A new report that appeared in the New York Times claimed that real estate investors from China are snapping up property across the country. The more savvy investors are looking to take advantage of property prices that are still lower than they should be, leading many real estate brokers to consider learning Chinese to deal with the demand effectively.
In fact, one company has already gone as far as to send one of its leading brokers to Asia in order to build on client relationships, while another undertakes regular trips to China. Speaking about the moves, Nikki Field from Sotheby's International Realty said: "We wanted to get out ahead of the world's investment flow."
Meanwhile, Janet Wang of the Corcoran Group said: "I have yet to see how successful those cold approaches and road shows are. Chinese, especially on the high end, rely heavily on the circle of their trusted friends and family members and people they have done business with in the past."
Chinese are continuing to snap up high-end properties and buildings across the country, such as the Time Warner Center. Sotheby's is reporting that groups of Chinese people are now organizing house-hunting tours to the country, especially to New York. After five years of trips to China, Fields is aware that they are only just touching the tip of the iceberg when it comes to investors from China who would be interested or are considering investing in the American real estate market.
As a result, the brokers who can operate in the native language of the clients with whom they are dealing are the ones who are best placed to take advantage.
