Halstead Property’s Mindy Diane Feldman spoke at last week’s REBNY Breakfast Club seminar, “Foreign Buyers: Developing Business and Closing Successfully, which took place at Mendik Education Center.
A seasoned expert on working internationally and transacting with foreign buyers, Feldman gave REBNY members ips on how to not only work with clients, but how to close deals with them.
“The first myth I’m going to debunk today is the idea that foreign buyers won’t work with you because you might not be bilingual or share a cultural background,” she said.
“Many people think that they can only work with people from their own backgrounds, but the truth is that foreign purchasers will work with anyone who is competent, knowledgeable, and professional.
“Language can sometimes be an issue, but that can always be solved by translation.”
“There’s also a predilection for privacy, trust, and reputation,” she added. “Many foreign communities are much more tightly knit than ours here in New York City, and many times foreign buyers would actually rather work with someone who comes from outside of their own group. This gives them anonymity and confidentiality.”
Feldman also taught attendees how to develop business with foreign buyers without leaving New York City, what questions to have the answers to before pitching to your first foreign purchaser, the differences between foreign and domestic buyers, assembling a team of advisors specifically for foreign purchasers, and much more.
Other bits of information she shared were ways to keep abreast on foreign affairs, and economics and finance, which she said was a crucial step in working internationally.
“Become familiar with things like customs, language, body language, negotiation style, physicality, and more,” she explained.
“Know whether it’s acceptable to kiss people to say hello. Know what countries consider it inappropriate for women and men to shake hands in public, and sometimes even in private meetings. Read newspapers like the International New York Times and foreign editions of the Wall Street Journal.”
For more information on upcoming REBNY Breakfast Club seminars, visit REBNY.com or contact Jeanne Oliver Taylor at JTaylor@rebny.com.
