Selling a property requires reaching the right target market, and you can capitalize on this by expanding your reach to the foreign market. Doing this does not only make sure that you attract a wider pool of potential buyers; foreign buyers are also willing to shell out more than domestic buyers.
Throughout the world, real estate sales to foreign buyers have seen positive growth over the years, and you can cash in on it by opening your residential property listing to buyers in other countries. But how do you successfully market your home to foreign buyers and get the right offer? We explore that and more in this blog post.
If you have a residential property to sell and you’re wondering how to “sell my house fast”, there are a considerable number of ways that you can use to reach buyers. Even better, there are no restrictions on just how far this reach can go, as you can tap into the global market!
Opening up your listing to international buyers promises a slew of advantages, the least of which is that you are sure to attract at least one interested party that will pitch the kind of offer that you’re looking for. After all, the more people viewing your property, the faster and the higher the potential of getting it under contract.
In the United States alone, real estate sales to foreign buyers totaled about 74 billion dollars in 2020. And all over the world, the same growth can be seen for a few years now; for instance, 8.5% of properties in Portugal were sold to non-residents in 2019, while a little over 100,000 foreign buyers invested in Spain’s real estate in the same year.
If you’re thinking of answers to questions like “how to sell my house fast for market value”, you may find that attracting foreign buyers is the way to go.
How exactly does that go? Consider these tips.
Establish the right asking price.
Before you start listing your property, it is vital that you first focus on doing a “value my house” examination to get a comparative market analysis. This will help you decide on the proper asking price, so that buyers all over the world can prepare for what you expect them to shell out.
Knowing your home’s market value is also important to designing the right strategies to promote it. If you live in a guard-gated neighborhood, for instance, your asking price will depend on the extra perks that an exclusive community offers, and you can boost this specific advantage when you market your property listing.
Take high-quality photos and videos.
Speaking of marketing, high-quality photos and videos are integral to attracting interest from buyers and communicating the worthiness of your property as a real estate investment. According to industry data, homes that are marketed using high-quality photographs tend to sell 32 percent faster. The number of photos is also important; a typical listing with only one photo spends about 70 days on the market, while a listing with 20 or more photos spend about half that time before it goes under contract.
Similarly, invest in high-quality videography. An Australian real estate company found that listings for residential properties that come with a video get four times the number of inquiries compared to those who don’t have video. Additionally, viewers can retain 95% of a message when they see it on a video, as opposed to retaining only 10% when they read it in a text.
Learn about the process of selling to foreign buyers.
It is also vital that you take the time to understand the technicalities and legalities of selling a residential property to a foreign buyer. You don’t need to know everything, but learning about the basics will help you prepare for the process. This will particularly come in helpful in satisfying the most essential requirements of the sale, so that when it goes under contract, the process can start and end without a hitch. Additionally, being educated about the process will help protect you during the sales.
Write a clear and concise property description that foreign buyers will understand.
When it comes to writing your listing description, one of the most important things that you should remember is that it must be understandable to foreign buyers. Buyers in your country may be used to certain terminologies that buyers in other countries may not. Some of the most basic examples of this include square footage vs square meters, miles vs kilometers, and others.
Advertise through companies that specifically serve foreign countries.
When deciding where to advertise, it is natural to want to exhaust every possible online platform such as Facebook, Instagram, and real estate websites. But in working with the latter, it is best to choose websites that already serve foreign clients. This helps make sure that your listing will be viewed by a lot of people, and that they are the right demographic that you’re trying to reach.
Hire a real estate agent who is skilled in dealing with foreign transactions.
Finally, enlist the help of a real estate professional with specific experience in helping close sales for foreign buyers, particularly in the country that you’re in or that you’re hoping to reach. For instance, if you want to market a property to people in Monaco or you have a property in Monaco, it only makes sense to work with Monaco realtors that specialize in ensuring successful transactions between sellers and foreign real estate buyers.
With offices in Monaco and the French Riviera, Spark and Partners delivers top-notch solutions for both buyers and sellers looking to make rewarding real estate investments. Get in touch with the company here.