Event Coverage
International REALTORS® Share Cultural Differences with Members
At the International REALTORS® Panel last month, members and guests learned that culture is important when working with clients from other countries. Panelists at the program hosted by SILVAR's Global Business Council included Catherine Hendricks, a REALTOR® with Keller Williams Realty - Palo Alto, who is from France; Terence Leary, a REALTOR® with Alain Pinel Realtors Los Gatos, a native of the United Kingdom (UK); Moise Nahouraii, real estate broker and owner of Referral Realty – Cupertino, Iran; and Atsuko Yube, real estate broker Global Real Estate Link, Inc. of Silicon Valley, Japan. The panelists, who have lived in the U.S. long enough to be well-assimilated into the American culture, shared important cultural differences and nuances of clients from their countries.
The panelists noted one common trait that clients value, regardless of their nationality, is trust. REALTORS® need to find a way to build a relationship of trust with their foreign client. One way to build trust is to establish credibility – make sure your data and facts are correct. According to Yube, Japanese clients are very analytical, they read everything and love numbers and data, so it is important to be prepared. Clients from Iran will verify all the information an agent gives them. If your information is inaccurate, you are bound to lose the client, said Nahouraii.
Building trust also means knowing the dos and don'ts of the client's culture. Leary said privacy is very important to the British and most Europeans, so don't expect to hear a voicemail greeting with their name when you call them. The British are formal and business-like; they don't hug. Although the British and Americans speak English, in order to prevent any misunderstanding, avoid using American slang, said Leary.
When doing business, shake hands with Iranian men, but not women, said Nahouraii.
Yube said Japanese clients do not hug. They shake hands or bow. They are formal and will always smile and nod because they want to be polite. "Yes doesn't always mean yes," said Yube.
When dealing with French clients, don't get started on business right away. Hendricks said the French like to ease into business – have some wine, lunch, engage in rapport before discussing business. The French also don't hug; instead, they kiss. Like the British, the French are very private, especially about their finances, so they prefer to exclude the agent when they meet with the lender.
There is a general impression that most foreign buyers in Silicon Valley are Asian. Not so, said Hendricks, Nahouraii and Leary. Hendricks said there are about 80,000 French immigrants in the San Francisco Bay Area and French schools are located in San Francisco, Palo Alto, Sunnyvale, Berkeley, Sausalito and Oakland. Leary said many Brits live in the Santa Cruz area because they like a countryside setting. Nahouraii said Persians prefer living close to convenience stores, shopping centers, a golf course, theaters and cultural activities. If families from these countries have children, living close to a good school district is essential.
The panelists said real estate is practiced differently in their countries. Their countries have no MLS, no real estate licensing system, no title insurance, escrow and disclosures. Listings are open. The British use solicitors - qualified legal professionals who provide legal advice and they take their time with transactions. They prefer communication via mail, so if you are buying property in the UK, you will need to be patient.
Leary stressed it is very important so sit down with your client and explain the real estate transaction process. He said many foreigners are pleasantly surprised when they learn about the REALTOR®'s professionalism and fiduciary duty to their client and the efficiency and speed at which a real estate transaction can be completed here in the U.S.
Mark Wong, chair of SILVAR's Global Business Council, was pleased with the attendance at the program and said the program was very well-received by members. "As REALTORS®, it is our goal to help everyone obtain that dream of homeownership, regardless of race, creed or color. Learning about the customs and nuances of different cultures and how real estate is practiced in other countries can help us to become better REALTORS® and more successful in interacting with other agents, home buyers and sellers," said Wong.
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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.
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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