According to the United Nations, there are over 191 million migrants worldwide and ListGlobally (litstglobally.com) estimates that there are another 700 million people that would like to leave their birth country permanently.
Global real estate portals, like Umuzee.com offer a way for global buyers and investors to find properties and projects they want to invest in. Yet so many real estate agents ignore the benefits of signing up to a portal and therefore lose out on finding new clients from across the world. By contrast, these global buyers are avid users of portals, according to data from retrends.com. For example, if one looks at the U.S. market, buyers from Hong Kong and Taiwan accounted for sales of $28.6 billion, with Canada next at $11.2 billion, followed by India at $7.7 billion, Mexico at $4.9 billion, and the UK with $3.8 billion.
Of course, property portals face some challenges due to the fact that the real estate business is so different in each country. Brokers and agents hoping to extend their reach and do business in other countries must understand the regulations, cultures, and real estate systems of those countries.
Moving from MLS to property portals
Furthermore, there is a difference between a portal and a Multiple Listing Service (MLS). Multiple listing services date back to the late 1890s – early 1900s when real estate brokers made local associations to share information about the properties they were trying to sell. Its primary purpose is to give listing brokers a way to provide a unilateral offer of compensation to other MLS members who bring a buyer to their listings.
Portals are different. In general they are consumer-facing promotional platforms used by real estate brokers to advertise properties for-sale. They do not offer commission sharing and, in most cases, brokers and agents do not pay them to list homes for sale, except for premium listings, such as those offered by Umuzee.
Also, according to retrends.com, portals are set to overtake MLS. Its research claims the reasons for this are: “the technology has improved, interfaces have become more streamlined, and demand from consumers has skyrocketed. As a result, portals now sit centre stage in real estate’s new, rapidly evolving online world.”
Consumer behaviour favour property portals
According to Janet Choynowski, the CEO of international property portal Immobel (immobel.com), consumers use the same search strategy whether they’re searching for a restaurant, a pair of shoes, or real estate. The problem they face is that the search engine they use may not deliver great results if the customer is searching across countries and languages. But portals have found ways to deal with “language, cultural differences, and social barriers to help bring more real estate information to international homebuyers and sellers.”
Umuzee.com offers you a FREE PROPERTY LISTING SERVICE – as well as a Premium service. Umuzee is growing every day and by being with us you’ll reach more buyers and investors. Get in touch today – after all it is completely FREE and we guarantee that there are no strings attached to this offer.