at a Time
Building your global business from the ground up
Sometimes developing a global component toyour real estate practice can feel like a “wheredo I start” proposition. There are, however,many ways to get involved, which is typically thebest way to jumpstart your efforts.By taking this step-by-step approach, you’llalmost certainly ﬁnd yourself learning more anddeveloping important networking connections—all of which will lead to more business withglobal buyers and sellers.
Ask your local association.
If you want to boost your efforts to work
with global clients already in your area, yourﬁrst inquiry should be with your local realestate board. Ask if they have organized acommittee or formal group to address globalbusiness opportunities. Nearly 60 boardshave formed global business councils orinternational local councils that offer a varietyof programming and networking resources.These groups may have already compileddetails about the global inﬂuences in yourlocal market, and can help you identify whichcountries are represented more than others,whether through foreign direct investment,relocation of foreign employees, immigration,or other sources.In addition to providing this critical research,your board’s council may offer specializedinformation sessions with key experts, or hostvarious events designed to stimulate referralbusiness with agents from other countries—excellent ways to come up the learning curveor begin making global connections.Other local boards have not yet developeda full program of global initiatives, but arestudying their market to determine theprimary sources of global business and decidewhether it is appropriate to take steps to forma council. (See page 5 for more about globalbusiness councils.)
Ask your brokerage.
Several major franchise companies havedeveloped resources to help their agents tapinto global business. If you work within suchan organization, explore these opportunitiesto learn more and make connections.
Check other local resources.
If these ﬁrst two steps don’t pan out, thereare still plenty of other things you can do onyour own, right in your community, or at thestate level. Investigate and contact theseorganizations:- Tourism Bureau- Chamber of Commerce- Economic Development OfﬁceWhile each local market is unique, groupslike this are regularly engaged in developinglocal business opportunities by encouragingtrade, travel and tourism from other areas. Asa result, they place a priority on researchingthe international movements of people andbusiness—data that could be very beneﬁcialin helping you understand which countries aremost important in your local economy.
Conduct online research.
You can learn a lot about the global inﬂuencesin your local market without ever leaving yourdesk. Three of the best sources for onlineresearch include:
– NAR offers state-by-state international business reports,