More and more Asian buyers are looking to Canada for real estate opportunities. So much so that marketing to these individuals has become a top priority for many real estate agents. In the past few years, Asian buyers have started to make their presence felt on the global property market, snapping up everything from luxurious homes to more modest condominiums and residential homes.
Second only to the US in terms of international buying power, Asian buyers represent a tremendous new market opportunity for property sellers around the world. Yet, new opportunity brings new challenges in reaching, communicating and engaging with this new category.
WHY ARE BUYERS INTERESTED IN CANADA?
Canadian real estate is still considered a bargain by Asian property buyers, and in many instances, is seen as a safe investment. The economy is strong, the returns on property investment are high and the government is stable. All of these factors demonstrate why Canada is one of the best places in the world to live. Canada remains the 3rd favourite emigration destination for Asia’s rich and wealthy1, and Toronto itself is ranked 4th as one of the most livable cities in the world. 1
Education continues to remain one of the driving forces as to why the Asian community continues to emigrate to Canada. With 83% of wealthy Chinese families looking to educate their children overseas, it is no wonder why Canada is now the 3rd most favoured education destination for Chinese high net worth individuals. 1
HOW TO ATTRACT BUYERS?
With growing demand and a seemingly endless supply of interested buyers, it’s important for any good agent to know how to appeal to these customers. A website not hosted in China can be blocked or experience page load times of over 2 minutes – intolerable by today’s standards. The question remains how do you effectively attract buyers. Digital advertising in Asia is the most effective method in reaching potential buyers. However, you need a strong online presence through online ads and social media. A great place to start targeting buyers is on Baidu, the largest Chinese search engine.
- Less than 1% of Mainland Chinese can read English
- 88% of affluent Chinese consider the internet as the preferred source of investment information
- 91% of affluent Chinese access the internet each day
- 91 million online property seekers
- 656.8 million mobile internet users
- 710 million Chinese online users
Being social is very important to the Asian community and being visible on social media is more important. Ensuring that you are visible to your clients and potential buyers is key to taking your business further. WeChat, for example, is the largest social media platform in Asia and it gives you unparalleled access and exposure to Asian buyers on-the-go. WeChat offers the ability to showcase properties, chat with clients and has complete e-commerce functionality.
Partnering with such sites as JUWAI, the largest and most authoritative source for global property in Chinese, and RE/MAX Global, offering buyers a central place to search for listings in dozens of countries, in their own language and currency. With these 2 web platforms your property will enjoy the exposure of being advertised within the core of the world’s fastest economic growth area in real estate.
As a local team based out of York Region, we believe it is important to not only market your home overseas, but it is also important to advertise your property to the local Asian communities such as Markham, Unionville, Stouffville and surrounding areas.
Print may be slowly dying in some circles, but within the local Asian communities of Markham, Unionville and Stouffville, it is alive and well. Advertising in such papers as the Sing Tao and Ming Pao will not only promote your client’s property to millions but also attract sellers. Locally, sellers will see a well trusted brand in the community and overseas buyers will see this as a must have.
The property you offer also has a lot to do with whether a buyer will be interested in your home. Newer is definitely better. Asian buyers do not like the thought of renovating a home, as they do not wish to deal with the headaches involved in the renovating process.
Asian buyers conduct as much research as possible about a property listing, the company selling the property, the country’s property laws, immigration requirements, education standards, and many other personal criteria each individual may have. Learning why an Asian buyer would be interested in your market and understating how to attract them are the first steps in locating a buyer for your property. The next step is preparing yourself for any encounter.
2Source: The Globe and Mail