With more than 15 years working in the financial industry and another four as a luxury real estate agent in Miami, Mariana Niro with SERHANT., thought she’d seen it all. Until, she says, “I found myself juggling one of my most challenging transaction yet.”
Let’s set the scene: The sellers were from Russian, and all communication was between a Russian attorney and a Russian assistant, neither of which spoke much English or knew much about real estate transaction procedures. “They were wonderful people, but the cultural differences created a lot of stressful moments. I had to be in the middle justifying their reactions to the Brazilian buyer,” she says.
Due dates were missed or modified and huge addendums needed to be created with uncommon clauses, but says Niro, “In the end, I got them an above-market offer, we closed, and everyone was happy.”
Originally from Brazil, Niro has called Miami home since 2000. Prior to her career in real estate, she worked for over 15 years in the financial industry at institutions such as Credit Suisse First Boston, Prudential Securities, and Wachovia Securities. Since becoming a Realtor in 2005, Niro has focused her services on international and domestic investors who are interested in buying, selling, or investing in the Florida real estate market.
Here are her strategies for overcoming cultural and linguistic barriers and how to manage complex transactions involving global clients.
- It’s not all about lifestyle. “Miami is easy to sell lifestyle, but when working with global buyers, it’s important to show them how safe the area is,” says Niro. “Many buyers come from countries where the crime is extremely high and being able to live with their loved ones without that constant fear is priceless for them.” Of course, lifestyle is also important, and Niro focuses on the year-round outdoor living that her area provides.
- Be creative. Each listing should be marketed differently, because listings appeal to different buyers. “The first thing you need to do when selling anything, not only real estate, is identifying who your potential buyer is, where he or she is located and how you can get closer to them to get their attention,” she says. Niro is quick to point out that it doesn’t mean you only market to that buyer, but it helps you design a campaign.
Niro has her own real estate and luxury lifestyle magazine where she features some of the properties. “I select a premium mailing list of 10,000 potential buyers and investors and distribute it. I also go to big events where I can speak to potential buyers are the Miami market and luxury lifestyle.
- Know the market. Read market reports, visit open houses, understand the numbers in your market and the inventory that is available. In addition, understand the economic and political landscape of the country that you are targeting. This allows you to speak knowledgably with global buyers and investors and builds trust, she says.
- Use technology to your advantage. Niro recommends using virtual tours, drone photography, and 3D floor plans to showcase properties to international buyers who may not be able to visit in person. She also uses social media platforms and targeted online advertising to reach a broader audience. “Technology allows us to bridge the gap between cultures and countries, making it easier to communicate and share information,” she explains.
- Build a strong network. Niro emphasizes the importance of having a reliable network of professionals, including attorneys, translators, and financial advisors, who can assist with the complexities of international transactions. “Having trusted partners who understand the nuances of different cultures and legal systems is essential,” she says. This network can help navigate any challenges that arise and ensure a smooth transaction process.
- Stay patient and flexible. Working with global clients often requires a higher level of patience and flexibility. Niro advises being prepared for unexpected delays and being willing to adapt to different time zones and communication styles. “Patience and flexibility are key when dealing with international buyers and sellers. Understanding their needs and being willing to accommodate their schedules can make all the difference,” she notes.
Most of all, says Niro, be consistent with your outreach and marketing to ensure you stay top of mind and build expertise when working with global buyers and investors.
