Real Estate Articles
Realtors complete global real estate designation courses
The Silicon Valley Association of Realtors completed its 7th Certified International Property Specialist (CIPS) Institute last week with 15 students. Realtors enrolled came from around the San Francisco Bay Area and as far as Sacramento.
Among the Realtors who took the full week of courses, only one student was born in the U.S. The other students were born in China, Taiwan, India, and the Philippines.
"The composition of this year's class says everything about the cultural diversity in Silicon Valley," commented CIPS instructor David Wyant.
This is the seventh time Wyant and his wife and assistant Patsy, have come to Silicon Valley to teach the CIPS Institute at the local Realtor association. The Wyants travel all over the world teaching the global real estate courses and are able to share valuable insights with their students. Wyant was named International Instructor of the Year at the National Association of Realtors Conference and Expo in Chicago last November. He has received the same award twice before, in 2012 and 2009.
The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. After completing five courses and other requirements, Realtors earn the prestigious CIPS designation. There are 3,250 CIPS designees in the U.S.
According to 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 worth of residential property, which is a 49 percent increase from $102.6 billion in 2016. A total of 284,455 U.S. properties were purchased by foreign buyers during this period, up 32 percent from 2016. Foreign buyer sales accounted for 10 percent of the dollar volume of existing-home sales in 2017, compared with 8 percent in 2016.
Wyant said global real estate opportunities are everywhere. People move to Silicon Valley from other countries and foreign-born individuals residing here move to new markets, and people here may look to invest in property overseas.
"No matter which audience you cater to, the CIPS designation will provide you with the knowledge and tools to expand your business globally," said Wyant.
This year's CIPS Sponsors of the Day were Darrell Monda with TourFactory, Kyle Chuang with Farmers' Insurance, Anita Rodal with AFEX (Associated Foreign Exchange) and SBPI Services, Inc., and Kim P. Nguyen with HSBC Bank USA, Cupertino.
In addition to virtual tours, Monda's company provides videography, analytics and syndication to real estate engines worldwide. Monda also 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, and roOmy, which offers fast, cost-effective 3D virtual staging services and design apps.
Chuang presented home insurance information Realtors can provide their foreign clients. He noted in this market, it is important for cash buyers to be aware that they still need to acquire home insurance for their protection.
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.
Nguyen presented information on Chinese buyers and investors, and government restrictions on the outflow of money from that country. She shared information on a new family assistance program that can be availed of by foreign buyers. As a portfolio lending banker, HSBC can offer flexible terms to foreign buyers.
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.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.