With its natural beauty and booming economy, the Philippines has become a real estate hot spot in Southeast Asia. The tropical climate, the warm people, and the gorgeous tourist destinations are simply hard to say no to. Luxury properties and commercial establishments in Metro Manila and other famous locations are getting sold left and right to foreign buyers. Expats are moving to foreigner friendly locations such as Pampanga and Baguio City. International buyers see the Philippine real estate market as a fruitful investment.
These investors are not going anywhere, so it’s very important for local real estate brokers to sharpen their skills and learn the ways to impress international buyers. Dot Property Philippines is here with some tips on handling foreign real estate buyers.
Be sensitive
Clients come from different cultural backgrounds and might have different customs or traditions. Before a meeting, do some quick research on their cultures to know which actions are polite and which are not. Offending the client’s culture might cost you a sale.
Become an expert
Foreign property ownership in the Philippines is not easy. There are certain laws and rules that should be followed. Remember that foreign buyers are allowed to buy property but are not allowed to own land in the Philippines. It will also look impressive to the clients if the broker is equipped with the right information. Read this article to learn more about the basic laws of expatriate property ownership.
Highlight the best qualities
Foreigners invest in real estate because they believe these properties will provide a good amount of return in the future. Highlight how the properties that you’re offering can fulfill this. Focus on the value of the location or the luxurious features of the development.
Prepare to answer financing questions
Tax and finance are the first questions that foreign clients ask about. Create a list of banks and lenders complete with their mortgage computation to be given to your clients. Don’t forget to provide contact numbers and emails of each bank and lender. Arrange meetings so that the client will be able to meet with the lenders face to face.
