Good video but there are a few things I’d like to add:
Wealthy lifestyle buyers often lean toward high end luxury. However, in my experience, Chinese buyers run the gamut from investors, to life-style, to education, to buying multiple units for their and their spouses parents. Investors often prefer $200-300,000 and often buy sight unseen while they are still in China. Often they purchase multiple inexpensive, units and require a property manager.
The motivations are also much more complex than depicted in the interview. Although some buyers are hedging their bets by parking money overseas, many are looking for better education, clean air, good schools, higher ROI and ability to own land. (which is why they shy away from Co-op ownership)
Misunderstanding Chinese buyers needs, feelings and motivations, leads to lost sales. I recently had a student who had a red-hot, wealthy Chinese buyer. He was extremely wealthy and had taken several companies public so she assumed that he wanted a trophy property (in LA in this case)
After sitting down with him and discussing, I quickly realised that although he was able to purchase whatever he wants, he prefers a simpler lifestyle. As soon as he showed up for dinner, I noticed that his attire was very understated. Very. So I asked him about his family, his plans in LA, his current house in Shanghai and could plainly see that he was looking for a very different residence than the one that was being presented.
Many agents are like this gentleman in the video and assume, from reading media, that all Chinese want this or that but it’s very important that you take the time to really listen to Chinese real estate buyers. Draw it out of them. Ask questions. Notice the way they dress, what they order (if you are eating). Ask about their plans after they purchase. How will they use the house? Do they also want an introduction to an immigration lawyer or accountant? Find out how you can help them in any way. Perhaps their child is planning on going to a certain school. In that case, find out more info for her about school enrolment.
Don’t assume. Ask. Listen. And be prepared in advance with the information they require. And you will be one in a million. You will naturally become the go-to agent for them and perhaps their family and friends. An enviable position indeed. If you’d like to learn more, join our members area.
Add me on Skype for any questions paulesalo Thanks and look forward to speaking with you!
