Event Coverage
Full House at YPN/Global Business Council Lunar New Year Celebration
SILVAR's training room was filled to capacity with members attending the Lunar New Year Celebration hosted by the Silicon Valley Young Professionals Network (YPN) and the Global Business Council. The event featured nationally acclaimed feng shui master Y.C. Sun (see article in District News), a catered Chinese lunch, followed by a panel with REALTORS® who have been successful dealing with overseas Chinese buyers.
"Yesterday's event was a great success!" exclaimed YPN Chair Ryan Nunnally. "No seat went empty. The room was filled with talent, both in the audience and with the established speakers."
Nunnally and GBC Chair Mark Wong served as moderators for the event. Panelists included Michael Repka, DeLeon Realty, Palo Alto; Omar Kinaan, RE/MAX Distinctive Properties, Menlo Park; Carol MacCorkle, Pacific Union International Real Estate, Menlo Park; and Kim Connor of Intero Real Estate Services, Saratoga. These REALTORS® have had a lot of success capturing the Chinese overseas market, but they said it's not easy, it takes patience and hard work.
Building relationships and trust is key to working with Chinese buyers. Repka said their company's interest in China began a few years ago when he and Ken DeLeon traveled to China with their Chinese agent Kim Heng. It was there where they first developed relationships, which blossomed and expanded, leading to numerous transactions. Repka said having Heng, who speaks fluent Chinese and knows the culture, proved very valuable to them.
"You need to speak the language or have someone that does. People are always comfortable in their own language," said Repka.
The other panelists agreed. If Chinese buyers aren't fluent in English, someone in their entourage usually is. However, for more assurance, they advise agents to include someone in their team that speaks the language.
Be professional and respectful. "Present a professional appearance and get for them the best deal that you can," said MacCorkle.
Connor underlined the importance of understanding the Chinese culture. "Speak to them intelligently, with your eyes on them and not on the interpreter. Treat them with respect. It may take time to develop a relationship, but good things come back. You have to be patient," said Connor.
Kinaan said what proved most valuable to him was the Certified International Property Specialist (CIPS) Institute, the full-week of courses he took at SILVAR to obtain the National Association of REALTORS® CIPS designation. He said the courses helped him gain a better understanding of other cultures. SILVAR is offering the CIPS Institute again this year beginning September 30 (See Education Schedule in the Friday Facts).
Kinaan will often Skype clients before even meeting them personally. He said it's important to have a good team in place. He brings a lender and CPA to his meetings with Chinese clients to lay the groundwork and talk about how to execute the transaction. He also suggests having the client assign someone the power of attorney to expedite matters quickly, in case they are not in the country.
The panelists also stressed it is important to set the client's expectations. Do research and educate your Chinese buyers.
"They are buying an American home in an American town that is very different from where they are from," said Kinaan.
Repka advised agents to get the buyers acclimated to the area by introducing them to the new culture, the neighborhood, schools, grocery stores nearby. Build an indoor business model and produce videos of the neighborhood and city. "Do whatever to make it as comfortable as possible for everyone," said Repka.
MacCorkle added not only should agents focus on the Chinese buyer, but they also need to prepare their sellers for Chinese overseas buyers, since there are different expectations on both sides.
The session received excellent evaluations from members. "We catered our program to non-Chinese speaking agents who want to tap into the Chinese market. Over 90 percent of the attendees are from other ethnic groups and we were happy that they all enjoyed the program so much," said Wong, SILVAR Global Business Council chair.
YPN and the GBC thank the following sponsors for supporting the event: Michael Dececco with EverBank, Thanh Trinh with yourhomestoday.com, Chris Tringali with Property Inspection Service, Alain Pinel Realtors - Los Gatos, and Jimmy Kang of Wells Fargo Home Mortgage, who provided the lucky red envelopes to the attendees and donated wine for two drawings.
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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.
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