Chinese home buyers have led the pack in foreign sales for the past four straight years, and according to the National Association of REALTORS® 2016 Profile of International Home Buying Activity, Chinese buyers account for over 27% of all international home sales in the United States. Not only are Chinese buyers purchasing more often than any other international buyer, but they’re spending more as well. In 2016, the average purchase price for other foreign buyers was $477,462. The average purchase price for Chinese buyers was $936,615! And ~71% of those purchases were paid in cash. If your company is not already focusing on this demographic, it’s a great time to start. Here are a few ways you can appeal to the Chinese homebuyer.
· Translate listings. A Chinese buyer will likely be using search terms in his/her native language. If your listings are already translated into Chinese, it will simplify the process for potential buyers and ensure your listings show up in more search results for them.
· Attract via social media. It’s important to note that the Chinese do not use traditional social media channels like Facebook and Twitter that we use here, due to strict Internet regulations in China. Instead they use apps like WeChat, and it’s likely they’ll prefer communicating directly within the app since it’s actually the primary way the Chinese connect these days. You can download this app now and create your professional profile to start promoting listings right away.
· Learn about Chinese culture. Take a few minutes to look into what is considered proper etiquette to a Chinese buyer. You can find a great list here. This will help you learn more about Chinese customs in order to make positive first impressions.
· Consider the language. You can, of course, hire an agent who is also fluent in Mandarin. However, this is not necessary. Even if buyers do not speak English, you can communicate with them by utilizing on-site or telephonic interpreting services.
· Be patient! These clients live in China, which means they are 12 to 15 hours ahead of realtors here in the U.S. Email and text communication may take 24 hours to complete, since each person is in an entirely different time zone. Be patient and know that building a proper relationship with this person may take some time, but if you are consistent, prompt and helpful, they are more likely choose you as their realtor when they decide to invest in a property.
If you’ve had success with Chinese buyers in your area, we’d love to hear success stories and your own pointers. Feel free to comment below and share them with us!