Overseas property and real estate buyers and investors rely almost entirely on the Internet during their research phase. After all, you can’t just go down to the corner newsstand in London and pick up a copy of the Bangkok Post.
Anyone selling property in Thailand will appreciate the importance of marketing to overseas buyers who are becoming a more important demographic during the current economic slowdown. Although there are no official figures for the number of overseas nationals buying Thailand real estate, recent evidence suggests that anything up to 20 percent of current sales are being made to overseas nationals – and more in some of the resorts.
To successfully reach these buyers you have to sharpen your online marketing.
Take the Chinese, for example, who are avid online shoppers. This extends to real estate as well. This year, according official statistics, online shopping in China soared by 59 percent to US$ 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 overseas buyers.
1. Set a price.
In surveys, 95.5 percent 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 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. Emphasise any additional certifications, memberships, testimonials and past successes.
Try these three things and you should see your foreign buyer inquiry rate increase.
This column was written by Andrew Taylor, the co-Chief Executive Officer of Juwai.com, the leading Chinese property website for overseas property and real estate.