Going Abroad

Many real estate companies, including Century 21, are hoping to weather the housing slump by generating interest in U.S. properties among international buyers. The Realogy Corp. unit recently held a global franchise meeting in Morocco that focused on how the weak dollar gives foreigners more property for their money. According to Thomas Kunz, CEO of Parsippany, N.J.-based Century 21 Real Estate, “We’ve decided that we’re not going to participate in this pity party. We’re going to go out and educate our agents and managers, we’re going to go out and help them educate the consumers that this is a buyable market.” With regard to international buyers, Kunz believes the company’s presence in 58 countries give it a competitive edge. He acknowledges problems in the housing and mortgage markets but believes that consumers should view housing as a long-term investment. Additionally, Kunz insists that the job market is strong, incomes are on the rise, and mortgages can be had.

Source: Investor’s Business Daily (12/14/07) P. A6
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