Can I tell you a secret? Finding international buyers to work with isn’t nearly as complicated as some would make it sound. There may be different laws governing their purchases and there may be cultural differences to overcome but at the end of the day it’s just a real estate transaction. And finding these clients is just a matter of prospecting.
Go Where the Buyers Are
If you attended the above panel at Inman’s Real Estate Connect SF conference this past Thursday (I’m the second one from the left), you have my apologies for the 45 minutes of your life that could have been saved had the above paragraph been written ahead of time. Then again, attendance did have the benefit of hearing how complicated the concept of attracting international buyers can sound.
Admittedly, experience here in Arizona is limited to Western Canada. Buyers from Europe tend to stop at the East Coast, buyers from Eastern Canada do the same and buyers from the Far East rarely venture past the Pacific coast. For us here in Arizona it may sound like a limited market opportunity but check a map – the provinces of British Columbia, Saskatchewan, Albert and Manitoba aren’t exactly Rhode Island.
Two Basic Questions
Several months ago I walked into my local escrow office to find agents commiserating with the branch manager. “Maybe we ought to find some Canadian buyers,” they said. I smiled and nodded, knowing that I already was working with a dozen. The difference? Certainly not brilliance on my part, as anyone who saw me this past week can attest. Rather it’s a recognition of the two basic questions for those who want to work with foreign clients (and for other buyers’ groups as well):
1) How are you going to find these buyers?
2) What are you going to do with them once you have them?
Let’s take the second part first. It doesn’t take a special degree to know some of the challenges involved for international buyers wishing to purchase property here in the States, but it does take some time to learn the bare basics. Tax questions? I’ll help you find an accountant. Legal? Here’s an attorney.
But the basics – why you can’t work on your investment property if it’s being used as a rental, why it might be worth financing the purchase in Canada rather than the United States, what someone from Alberta means when they’re looking for a bungalow – these all can be learned fairly quickly. If you don’t know the answers and are unwilling to find them, find another niche. You owe it to these buyers.
For the first part, there are many, many expensive ways to try and attract buyers. You can fly to Canada and put together buyers seminars. You can run ads in the local newspapers. Or you simply can focus some of your online efforts toward attracting Canadian buyers.
The key, like anything else online, is to have something of value to say. An international buyer is no more interested in hearing that you’re the greatest agent in the world than a domestic buyer. But tell them a bit about your area (and not generally, but the aspects of your area that might interest them), tell them about other transactions involving foreign nationals that you’ve completed and you’re in business.
Not a Quick Fix
Now here’s the potentially bad part … like any other type of prospecting, trying to attract foreign buyers is going to take some time. If you’re expecting to write a blog post and be inundated with e-mails from the get-go, you’re going to be rather disappointed. Some of us have been doing this for some time and have beaten you to the punch. But that doesn’t mean the effort’s in vain. Not whatsoever.
Not everyone who tries to prospect for international buyers will succeed. Most who fail will do so through a lack of patience, a lack of understanding of the complex decision-making process involved with a purchase on the other side of a country’s border.
“How do you keep them from wasting your time,” one person asked during the panel. Easy, I said. Let them look online and answer their questions until they’re ready, help them narrow down their varios options to the properties that best suit their needs, then write the contract.
It’s not rocket science. It’s simply customer service with an international flair.
Finding your place in the international market isn’t necessary to survive these days. But it sure doesn’t hurt.
Spruce up your product images with Glorify (just in time for Black Friday!)
(BUSINESS MARKETING) Want professional, customizable product images for your company? Consider Glorify’s hot Black Friday deal.
Glorify, the app that creates high converting, customizable product images for your business, is offering a lifetime deal for $97 this Black Friday. In just a few clicks, you can transform one of Glorify’s sleek templates into personalized, professional-looking content – and now, you don’t have to pay that monthly fee.
Whether your business is in electronics, beauty, or food & drink, Glorify offers a range of looks that will instantly bring your product images to the next level. With countless font styles and the ability to alter icon styles, shadows and other elements, you can access all the perks of having your own designer without the steep price.
In 2019, Glorify was launched – the app was soon voted #2 Product of the Day and nominated for Best Design Tool by Product Hunt. Since then, they have cultivated a 20k+ user base!
Glorify 2.0, which was launched last week, upgrades the experience. The new and improved version of the app is complete overhaul of intuitive UI improvements and extra features, such as:
- background remover tool
- templates based on popular product niches and themes
- design bundles for your website/store, social media
- annotation tool
- upload your brand kits and organize your projects under different brands
- 1 click brand application
- & much more!
“But the most important aspect of Glorify 2.0, is that it comes with a UI that sets us up for future scalability for all our roadmap features”, said CEO of Glorify Omar Farook, who himself was a professional graphic designer.
Farook’s dream was to provide a low-cost design service for the smaller businesses that couldn’t otherwise afford design services. Looking through reviews of the app, it’s evident that Glorify does just that – it saves the user time and money while helping them to produce top-notch product images for their brand on their own.
Glorify is one of the many new design-based apps that make producing content a breeze for entrepreneurs, such as Canva. As someone who loves design but doesn’t have the patience for Creative Cloud, I personally love this technology. However, Glorify is unique in that it is the only product-driven design app. All you have to do is upload your photo!
This new Chipotle location will be fully digital
(BUSINESS NEWS) In the wake of the pandemic and popularity of online delivery, Chipotle is joining the jump to online-only locations, at least to test drive.
A lot of industries have switched to an online-only model in the wake of the pandemic. Most of them have made sense; between abundant delivery options and increased restrictions on workers, moving away from the traditional storefront paradigm isn’t exactly a radical choice. Chipotle making that same decision, however, is a plot twist of a different kind—yet that’s exactly what they’re doing with their first online store.
To be clear, the chain isn’t doing away with their existing locations; they’re just test-driving a “digital” location for the time being. That said, the move to an online platform raises interesting questions about the future of the restaurant industry—if not just Chipotle itself.
The move to an online platform actually makes a lot of sense for businesses like Chipotle. Since the classic Chipotle experience is much less centered on the “dining” aspect than it is on the customizability of food options, putting those same options online and giving folks some room to deliver both decreases Chipotle’s physical footprint and, ostensibly, opens up their services to more people.
It’s also a timely move given the sheer number of people who are sheltering in place. A hands-on burrito assembly line is not the optimal place to be in a pandemic, but there’s no denying the utilitarian appeal of Chipotle’s products. To that end, having another restaurant wherein you have the option to order a hearty meal with everything you like—which is also tailored to your dietary needs—is a crucial step for consumers.
Chipotle’s CTO, Curt Garner, says he is hoping this online alternative will offer a “frictionless” experience for diners.
As a part of that frictionless experience, consumers will be able to order in several different mediums. Chipotle’s website and their mobile app are the preferred choices, while services like GrubHub will also be available should you choose to order through a third-party. The idea is simple: To bring Chipotle to you with as little fuss as possible.
For now, Chipotle is committing to the single digital location to see how consumer demand pans out. Should the model prove successful, they plan to move forward with implementing additional digital locations nationwide.
Your business’ Yelp listing may be costing you more than you think
(BUSINESS MARKETING) The pay per click system Yelp uses sounds good in theory, but it may be hurting small businesses more than helping.
We all know Yelp – we’ve probably all used Yelp’s comment section to decide whether or not that business is worth giving our money to. What you might not know is how they are extorting the small businesses they partner with.
For starters, it’s helpful to understand that Yelp generates revenue through a pay per click (PPC) search model. This means whenever a user clicks on your advertisement, you pay Yelp a small fee. You never pay Yelp a cent if no one clicks on your ad.
In theory, this sounds great – if someone is seeking out your product or service and clicks on your ad, chances are you’re going to see some of that return. This is what makes paying $15, $50, or even $100 a click worth it.
In practice, it’s not all it’s cracked up to be. When setting up your Yelp account, you are able to plug in keywords that correspond with your business. For example, owner of San Francisco-based Headshots Inc. Dan St. Louis – former Yelp advertiser turned anti-Yelp advocate – plugged in keywords for his business, such as “corporate photographer” and “professional headshots”. When someone in the Bay Area searches one of those terms, they are likely to see Headshots Inc.’s Yelp ad.
You are also able to plug in keyword searches in which your ad will not appear. That sounds great too – no need to pay for ad clicks that will ultimately not bring in revenue for your business. In the case of Headshots Inc., Dan plugged in terms such as “affordable baby photography” and “affordable studio photography”, as his studio is quite high-end and would very likely turn off a user who is using the word “affordable” in their search.
How Yelp really cheats its small business partners is that it finds loopholes in your keyword input to place your ad in as many non-relevant searches as possible. This ensures that your ad is clicked more and, as a result, you have to pay them more without reaping any of the monetary benefits for your business.
If you plugged in “cheap photography” to your list of searches in which your ad will not appear, Yelp might still feature your ad for the “cheap photos” search. As if a small business owner has the time to enter in every single possible keyword someone might search!
In the case of Headshots Inc., Dan ended up paying $10k in total ad spend to Yelp with very little return. Needless to say, he is pissed.
So what does this mean for you if you use Yelp for your business? If you don’t want to completely opt out of Yelp’s shenanigans, try these 3 tips from Dan:
- Try searching some potential irrelevant keywords – are your ads showing up in these searches?
- Do your best to block the irrelevant keywords. It’s impossible to get them all, but the more you do the more money you will ultimately save.
- Keep an eye on the conversation rate on your profile – does more clicks mean more client inquiries? Make sure Yelp isn’t sending low-quality traffic to your profile.
Ultimately, it’s about protecting your small business. Yelp is the latest in big tech to be outted for manipulating individuals and small businesses to up their margins – a truly despicable act, if you ask me. If you don’t have tens of thousands of dollars for ad spend, then either boycott Yelp or try these tips – your company may depend on it.
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