Selling a property to a Chinese buyer comes with lots of challenges. According to professional real estate agents and developers, the Chinese buyer is one of the most sought after markets in the Canadian property market. Almost daily you get the news related to new purchases in several locations. However, sometimes property agents are perplexed about how to handle Chinese buyers? Here are a few things to know about when you are handling a Chinese buyer:
- The purchase cycle is long
It is well suggested that the cross-border purchasing procedure usually takes longer than a domestic purchase, however, for Chinese purchasers, the duration is much longer than the other global property purchasers. One of the major reasons behind is the language barriers and limited information access within China. The lack of Google and Google makes it tough for buyers to make independent searches or transfer money out of the country.
Hence, it is very important to pick a well-defined long-term plan dedicated to the Chinese market. For instance, setting a WeChat account to make sure that you are constantly in touch with your Chinese buyers or you can hire a Chinese realtor to do regular interaction, follow-up calls with your potential Chinese buyers.
- Select different media for communication
WeChat is a major part of Chinese lifestyle- it is the Insta, Facebook, WhatsApp, Tinder, Amazon, Uber, Yelp, Bank and UberEats combined. Chinese do not use emails like others and usually all communication is done through WeChat. If you want to connect with them or familiarize yourself, then WeChat is a good place to start.
Most of the real estate websites have WeChat contact details now to get Chinese enquiries. You can also post properties for sale on it so that buyers are updated about your market.
- Language is a barrier
Yes, Chinese is definitely a tough language but keep in mind, it shouldn’t be a blocking issue. At the end of the day, if the buyer isn’t really interested in your property, and if they don’t know a single English word, they will bring a translator or a friend who can speak the native language.
So, you can hire a Chinese realtor to show them respect and establish an efficient way to communicate with Chinese buyers at the starting phase of the buying process. Hiring a translator for them can also be a good idea. It will precede things faster to the closing.
The reward is massive
In the end, you can say that Chinese buyers may be tough to deal with. But, the biggest pleasure and comfort you can get is that they are great investors and off lately, there has been a great amount of investment in Canada from Asian buyers.
Once the first deal crosses, the buyer will start getting all their friends and colleagues to buy from you. It is a long procedure but the reward is amazing. Alan Zheng is one of the most reliable and amazing Chinese realtors to buy properties in Toronto. Discuss your requirements and get the best advice for you.
