Event Coverage
Global Courses Conclude at SILVAR
At left are SILVAR's 6th CIPS Institute graduates with instructor David Wyant. At right are students and staff who attended the At Home with Diversity certification course.
SILVAR this week concluded courses that touched on global real estate. The goal of the courses is to help REALTORS® serve foreign and diverse clients living here and abroad.
The courses were taught by National Association of REALTORS® (NAR) 2012 and 2009 Instructor of the Year David Wyant, assisted by his wife Patsy. The Wyants travel around the country and abroad teaching the CIPS Institute. They had just taught the CIPS Institute in the Philippines to members of the Chamber of Real Estate and Builders' Association (CREBA) before coming to SILVAR. SILVAR is NAR's Ambassador Association to the Philippines and CREBA is SILVAR's Cooperating Association in that country.
SILVAR's 6th Certified International Property Specialist (CIPS) Institute held last week was attended by REALTORS® from the San Francisco Bay Area and from Las Vegas. Students learned about international business transactions, legal and tax requirements, ownership and transaction principles of international real estate and specifics about the real estate markets in Europe, the Americas and Asia. Students who complete the full week of courses have the opportunity to earn the prestigious CIPS designation, the only international designation offered by NAR.
According to the NAR's 2017 Profile of International Activity in U.S. Residential Real Estate, between April 2016 and March 2017, foreign buyers and recent immigrants purchased $153 billion of residential property, a 49 percent jump from 2016 ($102.6 billion). Nearly half of all foreign sales were in three states: Florida (22 percent), California (12 percent) and Texas (12 percent). China maintained its top position in sales dollar volume for the fourth straight year.
SILVAR thanks the following sponsors whose sponsorship provided breakfast and lunch for students: Janet Case, CEO of Proxio; Darrell Monda, owner of TourFactory Bay Area; Suzette Reboton, HSBC; Anita Rodal, international liaison with AFEX (Associated Foreign Exchange) and president of SBPI Services, Inc.; and Kyle Chuang, LUTCF, with Farmers Insurance. The sponsors shared information to help REALTORS® in the global market.
Case said Proxio, an international networking platform, connects REALTORS®, their listings, and real estate developments they wish to market with thousands of agents from more than 120 countries. Case told REALTORS® they need to network and market themselves internationally. Something as simple as including your country code on your business card shows you are internationally aware.
Representatives from HSBC Bank Dean Chang and Kent Chiao shared information on Chinese buyers and investors and government restrictions on the outflow of money from that country. HSBC can pull credit in 80 countries and as a portfolio lending banker, HSBC can offer flexible terms to foreign buyers.
Monda said in addition to virtual tours, the company provides videography, analytics and syndication to real estate engines to assist in marketing properties to foreign buyers. He introduced the iguide camera that creates high definition photos, 3D videos and floor mapping with a laser that can beam exact measurements in a room.
Rodal explained how market volatility affects inter-bank currency exchange rates, online rate websites and how the exchange rate can fluctuate on a second by second basis. AFEX helps foreign buyers convert their money to dollars quickly and at a competitive rate.
Chuang provided home insurance information helpful for their clients. He also provided interesting examples of situations when or if an insurance claim may be filed
The At Home with Diversity course offered on Monday taught students labout cultural differences and how to address specific needs of diverse clients. This year seven members of SILVAR staff attended the course. Since SILVAR's membership is becoming more and more diverse, SILVAR has required diversity training for all staff. All students who take the course have the opportunity to earn the NAR At Home with Diversity certification.
Real Estate Investing offered on Tuesday taught REALTORS® how to work with foreign and domestic investors and how to become real estate investors themselves. This course is highly recommended by NAR President Bill Brown to help REALTORS® prepare for retirement by providing education on becoming a real estate investor, not just helping others invest in real estate. While REALTORS® are busy helping homebuyers achieve their dream of homeownership, they themselves lack retirement assets.
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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 email or call the SILVAR office at (408) 200-0100.