1. Chapter 8: In This Chapter  Multiple Cultures  Egalitarianism  Knowledge of Other Countries  Women in Business  Time is Money  Business Dining  Individualism and Independence  Work Environment  Gift Giving  Communication  Language Issues  Negotiations  Immigrant Tradition  Federal Holidays  Key Contacts Page 156

2. Multiple Cultures  Ethnic and regional diversity  Regional differences to pace of life and business  Commonalities Page 156

3. Egalitarianism  Pervades all aspects of U.S. culture, including business  Little or no deference paid on basis of: Social status Wealth Age Family lineage and connections Position  Use of first names common  Fairness is sought and valued Page 156

4. Knowledge of Other Countries  Americans curious but knowledge may be limited  Less due to willful ignorance than to geography and lack of international travel opportunities  Immigrant tradition Page 156

5. Women in Business  Many American women work outside of home  Many hold managerial- and executive-level positions  Women real estate professionals: Often own brokerages Are among “top producers”  Business dining invitations  Handshakes Page 157

6. Time is Money  Time viewed as commodity  Punctuality and deadlines important  Keeping property showing appointments very important  Decisiveness valued Client is the ultimate decision maker Page 157-158

7. Business Dining  Working meals common Often served in office Participants usually eat quickly and return to business  Restaurant lunches last about an hour Quick and to-the-point Drinking at lunch uncommon  Dinners early, 6:00-9:00 p.m. Alcoholic beverages enjoyed No protocol for seating  Person who requested and set up meal will usually pay Do not wrangle over bill Tip 15-20% Page 158

8. Individualism and Independence  Personal professionalism  Personal achievement  Independence  Initiative  Accountability Page 158

9. Work Environment  Competitive and productivity-oriented  Paradoxically, collegiality and teamwork valued  Co-workers often socialize and form friendships  Cooperation among competitor real estate professionals creates effective, efficient market Page 159

10. Gift Giving  Very informal  Small gifts usually appropriate Item from home country Item with company logo  IRS Publication 463  RESPA Page 159

11. Communications  Direct, tactful  Acceptable to say “no” and express criticism Never criticize a property in a seller’s presence  Objections stated frankly and objectively  Greetings  Business cards  Humor valued, but certain jokes inappropriate  Mixed communication lines Page 159-160

12. Language Issues  English language-centric Spanish increasingly a second language  Contracts and official documents must be in English  Sports metaphors common  Informal American English very idiomatic Ask for clarification Page 161

13. Negotiations  Problem-solving process  Best outcome is “win-win” situation  Positions stated objectively  Offer/counteroffer point-by-point Resolved points usually not re-opened  Buyer and seller do not negotiate face-to-face Page 161-162

14. Federal Holidays  January 1: New Year’s Day  Third Monday in January: Martin Luther King Day  Third Monday in February: President’s Day  Last Monday in May: Memorial Day  July 4: Independence Day  First Monday in September: Labor Day  Second Monday in October: Columbus Day  November 11: Veterans Day  Fourth Thursday in November: Thanksgiving  December 25: Christmas Page 162-163

15. Key Contacts  The CIPS Network, Cooperating Associations, Ambassador Associations, President’s Liaisons  Local REALTOR ® Associations  NAR Affiliate(s)  State and local government trade or economic development offices  U.S. Embassy or Consulate Page 163-164