The phrase “Your network is your net worth” has grown in popularity in real estate since 2013. Although the concept of the positive correlation of a strong center of influence and success is not at all new to the field, it is more important now than ever to have a spreadsheet of international contacts, clients and business associates.
Last year, foreign investors spent approximately $92.2 billion on commercial and residential real estate in the United States. The two countries making the highest amount of investments in the U.S. real estate market are Canada and China.
With a significant time difference, language barrier and unreliable communication methods, how does one build a strong database of international connections? Here are three tips that will help you increase your international connections:
1. Choose a market a stick with it.
The world is extremely large, and no two markets are identical. Canadian commercial real estate investors are vastly different from Chinese families relocating to Irvine, California, for the school system. Stay committed to establishing meaningful relationships with brokers, agencies and relocation services — and specialize.
2. Learn the culture and language.
With the availability of phone apps, free online software and language immersion programs, it is a tremendous advantage to learn phrases and cultural nuances to gain a competitive edge over one’s counterparts.
3. Build an online presence using one major platform.
Social media is a wonderful tool to connect with people on a global level and increase Web presence at little to no cost. Instagram is a great platform because it is accessible 24/7, allows multiple languages, and allows users to share both photographs and videos.
These three seemingly simple tips will help you build your database, as well as value and presence with your international clients, which will in turn help you build your net worth.
Jess West is a Realtor at Century 21 Masters. You can follow her on Instagram (jessandtheciti) and add her to LinkedIn (linkedin/beyourbestyou).