Florida Realtor April 2014 : Page 5

TIp OF ThE MOnTh CUT IT OUT! Resources to help you sell to foreign buyers and investors We compiled the tools, sites and books you need to educate yourself on working with global buyers. association Sources • National Association of Realtors®: realtor.org/global/global-resources • florida Realtors: floridarealtors.org/ global florida Realtors has both a global Networking forum and a global Business Committee. On the site, there is also a list of all the local associations that have global councils. publications • Book series: “Kiss, Bow, or shake hands,” by Terri Morrison and Wayne A. Conaway, available at amazon.com • Magazines: Overseas Property Professional, opp-connect.com/ about-opp-magazine and A Place in the Sun , aplaceinthesun.com/ magazine • Online News and Newsletters: World Property Channel, worldpropertychannel.com Education • Certified international Property specialist (CiPs) designation, realtor. org/designations-and-certifications/ cips-designation • institute of international Education, an international educational training organization, iie.org • Transnational Referral Certification (TRC), worldproperties.com/en/TRC. aspx Listing portals • Aplaceinthesun.com —U.K.-operated site with listings from almost 100 countries • Glozal.com —social media site that allows you to connect with other sales associates who market their listings globally • immobel.com —international homes for sale or rent, foreclosures and commercial listings • Juwai.com —Chinese-hosted listing portal • Kijiji.ca —Canadian classified ad listing site similar to Craigslist • Point2Homes.com —Private listing syndication network with listings in more than 100 countries • Proxio.com —global networking and marketing network • Realtor.com/global —Realtor.com’s global listing site • Rightmove.co.uk —Real estate listing site in the United Kingdom • WorldMLS.org —Worldwide exposure to all local markets Take Videos 5 Florida Realtors ® Francisco Angulo: “building a global Dream Team” Build a dream team to advise global customers in all phases of the transactions. The team should include bilingual professionals who also understand the culture. Watch the video for more tips from broker francisco Angulo. Find it at floridarealtors.org/take5 grEaT IdEa To help younger real estate professionals expand their global networks, FIAbCI, the International Real Estate Federation, offers a membership program. The organization also allows an exchange program for students and sales professionals who can spend several weeks or months in a foreign country, learning about that country’s market and building ties with local agents and brokers. For more information, go to fiabci.org. April 2014 FLORIDA REALTOR 5 Thuis Your Global Resource List Find Out Who’s Moving Here every year, the national association of Realtors® publishes a global research report profiling activity in the international home-buying market. in the report (which comes out in June), the organization examines u.s. real estate purchases by international customers over a 12-month period. other good information sources include Florida Realtors, whose industry data division drills down into international activity in the state and segments that activity by region and county. Go to floridarealtors.org/global. Dutch for home upfr nt Global ResouRce list pg5 take 5 Videos pg5 Visa options pg6 FloRida RealtoRs® ResouRces pg7

Upfront

CUT IT OUT!

Your Global Resource List

Resources to help you sell to foreign buyers and investors

We compiled the tools, sites and books you need to educate yourself on working with global buyers.

Association Sources

• National Association of Realtors®: realtor.org/global/global-resources

• florida Realtors: floridarealtors.org/ global florida Realtors has both a global Networking forum and a global Business Committee. On the site, there is also a list of all the local associations that have global councils.

Publications

• Book series: “Kiss, Bow, or shake hands,” by Terri Morrison and Wayne A. Conaway, available at amazon.com

• Magazines: Overseas Property Professional, opp-connect.com/ about-opp-magazine and A Place in the Sun, aplaceinthesun.com/ magazine

• Online News and Newsletters: World Property Channel, worldpropertychannel.com

Education

• Certified international Property specialist (CiPs) designation, realtor. Org/designations-and-certifications/ cips-designation

• institute of international Education, an international educational training organization, iie.org

• Transnational Referral Certification (TRC), worldproperties.com/en/TRC. aspx

Listing portals

• Aplaceinthesun.com—U.K.-operated site with listings from almost 100 countries

• Glozal.com—social media site that allows you to connect with other sales associates who market their listings globally

• immobel.com—international homes for sale or rent, foreclosures and commercial listings

• Juwai.com—Chinese-hosted listing portal

• Kijiji.ca—Canadian classified ad listing site similar to Craigslist

• Point2Homes.com—Private listing syndication network with listings in more than 100 countries

• Proxio.com—global networking and marketing network

• Realtor.com/global—Realtor.com’s global listing site

• Rightmove.co.uk—Real estate listing site in the United Kingdom

• WorldMLS.org—Worldwide exposure to all local markets

TIP OF THE MONTH

Find Out Who’s Moving Here

Every year, the national association of Realtors® publishes a global research report profiling activity in the international home-buying market. In the report (which comes out in June), the organization examines u.s. real estate purchases by international customers over a 12-month period. Other good information sources include Florida Realtors, whose industry data division drills down into international activity in the state and segments that activity by region and county. Go to floridarealtors.org/global.

Francisco Angulo: “building a global Dream Team”

Build a dream team to advise global customers in all phases of the transactions. The team should include bilingual professionals who also understand the culture. Watch the video for more tips from broker francisco Angulo. Find it at floridarealtors.org/take5

GREAT IDEA To help younger real estate professionals expand their global networks, FIAbCI, the International Real Estate Federation, offers a membership program. The organization also allows an exchange program for students and sales professionals who can spend several weeks or months in a foreign country, learning about that country’s market and building ties with local agents and brokers. For more information, go to fiabci.org.

FOREIGN BUYERS

Beyond Bowing or Shaking Hands

Background knowledge that gives you an edge

BY NORMA HENNING

Despite stiff competition from destinations all over the world, Florida continues to attract its share of foreign investors. No one expects you to have all the answers, but being able to spot issues and assemble a team of advisors to address these issues will prove invaluable. Here are some tips for working with foreign buyers.

1. Know visa options. Entry for short visits into the United States is relatively easy if the foreign person’s home country and the United States have enacted reciprocal rules for visa-free travel. A simple “snowbird visa” for six months per year is also an option.

Aside from family reunification and entry on humanitarian grounds, U.S. immigration policy aims to do one major thing: benefit the United States by attracting talent, skill or money. Visas exist for highly educated people with job offers in their field as well as for those who invest in enterprises that create jobs. Experienced immigration counsel will help you determine what’s possible.

2. Help them plan. Planning needs depend on the size of the investment, on the country of origin and on the question of whether investors spend enough time in the United States to become residents for income tax purposes or for estate tax purposes. Substantial time spent in the United States or possession of a green card will make a foreign person subject to taxation on his or her worldwide income and to intrusive reporting requirements On the person’s foreign holdings, corporations and bank accounts. The higher the customer’s net worth and the more diversified his or her holdings, the more cumbersome this procedure gets. Many opt to keep things casual for exactly that reason. For those interested in making a permanent change, preimmigration tax planning, for income and estate tax, is recommended.

Many investors from countries with which the United States has a favorable estate tax treaty opt to hold title in their personal name, which makes things simpler. But one size does not fit all. Get a tax professional involved.

Regardless of residency, foreign investors usually expect to be taxed on the capital gain generated by their investments, but they should be aware that any transfer of their property will be subject to the Foreign Investment in Real Property Tax Act (FIRPTA). This law provides for the advance deposit of 10 percent of the sales price with the Internal Revenue Service, subject to a final determination of tax due. This can be avoided in certain situations, but the customer still needs to be prepared before closing.

Norma Henning is an attorney with the Henning Law Firm in Naples.

GREAT IDEA Target one or two specific groups of buyers. Instead of trying to be everything to everyone, Carlos A. Fuentes, a sales associate with namaste Realty in Tampa, suggests pinpointing one or two international markets. “Target your efforts into a given area,” says Fuentes. “Learn the nuances of the market, their likes and dislikes, and how those particular buyers do business.” For example, by establishing yourself as an expert for Asian or hispanic buyers in your area, he adds, you’ll be able to build a more lucrative referral business.

10 Ways Florida Realtors® Can help!

Here are ways florida Realtors helps members build global business:

1. Negotiates attractive advertising rates for members in various magazines. Email Global@floridarealtors.org for more info.

2. Offers an international calendar of events on the florida Realtors website.

3. Offers various resources on its global business page at floridarealtors.org/ global.

4. Regularly updates members on global business events taking place around the state, nationally and internationally.

5. Provides speakers for the global Networking forum and global Business Committee that enable members to understand global real estate opportunities and how to target them.

6. Invites international sales associates, brokers and consuls general from various countries and businesses to florida Realtors events. At past events, florida Realtors has hosted speakers from Panama, the United Kingdom, the Bahamas and the Netherlands.

7. Works with National Association of Realtors (NAR) researchers on trends in international homebuying in florida.

8. Organizes both inbound and outbound trade missions.

9. Continually promotes the attractiveness of florida real estate at national and international real estate trade expos and conferences.

10. Works with international councils at local associations to help them promote and expand their global business programs.

More info: florida realtors.org/global

Read the full article at http://browndigital.bpc.com/article/Upfront/1663180/201925/article.html.

Previous Page  Next Page


Publication List
Using a screen reader? Click Here