Tampa Bay: A Global Marketplace How NAR can Help You Grow your Global Business Locally

Globalization and its Impact on Real Estate Global opportunities abound, especially at the local level. We must redefine globalization to create a more holistic perspective among REALTORS ®.

Defining Global Markets: A Holistic Approach Foreign buyers living abroad. Foreign students and faculty of U.S. colleges and universities and their families. Immigrants. First-generation Americans. U.S. clients purchasing property abroad. Clients with international family connections.

Global Real Estate Trends in the United States $82 Billion Value of U.S. residential property sold to international buyers and recent immigrants since March Nearly 25% Increase over previous year 70% of Immigrants own their homes. (Yun, et al., The 2011 NAR Profile of International Home Buying Activity.)

Global Real Estate Trends in the United States $5 Billion $5 Billion Value of globally sourced commissions to REALTORS® between March 2010 and March 2011.

Purchase Price $315,000 Median price paid by international home buyers. $100,000 higher than the overall median sale price of existing homes. (Yun, et al., The 2011 NAR Profile of International Home Buying Activity.)

Ca$h Money 62% of international buyers use cash to cover full purchase price.

Mortgage Challenges 34% of international purchasers are unable to secure U.S. financing. REALTORS ® should be well-versed in challenges facing international buyers to reduce failure rate.

The Florida Connection 4% of Florida’s workforce is employed by foreign companies. Florida exports totaled $55.2 billion in 2010 $5 billion exported to Switzerland, $4.7 billion to Brazil, and nearly $4 billion to Canada. (Yun, et al., The 2011 NAR Profile of International Home Buying Activity; United States Census)

“Global” Means More than “Foreign” 15% of Hillsborough County residents are foreign born; 11% in Pinellas (19% of total Florida residents are foreign born). 25% of Hillsborough County households primarily use a non-English language; 13% in Pinellas (27% of total Florida households primarily use a non-English language) U.S. Census Data

“Global” Means More than “Foreign” Nearly 1 million Florida households report that Spanish is spoken at home. Almost 500,000 more households use another Asian or European language. Bilingualism is one of many indicators that a client can be categorized as a global business opportunity.

Florida Immigration/Naturalization Patterns: More than Meets the Eye Over 100,000 new immigrants annually. 20% from Cuba. Philippines is the top non-Caribbean, non-Latin American source of immigrants to Florida.

Why Buy American? Two major criteria drive inbound international home ownership: Proximity to home country.Proximity to home country. Convenience of air transportation.Convenience of air transportation.

Tampa Bay Fits the Bill TPA, SRQ: Nonstop or One-Stop Service to/from Europe, Asia, the Americas, Australia, Africa.

Global Business Councils 100 Global Business Councils in 24 states. Approx. 250,000 members represented. Over 40 new councils since August, 2010.

What’s Next for Your Association? Engage your members to jump-start your Global Business Council. Survey your members to determine their global business and educational needs. Identify volunteers and staff to chair and support the association’s global initiatives. Create a mission statement for your global business council.

What’s Next for Your Association? Get to know the global elements of your local market Local Economic Development Office and Chamber of Commerce:Local Economic Development Office and Chamber of Commerce: Enlist their assistance in finding local Cultural Chambers of Commerce, Foreign Language Groups, and Ethnic Clubs. Attend these groups’ meetings and network with members.

What’s Next for Your Association? Create a section of your local association’s website dedicated to global and multicultural business.Create a section of your local association’s website dedicated to global and multicultural business. Include information on members who speak a foreign language, links to non-REALTOR® resources (immigration attorneys, lending institutions, appraisers), translated contracts, etc.

What’s Next for Your Association? Create a Facebook site and Twitter feed for your association’s CIPS designees and other globally-minded REALTORS® and allied professionals.Create a Facebook site and Twitter feed for your association’s CIPS designees and other globally-minded REALTORS® and allied professionals. Post information from NAR’s Global Weekly electronic update, and other sources of global real estate news.

What’s Next for Your Association? Work with MLS to capture and quantify foreign purchases or sales to foreign buyers and communicate findings with members. Update MLS system to include metric conversion and currency conversion capability.

What’s Next for Your Association Work with NAR’s Global and Research departments to collect data on local foreign direct investment and immigration. Engage/Market to immigrant communities and employees of foreign firms investing and operating within your local market. Consult NAR’s State-by-State report for Florida to identify immigrant groups and top export industries.

What’s Next for Your Association? Include non-REALTOR® business partners (developers, attorneys, tax advisors, educators, governmental officials) in global business council activities and communications. Position your global business council as a REALTOR®-driven community group designed to raise awareness of global buyer groups locally and help allied professionals work together to secure their business.

Global Business Council Achievement Program Earn national recognition as a Silver, Gold, or Platinum-level council. Take advantage of case studies, exclusive webinars and marketing opportunities. Generate business for yourself and your colleagues.

Global Business Council Achievement Program Four REALTOR® associations named Platinum Councils Honored at International Night Out in Anaheim. Will be the subject of a case study and webinar for NAR members interested in learning how to source global business locally.

NAR Global and You Become a Certified International Property Specialist (CIPS) Designee; Host a Course.

Added CIPS Benefits NEW: CIPS Widget brings currency conversions, metric conversions, and other critical information to your smart phone. COMING SOON: CIPS toolbar will put global business tools a click away in your Web browser. COMING SOON: CIPS app will put business culture tips and key country-specific information right at your fingertips.

Your NAR Membership Resources Access and click “international.” Plan joint events and activities with a nearby local association that acts as an Ambassador Association to an international real estate association.

Your NAR Membership Resources is your portal for information on the CIPS Designation, as well as for data on global activity in all 50 states.

Realtor.com/international 11 languages: English, French, Spanish, Portuguese, Italian, German, Dutch, Chinese, Japanese, Russian, Korean Currently features listings in 12 countries. Currency and metric dimension converters Built-in international traffic – up to 800,000 non-US visitors per month Rollout at the GBA Committee at 2011 Annual Conference

Your NAR Membership Resources Consider the NAR Global Business Development and Outreach Program Work with NAR Global to create a customized business plan.

Questions? Contact Carol Kairis, Managing Director, Global Business Training, NAR Global at (312) ; orContact Carol Kairis, Managing Director, Global Business Training, NAR Global at (312) ; or Zach Benjamin, Manager, Business Development and Outreach, NAR Global at (312) Zach Benjamin, Manager, Business Development and Outreach, NAR Global at (312) ;