I gleaned these insights from a recent conversation with Rick Phillips, an expert in developer marketing. Rick said, from the beginning, the Chinese-American demographic has been significant for builders. But, just in the past few years, it has grown due to immigration and has been supplemented by overseas Chinese buyers.
China’s government is rolling out a new policy that could deliver a conservatively estimated $109 billion to US real estate markets, both commercial and residential. Here are three tips that will help you market to that audience.
My co-CEO Simon Henry was on CNBC Asia in April talking about the countries where Chinese buy the most expensive homes. Looking at his list, I noticed that the US was not on it. Why not? It’s because the US is a destination for buyers at every price range. The countries with the most expensive average price for Chinese buyers tend to attract only premium customers.
Peggy Fong Chen is a California real estate agent who sold 80 homes last year, mostly to Chinese buyers, who mostly paid cash. Chen’s current listings range in value from about $500,000 to $7.1 million.
Brent Raymond is riding the wave of history. As executive director of Vermont’s EB-5 “investor visa” hub, Raymond’s job is to persuade Chinese immigrant investors that Vermont is the best place in the United States for them to underwrite job-creating projects.
Targeting international buyers is a strategic decision. Like all good investments, it costs something. You have to put in a grubstake of a certain amount of time, effort and money.