Twelve REALTORS® recently finished a week long course to become designated as Certified International Property Specialists (CIPS). The designees, many who are members of the Santa Clara County Association of REALTORS® (SCCAOR), were given hands-on experience focusing on the critical aspects of international real estate transactions.
The classes took place at the SCCAOR Offices in San Jose, California, and focused on the knowledge, research, network and tools needed to globalize real estate businesses. The course was taught by Fanny Chu, a CIPS Instructor and REALTOR® based in San Francisco. She has been teaching CIPS classes since 2007.
“I am so proud of the 12 graduates from SCCAOR that completed the course and became CIPS designees,” said Chu. “These realtors will have a clear edge when it comes to navigating the complex challenges that are faced when working in international real estate.”
Much of the coursework focused on transnational transactions, which included currency and exchange rate issues, cross-cultural relationships, regional market conditions, investment performance, and tax issues.
The CIPS designation is the exclusive global designation for the National Association of REALTORS® (NAR), the country’s largest trade association. NAR represents over 1.1 million members, but only 3500 real estate practitioners hold a CIPS designation.
Catering to foreign investors is becoming an essential skillset for real estate professionals. According to a recent report on NAR’s website, foreign buyers purchased $102.6 billion of residential property in the U.S. from April 2015 to March 2016, and this number is poised to increase. Foreign buyers accounted for the purchase of 214,885 residential properties, a three percent increase from the previous 12-month period.
And they will typically purchase more expensive homes. According to the same report, foreign buyers purchased properties valued at $277,380, compared to the median price of $223,058 of all U.S. existing home sales.
“With business continuing to becoming a global game, this designation is more valuable than ever,” said Chu. These designees are truly the global real estate professional for today’s global clients.”