People think luxury is about driving a nice car and dressing well, but it’s really about engaging your clients in a different way and offering a valuable experience. How are “global” and “luxury” actually a real strategy? How can you become proactive, anticipate needs, and build a clear system to help luxury clients? What are the big trends in the international luxury market? On this episode, Mortgage Collaborative Partner and luxury expert Jim Park shares on the increase of international buyers and how to capitalize on it.
 

 
If you want to build a clientele that’s global, luxury and high net worth, then international is certainly an aspect that you can focus on. -Jim Park


 
Takeaways + Tactics


When you’re dealing with international buyers, remember that you have a small window. You might have to line up many viewings within a few days. Make sure you hone in on what they want.


The five states international buyers are primarily going to are: Florida, Texas, California, New Jersey and Arizona.


People who buy second homes internationally are high net worth individuals, so appealing to them involves selling the luxury experience.


 
At the start of the show, Jim shared on how he got started and what he means when he says luxury is a strategy. We talked about how to get more referrals, which are the main sources of the US’s international buyers. We also talked about some of the ways to make the process of looking for a home easier for an international buyer.
We also discussed:

The Ritz-Carlton experience
How to be more proactive and anticipate the needs of international buyers
Social media tools

People are becoming more global, and real estate is mirroring this. There’s a lot more to getting a more international clientele than understanding their culture. They want their agent to be their eyes and ears, so you have to really hone in on what their looking for in a short span of time. When a high net worth individual wants to buy, they want the amenities, the location, and the experience you are offering.
 
Guest Bio -
Jim Park is the 2013 Chair of the Asian Real Estate Association of America (AREAA) and a partner and co-founder of the Mortgage Collaborative. The Mortgage Collaborative works with small and mid-sized lenders to strength its market power and to create innovative mortgage solutions for this important segment of the mortgage market. Go to https://www.areaa.org/ for more information.