Chinese buyers are taking more and more of an interest in U.S. Real Estate. Drawn to a select few American cities with flourishing economies, vibrant cultural centers, and prestigious universities, this rapidly-growing set of home buyers stands to make a few wise Realtors very happy.
Like any foreign investor, Chinese home buyers come to the U.S. with knowledge and set of expectations that may seem unusual at first. Careful attention to the way Chinese investors think about the home buying process, however, can help the savvy agent avoid pitfalls when doing business.
- The first thing to keep in mind is that Chinese investors are very good about doing their homework when it comes to investing in U.S. properties. Client education efforts that might be appreciated by an American or European client may come off as condescending to a Chinese client who already researched the basics. Make an effort to find out what your Chinese clients have researched for themselves already; connecting with these investors on a more expert level is a great way to build a business relationship.
- Remember that Chinese investors tend to be playing the long game with American Real Estate. Investment opportunities that challenge the patience of American and European investors may well turn out to be the perfect fit for a Chinese buyer. Conversely, Chinese buyers may be unimpressed by opportunities that draw the immediate attention of American investors. Helping Chinese investors find secure long-term investments is a sound strategy for any U.S. Realtor who wants to benefit from this flourishing market.
- Last, but certainly not least, you should always treat your Chinese clients with the utmost respect. Patience in negotiation is critical, particularly when dealing with older businesspeople who have succeeded in a corporate culture rigidly bound by tradition and formality. What's more, if you're tempted to act on an assumption that looks like a stereotype in any way, you should first do some research into why people make that assumption in the first place. You can avoid an embarrassing faux pas and gain a new insight into a culture that improves your relationship with your clients.
Have any tips you’ve picked up from personal experience you would like to share? Do so in the comments section, below.