INTERNATIONAL


IT’S A TOUGH MARKET Ray says agents have to work hard and get their customer service right if they’re going to succeed. “You need to get an offer there and then. Managing expectations from the outset is absolutely vital; bullish things do not sell in this market.” There is far more negotiating about price than there used to be. He says local representation is


now crucial, which it wasn’t in the boom years. “We won’t, now, take on a property we can’t manage, where we don’t have someone on the ground. It just doesn’t work” when viewings are conducted by the maid or gardener; the agent has to be there. Giles Beswick says, “It is possible


world, with a diversified economy which is expected to perform well in the recovery.” It has also seen a dramatic fall in prices, “You can still buy for a third of replacement value [build cost]”, he points out. However, he believes Florida is


already well exploited, with a large number of agents having jumped into that market. Property Frontiers is now more interested in Las Vegas and Boston. In Las Vegas, he believes the market is close to the bottom, and is busy sourcing investments. Even given recovery potential,


British buyers are dragging their feet and these markets are fairly quiet. But Richard Way, of the Overseas Guides Company says OGC’s figures are evidence that “New Zealand and Australia are showing the strongest resilience and bucking the trend.” He puts this down to “Brits wanting to escape the miserable economic climate and lack of job opportunities”, unlike many other overseas property markets, it’s driven by emigrant demand, not investors or holiday buyers.


44 MARCH 2012 PROPERTYdrum


Las Vegas: the market is close to the bottom, so the only way is up.


WILD CARDS For investors willing to look beyond the obvious, there are a few wild cards. Ray Withers suggests the Philippines, or even Kathmandu, where a new foreign ownership model has created opportunities for British buyers. “Probably not Libya,” he laughs, “but you never know!” There’s certainly life in the


overseas property market, but is there enough to make a living for agents? Roddy Aris says, “It would be foolish of me to say it’s been rosy. Some buyers have left the market, others are sitting on the fence and want to see which way the wind is going to blow. But people are still buying.” He says that even in prestige markets like the south of France, bargains are available; “offer 30 per cent off the asking price, and it will still be looked at.”


New Zealand and Australia are showing the strongest resilience as Brits escape the


miserable climate.’ RICHARD WAY OVERSEAS GUIDE COMPANY


to make a living as an agent, but it’s not easy.” He believes agents need to know their markets like specialists, while avoiding reliance on a single market. “You need to be light on your feet and able to move with the markets,” he says, “and to adjust your marketing quickly when it’s needed. Never put yourself in a position where you can’t adjust your business plan.” He believes buyers haven’t lost


their fundamental belief in property as an asset class, but they are doing their homework, and agents need to be more wised up to survive. “What’s disappeared,” he says, “is the ‘flipping’ mentality,” along with the sense of urgency that engendered. He also believes that while small,


focused firms can do well in the current market; agents need to do much more work on their marketing, and in particular to identify numerous niches they can serve, including non-British customers. The market is much more balanced between different nationalities than it was, something borne out by Trevor Leggett’s comment that the Leggett Immobilier website has attracted visitors from 213 different countries. The market for overseas property


has changed beyond recognition since the boom, but it’s not completely bust. There’s room out there for the right agents, if they’re prepared to put the work in.


Do you have any views to share? www.propertydrum.com/articles/overseas


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66