[1]
Taking A Lesson From Red Adair
By Patricia Tan
What has the renowned oil well firefighter, Red Adair, got to do with the world of international real estate? Read on!
As we welcome winter visitors to our balmy, sunny shores, we hope they will stay a while and enjoy the Florida lifestyle. Many will enjoy it so much that they will look to purchase a home they can use for future vacations or retirement, taking advantage of bargain prices and low mortgage rates. A large proportion of those visitors will be from other countries – Canada, United Kingdom, Germany and even as far away as Australia and South Africa, to name a few – they will enjoy the added benefits of favorable exchange rates against the U.S. Dollar.
Many of our international visitors will approach a real estate purchase with some trepidation. Unsure how our real estate market works, and knowing only that the process of buying a property here must differ significantly from the customs in their home country. The smart buyers will look for guidance from professionals who understand how to work with international buyers, and help them avoid the many pitfalls which may be encountered along the way, such as understanding Federal tax consequences of a purchase or sale, currency considerations, implications for property tax and homeowners insurance, immigration strategies. An international real estate professional will already have relationships in place with other local professionals in these related fields, and be able to work as a team to meet a client’s personal and real estate objectives.
So how can buyers identify a real estate agent who is skilled in international transactions?
The National Association of Realtors (NAR) has more than one million members and saw the need to differentiate those who wished to work in the international marketplace. Several years ago NAR introduced the designation of Certified International Property Specialist (CIPS) and developed a seven day education program to give their members the knowledge and tools to effectively work with overseas clients. NAR has made the same education available to real estate professionals outside U.S.A. laying the foundation for international real estate practitioners around the world to work from the same foundation. Members of the CIPS network now span 60 countries, so the search for professional assistance could actually start in a buyer’s home country!
Here in the United States, CIPS designees make up less than 2% of the Realtor population but there is a heavy concentration in areas that attract a lot of foreign investment, such as Florida. Buyers can locate a CIPS by referring to NAR’s website, calling or visiting the local association of Realtors or any real estate office.
In addition to NAR’s CIPS designation, some real estate companies have introduced their own training and certification programs aimed at international practitioners. In our local market, Prudential Palms Realty and Prudential Lakewood Ranch Realty have established a program that enables their associates to become International Property Professionals – a series of classes and ongoing education designed to keep agents abreast of issues that may affect an overseas buyer of property. Prudential is an international brand, known in many countries around the world, and this program supports their solid reputation for service and commitment to customers.
Education is certainly the key. It’s no longer enough for a real estate agent to understand the properties and neighborhoods in their market. They must be up to date on market statistics, possible contractual issues, how to deal with distressed properties, manage the challenges associated with financing and much more. In a transaction that involves an international buyer or seller of real estate the knowledge and skills required to ensure a successful transaction are so much greater, and buyers are hungry for information to support their buying decisions.
To help buyers feel confident about investing in our real estate market, the Prudential companies will be holding free seminars in Sarasota and Lakewood Ranch during March. Joined by partners from the fields of international tax, real estate law and finance, the company’s international experts will present an informative program for international buyers and homeowners from other countries.
So why should buyers and sellers of real estate take a lesson from Red Adair? Why did owners of blazing oil wells employ Red’s skills when they could have found other people to put out fires? In Red’s own words: “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur”. In other words, take advice now, work with a professional and avoid mistakes that could be costly in the future!
Patricia Tan was born in England, and moved to Sarasota in 1997. Her career afforded her the opportunity to live and work in many countries around the world, including Australia, Hong Kong, Singapore, Malaysia, Germany, France, Belgium, Netherlands and the United Kingdom. She spent five years as a Director of an American real estate franchise in England. Patricia has served as Chairperson of Sarasota Association of REALTORS®’ International Council, and currently serves as the national Association of REALTORS®’ President’s Liaison to the United Kingdom. She is a Certified International Property Specialist (CIPS) and works as International Sales Director for Prudential Palms Realty. Patricia may be reached at 941-504-9232 or Pat@PatriciaTan.com [2].
Copyright © 2011 REAL Magazine
Links to this article are encouraged
[3]