Earlier this week, Bill Russell, head of International Development for Chinese real estate website, Juwai, spoke to a large group of Windermere agents about how to connect to Chinese buyers. Since China is a country with very different marketing tactics and a culture drastically different than our own, we were able to learn a great deal. To put things in perspective, Juwai.com currently has 2.6 million unique views per month from Chinese consumers who are searching purely for western properties; 20 percent of whom live outside of China. The United States is the number one searched country by far, followed by Australia and Canada.
So why are so many Chinese investing in land abroad? According to Juwai, 36 percent are buying for investment, 34 percent for immigration, and 16 percent for education (i.e. buying a house for their kids to live in while they’re studying in the U.S.). What many people may not know is that there is a minuscule amount of inheritance wealth in China, the majority is “new money” made in the last 10-15 years. With an average budget of $2.6 million, the Chinese typically take a year to search for the right home in which to invest, patiently taking time to research everything thoroughly. On average, they end up spending about $933,723 per property.
There are 297 different Chinese dialects, making it nearly impossible for local agents to market their properties effectively. It can also be time consuming and stressful trying to market to China since they don’t use any social media from the Western world; China has their own Google, Facebook, Twitter, etc. which all have different names. Juwai.com is their version of Zillow.com, which is bridging the gap between East and West by translating all property and marketing comments. It may come at a price, but real estate companies, like Windermere, don’t mind paying the cost of marketing on Juwai since the Chinese buyer is such an important part of the housing market (especially in Seattle’s Eastside neighborhoods).
Cities like Seattle, San Francisco, and LA are popular destinations for Chinese immigrants and investors, and they’re representing larger and larger pieces of the real estate pie. Experts don’t see this changing for the foreseeable future, so it’s in a real estate professional’s best interest to get to know the Chinese consumer. A big thank you to Bill Russell for coming out and helping us do just that.
Windermere Real Estate works hard to keep relevant and powerful marketing techniques and technology at our agents’ fingertips to make it easier to sell your home. We strive to make sure we’re appealing to the appropriate and most powerful target audience.
In our area, it’s common knowledge that of all local international buyers, Chinese buyers lead in the Seattle area. Next week, we’re bringing Bill Russell, Head of International Development with Juwai.com, to speak to our brokers and share tips on how to effectively market their listings to a Chinese audience. Bill has over 37 years of experience in the real estate industry across several countries.
Windermere brokers are marketing your property directly to one of the most powerful buying forces in the region. We’re bringing in an expert to show them how to do it in the best way possible and get your property sold quickly to devoted buyers across the globe.
Brokers: ask your office staff how you can attend this event!
To continue our legacy of highly competent and educated brokers, our agents are attending a class next week with Lars Neste and David Daniels of Demco Law Firm.
Demco Law and Windermere Real Estate create and organize these classes frequently so our brokers can stay on top of any and all real estate laws. The goal is to keep everyone in the Windermere circle ahead of real estate requirements when it comes to purchasing or selling a home. These classes cover a wide range of topics from marketing to the forms and documents used to ensure a smooth closing process for you.
We bring in the top experts so our agents can be the best support and resource for you in your home search and sale experience.
Brokers: make sure you can attend the class next week! Talk to your office staff to sign up.
Once again, Windermere has set itself as a leader in the international real estate market.
The Washington State China Relations Council has created a panel of specialists working with Chinese buyers in our local real estate market. On March 11th, one of our own brokers from the Eastside was featured at this event speaking alongside Washington State Lieutenant Governor Brad Owen and former US Ambassador to China Gary Locke.
The panel will be discussing an overview on investment climate in Washington and greater Seattle, residential real estate market trends, commercial real estate market opportunities, and more.