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International real estate designation raises REALTOR® awareness on doing business with foreign clients


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Wednesday, November 26, 2014

Twenty-three REALTORS® attended the National Association of REALTORS® (NAR) Certified International Property Specialist (CIPS) Institute offered at the Silicon Valley Association of REALTORS® (SILVAR) on November 17-21. Attendees included REALTORS® from SILVAR and other REALTOR® associations around the Bay Area. It was the third CIPS Institute offered by the local trade association to both members and nonmembers, providing them the opportunity to learn more about global real estate so they can better serve their international clients.

Florida resident David Wyant, NAR's 2012 and 2009 International Instructor of the Year, returned to the Bay Area to teach the week-long courses, which focused on ownership and transaction principles of international real estate, including specifics on the real estate markets in Europe, the Americas and Asia.

"The great thing about teaching the CIPS classes in Silicon Valley is that the REALTORS® here 'get it.' Many of them are already experiencing business with international clients. Others quickly grasp the opportunity that exists here and begin to put their business plan in place to exploit it," said Wyant.

Wyant added, "Silicon Valley is a brand well known in virtually every country in the world, and our CIPS graduates report that they have experienced success reaching out to clients in their preferred 'niche'"

Sales to international buyers reached a record $92.2 billion last year, according to NAR. California, Florida, New York and Texas are the most popular states where international buyers search for properties.

Upon completing the required courses and other necessary requirements, the REALTORS® have the opportunity to receive their CIPS designation at the annual REALTOR® Conference and Expo slated for November 2015 in San Diego. Since SILVAR began offering the CIPS Institute in 2012, more than 50 REALTORS® have earned the CIPS designation.

"This year, all but five of our students were members of our REALTOR® association. We are happy that our members are recognizing the advantage of the CIPS designation. The CIPS designation can give REALTORS® a competitive edge in the international marketplace," said Silicon Valley Association of REALTORS® Executive Officer Paul Cardus.

Five affiliate members sponsored the global courses and presented students relevant information. Kyle Chuang with Farmers Insurance, Cupertino, spoke briefly about the benefits of life insurance for REALTORS® and their clients.

Ann Timoney, a mortgage advisor with Opes Advisors in Los Gatos, stressed the importance of REALTORS® identifying the status of their foreign client - whether the client is a foreign national, a permanent resident alien, a non-permanent resident alien, or a non-resident alien, because each status has specific requirements and qualifications for purchasing U.S. property.

Kenneth Chan, premier mortgage consultant with HSBC in Palo Alto, emphasized lenders require two months of clean bank statements. Large deposits during that period can kill a deal.

Richard Miller, national sales director for Express Loan Services, said the mortgage banker provides services for not only the mainstream borrower, moderate to low income borrowers, but also foreign national borrowers. It has various loan programs which give non-permanent residents, visitors with a visa (non-Social Security borrowers) the opportunity to own a home in the U.S.

Janet Case, CEO of Proxio, a free SILVAR membership benefit that connects REALTORS® with other real estate agents and property developments in the U.S. and abroad and enables them to share their listings with each other, said REALTORS® can market themselves as agents with international expertise by networking online and offline; marketing "international" as their specialty in their website and business cards by including the U.S. country code with their phone number and languages they speak; partnering with agents from other cultures; and activating Proxio, which translates agents' listings in 19 languages, 55 currencies and metric measurements.

The 2014 SILVAR CIPS Institute graduates are Renuka Ahuja, Intero Real Estate, Los Altos; Azita Alaverdi, Alain Pinel Realtors, Saratoga; Omied Bagheri, Alain Pinel Realtors, Los Gatos; Andrei Bandrovsky, Campi Properties, Los Altos; John Bretthauer, RE/MAX Santa Clara Valley, San Jose; Billy Chiang, MJC Realty Investments, Inc., Saratoga; Maha Dahdouh, Intero Real Estate Services, Cupertino; Jose Dos Ramos, Prudential California – R.C., Redwood City; Teddy Fagin, Intero Real Estate Services, Los Gatos; Robert Herzog, Alain Pinel Realtors, Palo Alto; Miranda Jung, Alain Pinel Realtors, Los Altos; Robert La Eace, Paragon Real Estate Group, San Francisco; Jenna Lu, Coldwell Banker Residential Brokerage, Fremont; Julie Tsai Law, Dreyfus Sotheby's International Realty, Palo Alto; Cassie Maas, Alain Pinel Realtors, Los Gatos; Laura McCarthy, Alain Pinel Realtors, Los Altos; Bill Mollerstrom, Intero Real Estate services, Cupertino; Ann O'Farrell, Sereno Group, Los Gatos; Lichuan Pan, Highland Rock Realty, Cupertino; Antoinette Payne, Pacific Coast Brokers, Inc., Los Osos; James Shin, Intero Real Estate Services, Cupertino; Mimi Wang, Century 21 M&M and Associates, Cupertino; and Jean Zhang, Realty One Group World Properties, San Jose.

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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.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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