Overseas buyers rely almost entirely on the Internet during their research phase. After all, you can’t just go down to the corner newsstand in Shanghai and pick up a copy of the Wentworth Courier.
If you sell property in Australia, you by now appreciate the importance of marketing to overseas buyers. Foreign buying of Australian real estate, according to the FIRB, is up 273 per cent over the last five years. Buyers from China, New Zealand, Southeast Asia, and Canada have all greatly increased their appetite for Australian homes.
To successfully reach these buyers, you have to sharpen your online marketing. That’s because overseas buyers rely almost entirely on the Internet during their research phase. After all, you can’t just go down to the corner newsstand in Shanghai and pick up a copy of the Wentworth Courier.
Chinese are avid online shoppers, and this extends to real estate. This year, according official statistics, online shopping in China soared by 59 per cent to $3.6 trillion. The Chinese have even created special lanes on some streets, like bike lanes – but dedicated to providing a safe space for mobile phone addicts who are texting as they walk.
So, I’ve delved into the world of Chinese online commerce to find these three tips to help you reach offshore buyers.
1. Set a price. In surveys, 95.5% of Chinese buyers have stated that pricing information is an important factor. Online stores for consumer products in China always display pricing information prominently and clearly. Because your offshore buyers often have much less knowledge about the local market and about recent comparable sales, they are even more dependent on the pricing information you communicate in your listing.
2. Incentivise referrals. This is a staple of e-commerce in China (and Australia), where consumers are often promised special content, discounts, or access in exchange for recommending a product to their network. You may be able to use this tactic, as well. Encourage people to spread your brand among their friends. Promise them a free local market report or neighbourhood summary, a free advisory session, local investment tour, or other benefit.
3. Establish trust. Because consumer protections are relatively few in China, Chinese buyers have learned to look for online evidence that a service provider is trustworthy. Start with the fact that you are a licensed real estate agent. It may seem too obvious to mention, but it helps. Also, emphasise your additional certifications, memberships, testimonials, and past successes.
Try these three things and you should see your foreign buyer inquiry rate increase.