Realtor.com, the property portal of the US National Association of Realtors, the largest portal in America, is to target overseas buyers, and enter the overseas market with a range of new services, including international listings, and translation services.
The portal says that it currently receives 575,000 non-us visitors each month, whom it makes no effort to cater for. That is to change as the portal tries to better leverage its international standing.
“Realtor.com will expand the exposure of U.S. real estate listings to global markets and add international listings,” said NAR President Ron Phipps, broker-president of Phipps Realty in Warwick, R.I.
“While all real estate in the U.S. is local, the same is not true for property owners. The U.S. continues to be a top destination for international buyers from all over the world. Foreign buyers understand the value of owning a home in this country and can rely on Realtors(R) to help guide them through the process of buying property in the U.S. With expertise, knowledge and experience, Realtors(R) have a global perspective, reflecting the increasing importance of foreign buyers to U.S. home sellers,” Phipps said.
The industry is in doubt as to what impact the move will have on an already packed overseas property portal market. Realtor.com is known the world over, and Move Inc, the digital clout behind NAR in the operation is almost as powerful. However, dominance in the US doesn't immediately translate to dominance overseas.
What we usually see with something like this is a learning curve, as the company comes in with power, prestige and money but lacks experience. Success will no doubt be determined by how quickly Realtor.com can learn from its early mistakes.
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