Nevada Realtors see opportunity in foreign buyers

Published on NewsOK Modified: April 19, 2013 at 6:01 pm •  Published: April 19, 2013
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LAS VEGAS (AP) — Rose Manalo isn't a Las Vegas native and only got her real estate license in 2010, so she faced stiff competition when she stepped into southern Nevada's teeming pool of 10,000 or so other agents.

Then she met a Canadian couple hoping to buy an investment property during the downturn. She closed the deal and ended up with happy clients who are successfully renting out the property.

In the process, she also ended up with a new niche — international buyers.

"As a Realtor, it gives you an opportunity to tap into a different market," she said. "You're dealing with highly educated investors."

Manalo was among people from 17 states and several countries who attended the first-ever global real estate workshop co-hosted by the Greater Las Vegas Association of Realtors, the state association, and the National Association of Realtors. Agents at the event Thursday and Friday got training toward a certification in international sales and got tips on how to market to foreign buyers.

Organizers say they see big opportunities among foreigners and new immigrants, who spent more than $82 billion on U.S. residential property the 12 months ending in March 2012. That's up 24 percent in one year, according to the national association, and means international sales account for 9 percent of the market.

"People outside perceive the U.S. to be more affordable than the other places available to them," said Zachary Benjamin, global business development and outreach manager with the National Association of Realtors.

Data show foreigners or recent immigrants account for about 4 percent of buyers in the Las Vegas area, although it's difficult to track the numbers because buyers aren't required to disclose their country of origin on sales paperwork.

International buyers have watched U.S. home prices drop dramatically during the recession and are eager to take advantage of it, the workshop's organizers say. Some also face changes in tax policy in their home countries and are seeking financial shelter in American real estate.

"You get countries like Russia, China where they're clamping down even worse than we are on wealth, so people want to get their money out of those countries," said A. Ron Evangelista, a member of the Las Vegas Realtors association's global committee. "Where's a safe haven to buy real estate? The United States."

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