By Michele Newbern Gillis
Staff Writer
Since the market locally isn’t giving you exactly what you want right now, how about reaching a little further...like maybe overseas?
Marcus Wally of Coldwell Banker Walter Williams Realty discussed cross cultural marketing and international real estate at the St. Augustine Women’s Council of Realtor luncheon last month at Carrabba’s Italian Grill.
“I want you to know that maybe we shouldn’t have all of our eggs in the domestic basket because international people are still buying in force,” said Wally. “I would tell you that at least 50 percent of my business today is international. We don’t have to just sell real estate in St. Augustine. We don’t just have to sell real estate in Florida. We don’t just have to sell real estate in the US. There are 6.5 billion people on the planet and they need you.”
Wally reminisced about he talked to others about international business and many thought he was crazy.
“They’d say, ‘There’s no international business here in little St. Augustine,’” he said. “But, I’d go around and I’d hear these different voices speaking other languages and I knew there had to be international business here.”
He had a friend run a program to determine how many tax bills were being sent out of the country to determine how many international people owned property in St. Augustine.
“At that time, there were about 400 pieces of property here locally that were owned by someone who was not a U.S. citizen,” he said. “So, I thought, there is international business right here in our backyard.”
There are 1.3 million Realtors on this planet but only about 2,000 have earned the Certified International Property Specialist designation and educated themselves to deal with the international market effectively, he said.
He said many Realtors have reservations about doing international real estate because they don’t speak another language or they aren’t jet-setting all over the world.
“That is a misnomer,” said Wally. “If you have any interest inside yourself, you can do it. Maybe it’s because you like to travel or you like all that good food from around the world or like to hear music from around the world. That’s the reason I got into this. I had no idea there was money to be made.”
Wally said the Certified Commercial Investment Member (CCIM – for Commercial Real Estate Agents) and CIPS are two of the most highly recognized and respected designations out in the world.
“There is a lot of international business out there,” said Wally. “Florida is No. 1 for international business.”
According to the Florida Association of Realtors, 15 percent of every transaction in Florida was international in 2006.
“There’s money to be made, people to help and a lot of excitement and opportunity to ride a wave,” said Wally.
Wally discussed a presentation called “Shift Happens-Globalization, Information Age” that he uses in his presentations to demonstrate how globalization affects everyone. Globalization is the intertwining of economies (people, product and services) and the movement of all these things to a single market economy.
“China will soon become the No. 1 English speaking country in the world,” he said. “Can you imagine? If you took every single job in the U.S. today and shift it to China, China would still have a labor surplus.
“In a 30-minute period, 60 babies will be born in the U.S.,” said Wally. “244 will be born in China and 351 will be born in India. I don’t think anyone in the room today would disagree that globalization is in our face.”
Wally said it world economies have evolved into a single market economy and included in that single market economy is the need for real estate.
He said that it is important to be aware that everyone who walks into our life could be coming from a different culture.
“Different cultures eat differently, they have different religious beliefs and they negotiate differently,” said Wally. “When I put someone under contract, their hands are tied pretty tight. Other than financing and the home inspection, you better watch out because we are here to do business. But, in many cultures, the writing of the offer is just the beginning. So, if you and I don’t teach them how we do business here in America they may think they are entitled to negotiate all the way to closing.”
How do Realtors deal with interacting with different cultures while doing international real estate?
A book that Wally recommended was “Kiss, Bow or Shake Hands” by Terri Morrison that addresses interaction with different cultures by teaching appropriate mannerisms, clothing choices, body language and more.
“This is something in our world today that you might want to keep in your desk drawer and take it out when you get a call from someone coming from another land,” said Wally.
Another book he recommended was “Do’s and Taboo’s Around the World” by Roger Axtell.
Two other helpful sources Realtors can access are on Realtor.org.
The National Association of Realtors recently published the “2007 NAR Profile of International Home Buyers in Florida” and “Everything You Ever Wanted to Know About International Real Estate, but Were Afraid to Ask.”