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SPEND A LITTLE TIME EDUCATING YOUR FOREIGN BUYER
Posted by V.K. [Mel] Melhado P.A. on Saturday, July 21st, 2007 at 7:16am.Sometimes we, as realtors, tend to forget about the cultural differences between us and the Europeans. For that matter we can forget the differences between us and the rest of the world many times as well. From a financial standpoint, it can cost us dearly if we don’t pay attention.
Case in point…I recently worked some potential buyers from Sweden who now feel ready to buy, after renting from us for several years. My assumption was that because we had somewhat of a relationship (actually I thought that it was a good one,) because of the rental aspect over the years, that they would be loyal to me. (Potentially a huge mistake!) The second big mistake was that they understood that I am a full-service realtor.
You see in Sweden the only function of the realtor is to sell someone a property, they do not normally assist with the banking or much of anything else. In England, it is much the same. Realtors in England have their own listings, but do not represent other realtor listings, like we do here in the United States. So in many areas of Europe, buyers are used to dealing with multiple realtors before they make a purchase and there is no real sense of loyalty.
My Swedish buyers were rather stunned to hear that I handled everything, (from soup to nuts,) the contract negotiation, help with financing, should they need it, being the lea-son for the closing, as well all all the other work and follow-up that we as realtors do. They were pleasantly surprised, because in their country, the whole process is handled entirely differently.
The bottom line is that had I continued to make general assumptions about these clients, I very well could have lost a sale because they felt no need for a sense of loyalty. Instead I coached them fully on what I do as a full-service realtor and now they are mine for life!
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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