Winter 2024 Chicago REALTOR® Magazine

is valuable information inherent to guiding
your clients and will help you stand out from
more domestic and locally focused peers.
Every country has its own set of rules and
regulations that may affect how a potential
investor can invest. Conversely, the US has
its own set of rules and regulations that may
affect how a foreign buyer from a specific
country can invest. An internationally
minded real estate professional will know
these details and will be able to provide
guidance to their client.
Diversity Certification also offers an
in-depth, one-day education on how you
can build culturally proficient, intentional
practices into your real estate business.
Your referrals depend on it.
Read about the cultures of your target
markets! For example, Emily Post’s “The
Etiquette Advantage in Business” has
several chapters on understanding cultural
differences when conducting business
with foreign clients from specific regions
across the world. The more a REALTOR ®
can understand how to respectfully conduct
business in and with other cultures, the
greater advantage they will have against
any other competing broker.
Illinois, as well as Chicago, will continue to
hold its place amongst the top destinations
for foreign real estate transactions for
many years to come. Any REALTOR ® that
educates themself on how to serve these
eager clients can expect to diversify their
client and revenue base.
For example, it may not be possible for a
foreign investor to secure financing, so all
cash deals are more common. There may
also be tax withholding requirements on
the sale of a property as outlined in the
Foreign Investment in the US Real Estate
Act (FIRPTA). The Federal Government also
offers programs, such as EB-5, that could
help your client gain a US green card, if
applicable. Keep in mind—some US states,
such as Florida, are now adding restrictions
on foreign investment.
Next, build your network with other
internationally focused REALTORS ®
by getting involved with international
committees or councils. For example, the
Chicago Association of REALTORS ® brings
like-minded members together with the
Global Real Estate Council.
Lastly, the world is a big place! It is critical to
target or focus your business efforts on a few
markets, then use that to intentionally identify
opportunities to expand your networks. Get
involved with one of the many consulates
and chambers of commerce that host events
throughout the year. Join Rotary International
and the Chicago Council on Global Affairs
where members can meet and network with
possible future clients and/or leads.
The Importance
of Relationship-
Building Across
Cultures
A successful REALTOR ® must keep in mind
that there are likely cultural differences and
business best practices when working with
buyers from other countries. Designations
such as CIPS can help to educate certain
important differences. The At Home With
Take Your Global Knowledge
to the Next Level!
ChicagoREALTOR.com/designations
Certified International Property Specialist
(CIPS) Designation
12 Hours of CE Credit | September 30 - October 4
The CIPS designation is for REALTORS ® who wish to develop or grow their international
real estate business. It will provide you with the knowledge, research, network and tools
to globalize your business.
This course offers you hands-on experience with international real estate transactions, as
well as five full days of study focusing on the critical aspects of transnational transactions.
At Home With Diversity Certification
6 Hours of CE Credit | April 15
At Home With Diversity ® (AHWD) is designed to prepare REALTORS ® to work effectively
with and within today’s increasingly diverse pool of homebuyers.
The curriculum encompasses topics of diversity, equity, inclusion, fair housing and risk
reduction. Gain practical skills and tools to expand business and effectively serve all clients.
Or Connect with Like-Minded Global REALTORS ®
Through our Global Real Estate Council
The Global Real Estate Council supports Chicago REALTOR ® members who do business
with global markets (inbound and outbound transactions and/or consultancy).
Through events like the annual Global New Development Tour, which will take place this
summer, the council also fosters strong relations with
local organizations representing diverse ethnic and
cultural communities in Chicagoland.
ChicagoREALTOR.com/globalcouncil
www.ChicagoREALTOR.com 33