Farrow: CIPS® designation is ‘best kept secret’

In 2010, more than $82 billion in U.S. property was sold to foreign buyers from 70 different countries. More than 62 percent of these sales were paid in cash and $5 billion was paid in real estate commissions, according to the 2011 NAR Profile of International Home Buying Activity.

Nationally recognized real estate educator and real estate broker Roseann Farrow wants to know what real estate professionals are doing to take advantage of it.

“People come from around the world to buy our real estate,” said Farrow. “The U.S. provides healthy returns on investments and provides a safe haven for many foreign investors. There are many U.S. citizens who just rent while immigrants love to own.”

Farrow says it’s important for Realtors® to be prepared to deal with this kind of market. One of the best ways to do that is by earning a Certified International Property Specialist designation. The CIPS® designation prepares Realtors® to service the growing international market in their local community by focusing on culture, exchange rates, investment trends and legal issues.

“Agents should not think they have to sell foreign real estate,” she said. “Global means more than foreign. More than 22 percent of New York residents are foreign born. In your own home states there are many people who weren’t born there. It only makes sense to understand how foreigners buy and what their expectations are for buying a home.”

Farrow says there are few barriers to foreign individuals investing in U.S. property. The U.S. market welcomes foreigners and foreign capital contributes to the nation’s health by putting a downward pressure on long-term interest rates.

“Different cultures behave in different ways,” she added. “Understanding cultures and business practices is critical. The Realtor® who understands this can more easily create win-win situations with the consumer.”

‘Glocal Awareness: Your Local Market Went Global’ is among the presentations Farrow will offer during the 2011 Triple Play REALTOR® Convention and Trade Expo, from Dec. 6-8 at the Atlantic City Convention Center. Farrow will also be moderating two panels on Dec. 6 including ‘Agent Success Panel’ and ‘Resort and Second Home Panel.’

With over 25 years in real estate sales, training, management and consulting, Farrow has trained thousands of real estate professionals, managers and brokers. She teaches many NAR designation core courses including the CIPS® designation.  She is a New York State licensed real estate broker and a national trainer. She devotes her full-time efforts to independent training, coaching and consulting nationwide as Roseann Farrow Seminars.