april 2014: making the cips designation work for you

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  • 8/12/2019 April 2014: Making the CIPS Designation Work For You

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    Certified International Property Specialist

    > STRATEGY AND R ESOURCES

    Whether you are a new designee or a seasoned veteran, earningthe CIPS designation is a signicant achievement that requirescommitment and dedication to maintain. The designation is apowerful tool when building (or expanding) your global business.You have completed the rst step by earning it, the next step is to

    make it work for you.

    Some agents have little difculty nding global business; thebusiness seems to nd them. Others are fullling a dream ofbuilding an international enterprise and have to work harder toattract global clients. In either case, it can seem like a dauntingmission to nd a niche and map out a plan with so many paths tochoose from. NAR and the CIPS designation offer an expansive listof resources and a global network of referral partners to help yourinternational endeavor.

    This issue of Global Perspectives is a roadmap for new designees

    and a refresher for veterans. Inside, you will learn what resourcesand benets are available to you from the CIPS designation, as wellas how to leverage your CIPS network for referral and partnershipopportunities. Youll also gain insight on how designees areaccessing numerous resources designed to support you at thenational, state, and local levels. If you have questions about anyresources mentioned in this issue, please contact usat [email protected] .

    MAKING THECIPS DESIGNATIONWORK FOR YOU

    TO LOCAL, INTERNATIONAL & LIFESTYLE REAL ESTATE

    04.2014

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    S T R AT E G Y A N D R E S O U R C E S

    2 ~ Global Perspectives 04.2014

    The international landscape is vast and diverse, and trying to tackle the whole world from one ofceis an unwise strategy. While this advice is highlighted in nearly every issue of Global Perspectives , it isa message that bears repeating. It is better to identify a niche, immerse yourself into that culture andtheir business practices, and build your expertise in that area. Your strategy should focus on tactics

    that you have the ability to implement and control.

    For some, determining your approach will be easy based on heritage, language skills, or geographiclocation or maybe you identied your niche long ago. However, if you are in a position or area whereit is less obvious, below are some questions and tips to consider, followed by resources available toyou to help you identify what international audience is the best t for your local market.

    First, things to consider:What draws international buyers to your local market? Are foreign companies opening facilitiesnearby? Or, is there a vacant space available that you could market overseas? Is there a universitynearby that attracts international students or faculty? What about luxury properties, condos,

    coastline, or other lifestyle attributes that would draw foreign interest?

    Ive observed a lot of Canadian buyers in Myrtle Beach and Hilton Head (north and south of me),and if they are purchasing in those areas why not Charleston? said Jason Pe, CIPS, DunesProperties, Charleston, SC. Now that I have my CIPS designation, I have been exploring connectionswith Canadian agents.

    Consider your community in terms of its current global connections. Many cities, states, colleges,and other organizations sponsor international festivals and events, host overseas visitors, and setup exchanges or sister-city connections. Such programs indicate the interest in and extent ofinternational activity in your area and offer a rich source for networking connections.

    STRATEGY WITHOUT TACTICS IS THE SLOWEST ROUTE TO VICTORY.

    TACTICS WITHOUT STRATEGY IS THE NOISE BEFORE DEFEAT.

    SUN TZU, ART OF WAR

    RESOURCES TO IDENTIFY/

    LEVERAGE YOUR NICHE

    nce you havesearched theoperty typesyour area andterminedhat buyergment(s) itght attract,

    s is a greatportunity toach out to thePS network!

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    04.2014 Global Perspectives ~ 3

    Certified International Property Specialist

    Resources available from NAR:

    1. NARs State By State International Business Reports are a good place to get a quicksnapshot of the existing international activity in each U.S. state and the District ofColumbia. The reports summarize the states demographics, languages spoken in the home,immigration and naturalization statistics by country of origin, as well as employment by

    foreign rms.u Visit realtor.org/statereports

    2. NAR Global has written Local Market Assessment Case Studies for six U.S. states that wouldbe considered unlikely destinations for international buyers. States proled include Alabama,Colorado, Georgia, Kentucky, Ohio, and Washington. (Arkansas, North Carolina and Utah willbe available May 2014.) You dont have to live in these states (or even the United States) tobenet from this research. Much of what youll discover in each study is paralleled in othermarkets. By following the step-by-step processes discussed in these reports, you will learn howto identify global opportunities in your area.u Visit realtor.org/global/local-market-assessment-case-studies

    3. Use data/statistics from realtor.com International to determine where internationalconsumers are searching in the United States and around the world. Every month,realtor.com publishes updated data highlighting which U.S. markets are of greatest interest toforeign consumers, and which countries the consumers come from. Realtor.com International includes all U.S. for sale and rental listings that are currently on realtor.com , as well as listingsfrom over 36 countries around the world. You can also use translation tools to create listingbrochures in 11 different languages and link to social media platforms from the site!u Visit realtor.org/intldata

    4. Local boards around the United States have established Global Business Councils , dedicatedto globally themed education, programming, and networking for their members. See if youhave an active council in your area and if so, participate in the meetings and events to buildpartnerships with globally-minded businesses, mortgage brokers, attorneys, and otherrelevant local entities.u Visit realtor.org/global/global-business-councils

    5. Use REALTORS Property Resource (RPR) to research and assess detailed information onevery parcel of property in the United States. This platform is an NAR member benetand is only available to REALTORS. Use the technology to identify properties (residentialand commercial), features and locations that may appeal to international buyers in yourlocal market.

    RPR offers hundreds of datasets and maps, including school attendance zones, FEMA oodmaps, demographic information, thematic maps, heat maps, and more. Additionally, RPRallows you to create personally branded reports to distribute to your clients. Given theimmense amount of valuable information provided in each RPR report, your clients willquickly realize that you are a subject matter expert!u Visit blog.narrpr.com

    TIP

    CIPS designees from outside the U.S.: If you have clients that are looking toinvest in U.S. real estate, use RPR to grow your international referral business.You will be able to help your clients get unprecedented and exclusive access todetailed property information not found on any other site. RPR will enable youto become a credible and trusted authority on U.S. properties.

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    S T R AT E G Y A N D R E S O U R C E S

    4 ~ Global Perspectives 04.2014

    NETWORKWORK THE

    When we ask CIPS designees what designation benet provides the most value, the number oneanswer is inevitably the CIPS network . When you became a designee, you joined a powerfulnetwork of nearly 2,500 professionals worldwide who turn to each other rst when referringbusiness. Many have gotten to know each other well throughout the years by attending eventsand online networking. But even the most seasoned and well-connected veterans look for new,well-qualied referral partners! If you are looking for a way to quickly feel part of the family,here are some resources for you:

    1. Utilize the CIPS Directory. Agents and consumers alike search this directory to nd qualiedprofessionals. It is imperative that your prole information is up-to-date, including yourphoto. Remember to provide relevant qualications and information that will help people getto know you and encourage them to want to work with you. This is your rst chance to makean impression on potential clients and referral partners, so treat your directory prole like aresume update your bio and photo regularly.

    Based on our experience, the presence of an agent photo benets the agent very much,said Eleonore Rojas, Principal PM and VP, Partnerships and Product Integration, Move, Inc.We believe consumer engagement increases with the usage of a photo during settingswhere the agent demonstrates his subject matter expertise and skil ls.

    To update your prole, log onto realtor.org and click on My Account at the top of thehomepage. From there, under Update other NAR accounts, click the l ink to change yourinformation in the Certied International Property Specialist database. To add or edit yourprole picture, please e-mail your photograph to [email protected] . The CIPS directory canbe found at realtor.org/ndcips .

    Paulina Rassavong, CIPS, GRI, RE/MAX Associates of La Jolla, CA. routinely utilizes the CIPSDirectory for marketing purposes. Paulina explains, Using the online directory, I can searchby country, language and other terms, identifying agents who might appreciate hearing abouta property I am marketing that will appeal to certain types of buyers. Ill reach out to themtypically by email.

    TIP

    Dont sit back and wait for business to come to you. The CIPS network willserve you well only if you are willing to do the legwork. For example, if you workin a market that is attractive to Mexican buyers, use the CIPS Directory to

    network with designees based in Mexico. Introduce yourself, build rapport, andpartner with other designees to market your listings to their clients. As a generalrule of thumb, you must give in order to receive. It is unlikely you will receivereferrals if you are not actively engaged or using the network to give referrals.

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    Certified International Property Specialist

    04.2014 Global Perspectives ~ 5

    2. Join the conversation in the private,CIPS-only Facebook Group . NAR Globalstaff ensures that only CIPS designees arepart of the group, so you can be sure youare communicating with current and vetteddesignees. This has been an excellentsource of referrals between designees

    make sure you are on there taking advan-tage of the opportunity to receive (and give)referral business! If you are not alreadya member, search Facebook for OfcialGroup: NAR CIPS Designees and submityour request to join.

    3. Increasing your presence online isimportant, but it will never take the placeof face-to-face networking. Make sure toattend as many events as possiblethroughout the year. NARs annualREALTORS Conference & Expo inNovember and the REALTOR PartyConvention & Trade Expo in May are twoof the largest industry events in the UnitedStates. Each of them has exclusive CIPSnetworking opportunities, along with otherglobal activities to network withprofessionals from around the world:

    REALTORS Conference & Expo: Global Business & Alliances Committee

    Meeting and other globally themedsessions; past topics include, DoingBusiness with China, Doing Business withMexico , and What Drives the Foreign Buyerand Seller?

    Country-specic networking hours in theInternational Pavilion each country inattendance receives a table in the Pavilion

    CIPS Advisory Board Meeting

    International Welcome Reception

    International Night Out Awards

    Ceremony & Dinner Gala CIPS Designee Breakfast

    REALTOR Party Convention& Trade Expo: Global Business & Alliances

    Committee Meeting

    CIPS Advisory Board Meeting

    Global Networking Reception

    CIPS Designee Breakfast

    Embassy Visits (available by lottery)

    Also look for events hosted by your stateand local associations. Many of the stateconferences have global forums, networkingevents, and activities on the trade expo oor.

    Over the years, Ive built up my connectionsto other CIPS designees by attending the

    national convention, especially via thenetworking opportunities offered in theinternational pavilion, where delegates fromeach country take turns actively makingintroductions with all interested parties, saidRassavong. Its an exceptional way to makeinroads with the most active participants ineach market.

    4. CIPS designee Mallina Wilson, KellerWilliams Realty, Bellingham, WA,recommends using the CIPS Smartphone/Desktop App as a resource to help maintaincommunication with your global network.Using the apps feature that displays majorholidays from around the world, Mallina

    regularly references it to determine whichholidays are approaching. She organizes hercontacts by country, and sends her globalclients and referral partners e-cards to wishthem well on applicable holidays, such as,Australia Day, Chinese Lunar New Year,Da de la Independencia, etc. The app alsoprovides translation tools, measurement,and currency and time converters.

    5. If you are using the CIPS Networkadvantageously, chances are, your referral

    business will increase. When you exchangereferrals with other designees, takeadvantage of the CIPS Referral ContractForm housed on the CIPS designeesmember benets page ( bit.ly/1fWCoEc ).This form ensures transparency in thetransaction so you know that all parties areon the same page.

    To access all marketingmaterials/benets, visit theCIPS designees memberbenets page.Dont forget to bookmark it!bit.ly/1fWCoEc

    TIP

    What happens after you return home may be the mostimportant element of success or failure in your in-person

    networking efforts. Dont forget to follow up with your contacts assoon as you return home. Add the business cards you collected intoa contact management system and make an effort to stay in touch.

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    S T R AT E G Y A N D R E S O U R C E S

    6 ~ Global Perspectives 04.2014

    WHAT CIPS DOESON YOUR BEHALF:

    In an ongoing effort to bring awarenessof the designation to real estateprofessionals and consumers, CIPS staff:

    Provides editorial pieces for

    publications such as the Asian RealEstate Association of Americas(AREAA) A|R|E magazine, RISMedias Real Estate magazine, major franchisepublications, and state/local/cooperating association publications.

    Distributes Guide to FindingInternational Real Estate Professionalsto over 3,400 internationalgovernment entities in the UnitedStates and abroad, including chambersof commerce, consulates, cooperating

    associations, economic developmentcouncils, embassies, world tradecenters, local associations, and stateassociations. This guide promotes thevalue of working with a CIPS designeeand information on how to access theCIPS Directory.

    Provides pertinent knowledge andindustry information to the realestate community via The GlobalView Blog . Visit TheGlobalView.blogs.realtor.org and sign up to re-ceive blog updates via e-mailor RSS feed.

    Did you know that through the CIPS designation, you have access to a whole cache of personal

    marketing materials to spread the word that you are a global agent? The work has already

    been done, all you need to do is customize with your contact information and distribute

    through your marketing/advertising channels!

    The CIPS marketing materials available to you include:

    Customizable Print Postcards These postcards can easily be customized with yourcontact information for a direct mailing campaign to three distinct buyer groups and carryunique messages to eachbuyers seeking an investment property; a new home; or newhome in America. The postcards are available in four languagesEnglish, Spanish,Portuguese and French.

    GIF Flash Banner ads These digital advertisements feature unique messaging to the samethree audiences as the print postcards. Customize them with your contact information andadd to your web site or other sites as part of your advertising/marketing campaign.

    Press release A sample press release is available for you to customize and distributeto announce your achievement in becoming a CIPS. Distribute to local print and broadcast

    journalism outlets, and include unique thoughts or story ideas to be viewed as the go-to globalexpert in your local market! The free marketing that comes from a story or being on the newscan be invaluable.

    Consumer marketing campaign Most recently, NAR Global has created a package of

    consumer marketing pieces to help you explain the value of working with a CIPS designee.

    The package includes:

    PowerPoint slides for your listing presentations

    An electronic badge (.jpg image) to place on your web site announcing your statusas a Certied International Property Specialist

    A Facebook cover photo to announce your status as a CIPS and to showcaseyour pride in joining this elite network of international professionals

    A web page to link from the badge or banner ads, describing what it means to workwith a CIPS designee

    Print materials with talking points on the value of the CIPS designation.

    ADDITIONALCIPS BENEFITS:

    Team Store - Proudly display yourCIPS designation! Go to theREALTOR Team Store to buy shirts,tees, sweaters, and jackets bearingthe CIPS logo.

    CIPS Browser Toolbar Download theCIPS toolbar to conveniently accessdesignee benets, resources andnews.

    Webinars The Global PerspectivesWebinar Series complementsthe CIPS bimonthly printednewsletter and further explorestimely topics designed to helpyou grow your global business.Participate live or downloadpreviously recorded webinars tolisten at your convenience.

    RESOURCES TO MARKET YOURSELF

    CIPS has already made a huge difference in my domestic results, said Jason Pe, CIPS,Dunes Properties in Charleston, SC. Simply explaining (in a listing presentation) that I canmarket a property to a global network of agents has prompted sellers to sign on the spot.Even though they know very little about the ins and outs of international real estate, theconcept of hiring a global agent really resonates as a differentiating factor. In fact, I creditthis strategy with helping me earn nearly $4 million in listings just over the past fourmonths, and Ive already closed half that business .

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    Certified International Property Specialist

    04.2014 Global Perspectives ~ 7

    Make an initial contact with the

    individual agent to schedule aconvenient time for a productive,in-depth discussion.

    Conduct an in-depth agent-to-agentconversation about the transaction andthe client. The purpose of thisconversation is to get a feel for theagents style in handling thetransaction and to set expectations.

    During the interview, ask yourself:

    Does the agents approach to thetransaction seem consistent with my

    own way of doing business? Can I build rapport with the agent?

    Will the agent have time available tospend with the client?

    Does it seem lik ely that the agent will

    communicate at important points inthe transaction?

    Will the agent fulll my expectationsand those of my client?

    Finalize your selection by reviewing yourselection criteria and choose the agentwho best matches your standards ofservice and competency.

    Discuss compensation issues.

    Share specic client information with thereceiving agent. This is the pointat which you rmly establish your part-nership with the receiving agent. Briefyour partner completely about the clientsneeds and wants so that your clientswill not feel like they have to repeatedlyexplain themselves.

    Exchange information about real estate

    transaction procedures. Set expectations for how and when you

    will communicate.

    Document the specics (including thefee and how it will be paid) of yourrelationship. (Use the CIPS ReferralContract form to open and solidifythe discussion.)

    Prepare the client by describing yourcontact with the receiving agent andthe agents rm, background, andexperience. Describe the steps you have

    taken to facilitate the referral and preparethe receiving agent.

    Brief your client on market conditionsas well as nancial and real estateownership procedures and requirements.

    I have a potential listing for an agent in the Chicago area. Please contact me for additional information.

    Looking for an agent in or around Miami Beach for one of my clients.

    Looking for a REALTOR contact in Islamabad, Pakistan. Does anyone have any connections they can recommend?

    MAKING THE MOST OF REFERRALSAll of the quotes below are from the CIPS private networking group on Facebook (called Ofcial Group NAR CIPS Designees ). Referralexchanges happen frequently between designees; in fact its one of the most valuable benets of the designation. Are you prepared for themoment one comes your way? Follow these guidelines and youll be ready to accept referral business with condence.

    BEST PRACTICES FOR MAKING A REFERRAL

    When contacted by the referring agent,discuss the client situation and gatherinformation about the clientsrequirements as well as the referring

    agents expectations. Discuss market dynamics and provide

    information about your rms services.Ask questions that can help youdetermine how to best meet theclients needs.

    Accept the referral if you feel you canmeet or exceed the clients expectationsand have formed a good workingrelationship with the referring agent.

    Agree on a referral schedule of eventsand fee. (Use the CIPS Referral ContractForm to open and solidify discussion.)

    Obtain detailed client information

    from the referring agent regarding theclients needs. By asking questionsand making suggestions, you cancollaboratively brainstorm a successfulstrategy for the client.

    Exchange information on real estatetransaction procedures and regulations.

    Contact the referred client.Demonstrate your understanding of theclients needs and wants by summarizingyour knowledge and asking specicquestions regarding the transaction.

    Communicate with the referring agentat agreed times and as the transactionprogresses. Immediately communicatethe closing date when it is conrmed.

    Pay the agreed referral fee as soon aspossible after the transaction closes.Treat your referral partner as you wouldyour best client.

    If the experience of working with thereferral partner was rewarding andworthwhile, remember to invite futurereferrals and reciprocate, if possible.

    BEST PRACTICES FOR RECEIVING REFERRALS

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    Certified International Pro ert S ecialist

    430 North Michigan Avenue Chicago, IL 60611-4087 800.874.6500 www.REALTOR.org

    NEW CIPS BENEFITS!

    STRATEGY AND RESOURCES

    CIPS Directory outreach, consumer-focused marketing campaignsPerhaps youve already noticed from reading this issue, but we are thrilled to launch thesenew CIPS benets! By popular request, we have created materials to increase awareness andunderstanding of the CIPS designation among consumers and government agencies in theUnited States and abroad.

    The materials include: A CIPS Directory Booklet , distributed to over 3,400 international government entities in

    the United States and abroad, including chambers of commerce, consulates, cooperatingassociations, economic development councils, embassies, world trade centers,local associations, and state associations.

    PowerPoint slides for your listing presentations

    An electronic badge (.jpg image) to place on your web site announcing your statusas a Certied International Property Specialist

    A Facebook cover photo to announce your status as a CIPS and to showcase your pridein joining this elite network of international professionals

    A web page to link from the badge or banner ads , describing what it means to workwith a CIPS designee

    Print materials with talking points on why the CIPS designation makes you the best agentto help them nd (or sell) their home.