Chinese real estate buyers are known for treading cautiously when purchasing a property overseas. They often take a lot of time to research the market, a given property and the agency involved. As they may be sceptical about many things while buying a property in an unknown country, brokers need to ensure game changing first impressions to win their trust. It’s wise to take Chinese buyers through a marketing funnel, first making them feel at home and then slowly winning their trust. Below are five things which can help brokers make great first impressions:
When it comes to making business or investment decisions, Chinese people trust their friends and family members. That’s why references work in a big way in China. To leverage this phenomenon, brokers need to serve every Chinese client to the best of their ability. If you have somehow managed to establish good rapport with a couple Chinese buyers, be assured that they would get you more clients in the future.
Some Chinese buyers may find it offending when a broker directly asks them how much they can afford to buy a property. Besides, many Chinese buyers would expect a broker to have a basic understanding of importance of numbers, feng shui, wok kitchens and other such things in Chinese culture. It is quite common in China to have two or three generations living in a house. Brokers should patiently answer queries not only from the buyer, but his family members also as the buyer may want to ensure the consent of everybody in his family. Giving attention to such small things which may be culturally important to a Chinese buyer will help brokers get off on the right foot.
Chinese people are usually very punctual and stick to appointments whether they are online or physical. If you’ve got a query by email from a prospective Chinese buyer, respond to it quickly. Make your response detailed, but concise. Never be pushy. Patiently wait for the next query. Even if the deal doesn’t work out because the individual was not a serious buyer at that particular time, don’t get disappointed because the efforts you invested may yield results sometime in the future.
Put yourself in the shoes of a Chinese buyer who is unaware of the U.S. property transaction process. If it had been you, what things you would have been confused about in a country completely unknown to you. Most Chinese buyers need logistic support. Brokers can win their trust by sincerely guiding them on things like where they could stay if they wanted to physically visit the property and how they could transfer the money needed for a down payment and then to pay for all the property acquisition costs. They may also need your help in finding a good attorney, home inspector, mortgage lender, financial advisor or an immigration consultant.
Most of the Chinese buyers start an interaction with questions like how the property transaction process is different in the U.S. from their country. To answer such questions, try to learn as much as possible about the legalities governing the real estate buying and selling in China. You will come across as an informed professional.