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Getting Ready To Connect with Chinese Buyers of Real Estate

2018-10-03  Source:Jinlist.com

The impact of Chinese buyers’ of U.S. real estate is increasing. Since 2010, U.S. residential real estate purchases by Chinese have grown on an average 18.7%. It is noteworthy that such growth occurred despite China’s capital outflow controls or the recent trade tensions. The reason Chinese investment remains strong is that a significant number of Chinese have money outside of China and the fact that real estate is not currently subject to any tariffs.

JinList estimates that over $1.6 trillion Chinese capital is outside of China, some of which will undoubtedly be invested into U.S. real estate.

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Earlier, JinList discussed Chinese buyers’ tendencies toward:
1 Purchasing relative upscale properties and paying $831,800 on average;
2 Deciding very quickly to purchase (often after 1 visit);
3 Completing 65% of all transactions in cash.

Chinese buyers are motivated by U.S. educational opportunities, clear property rights, land ownership, protected environment and the appreciation potential of U.S. real estate investments. How do real estate professionals effectively attract and connect with Chinese buyers? How does a developer access Chinese buyers who are known for preferring new construction?

A regional broker in New York thought a trade show in a major city in China would be the solution. The broker printed a tall stack of glossy brochures in English before boarding a plane for a 15 hour flight. He stayed in a five-star hotel and went to the trade show. However, the result was not satisfactory after taking into account the costs incurred. The broker had very little to show for his efforts.

Why? Are there more effective ways to connect with Chinese buyers? What should be done in order to attract Chinese buyers?

In this article, we discuss “readiness” and explore effective ways of attracting Chinese buyers of U.S. real estate. It would be helpful to clarify a few points as to who the buyers are, and how they find information on U.S. properties.

The target Chinese buyers are typically senior executives, business owners, or real estate investors who likely already own multiple apartments in major cities in China. They may be Chinese women who control the family purse strings and oversee their real estate portfolios. They are most likely middle aged and have children. Most speak little English, although a few are highly proficient in reading English brochures.

Almost all the Chinese buyers are highly skilled in using online tools, including social media platforms such as WeChat. These Chinese buyers have already invested time and money in transferring their wealth to the West seeking a safe class of assets in U.S. real estate.

There are a number of things real estate professionals in North America can do in order to get “ready” for connecting with Chinese buyers. Getting online and onto Chinese social media is important as it is an effective way to demonstrate prior success and experience. Being able to communicate with the Chinese buyers in Mandarin would be a plus in speeding up a closing. Having a property marketing brochure in simplified Chinese, the language spoken by Chinese buyers, will be useful.

To be considered a premier broker for Chinese, the real estate professionals’ knowledge and expertise in a certain geographic area is critical. Advantages of a local market starting from the schools, public transportation, proximity to a Chinese supermarket and the appreciation potential of properties in a specific neighborhood are attractive to Chinese buyers. After all, they all know “school properties” sell at a high premium in China.

JinList’s team helps its clients to be seen among Chinese buyers well before they get on a plane. JinList’s affiliate site, Jinti.com, attracts affluent Chinese among its 12 million + registered users, and over a hundred million visitors in 435 cities throughout China and 200 cities in North America.

JinList’s technology team uses proprietary AI technology which results in consistent top rankings on search engines. The team has had many years of experience in working with global brands to establish their presence on WeChat and Chinese search engines. JinList is highly skilled and ready to help those real estate professionals who want to get onto WeChat and Chinese search engines. JinList’s bi-lingual professionals serve as a guide to Chinese buyers in connecting with realtors in North America.

What should the New York broker have done to get ready in connecting with Chinese buyers? He should have
- worked with JinList to have an online presence which enables his listings to be searchable on Chinese search engines.
- JinList set up a presence on WeChat, where Chinese buyers are active.
- promoted weeks in advance that a successful broker with many attractive listings is coming to town in a few weeks and he is inviting buyers to have coffee with him!
- used JinList to actively promote his presence at the trade show and set up one-to-one meetings with prospective buyers.

JinList could have helped him prepare a Chinese version of his brochure that explains the highly rated schools in his area, proximity to Manhattan, public transportation and abundant Chinese supermarkets.

These preparations, in JinList’s view, would have made his trip to the trade show far more fruitful. Chinese buyers living in the surrounding cities would be able to know about his visit ahead of time and plan to meet him before and during the trade show. After the trade show, the Chinese buyers will be able to contact him to complete a purchase. Thus, a miracle of selling the broker’s listings “site unseen” could have been made.

Use JinList.com, the premier real estate and investment site that connects Chinese with U.S. real estate professionals, and make your miracle happen!


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