Wendl, a mortgage broker with General Mortgage Capital Corp., told students it is more difficult for Chinese buyers to purchase property in the U.S. because of greater restrictions on the outflow of money from there. Cost of flights to and from China have skyrocketed to as high as $3,000 roundtrip.
Another stumbling block is tighter visa restrictions. Wendl said her nephew there, who was accepted at a university in the Bay Area, still has not received a student visa to study in the U.S.
Most lenders now require foreign borrowers to have a U.S. bank account. Some lenders may not take power of attorney from foreign nationals. There is a longer wait time for foreign buyers to sign loan documents at U.S. embassies/consulates.
Elizabeth Tucker, a Realtor with Keller Williams Silicon Valley, said she enjoyed learning about the culture and laws of 14 countries in the Asia/Pacific region. "I have taken so many Zoom classes, and that one was the most interesting. I found the content a rare jewel in my years of being a Realtor in Silicon Valley!"
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.
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