Real estate sales move beyond borders

ORLANDO, Fla. – July 27, 2007 – The weak U.S. housing market has prompted many property brokers to take a global approach to selling real estate. Sotheby’s International Realty, RE/MAX, and Century 21 are among the brokerage firms increasingly targeting overseas buyers. These brokers either assist foreigners in purchasing U.S. properties or help immigrants looking to buy second homes in their native countries.

According to Century 21 President and CEO Tom Kunz, “When you look at the devaluation of our dollar compared to Euros, it’s like having real estate here on sale, so there are people who come to the U.S. and are looking to buy property not only for investment but sometimes to move here.”

Kunz also notes that foreign developers have contacted his company.

“They’ll have [a] very high-end upscale project they’re doing and will come to Century 21 and say, ‘There’s a huge demographic of people from our country in [the] U.S. Now here’s an opportunity for them to buy back into the mother country, and we try to link them up.”

University of Michigan corporate strategy and international business professor Aneel G. Karnani says brokerages going global need to have a grasp of the local market and take information technology and financial engineering into account as well.

Source: RisMedia.com (07/23/07) Meyer, Eugene L.

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