Over the past several years, I have had several opportunities to speak on the subject of “International.” Over this time, I’ve seen interest peak and would consider the current state as waning in the real estate industry.

Is this because we have a limited view of what “International” is? Perhaps all the information we’ve gathered has simply created a confusing interpretation of an overused term.

While International can be defined by its opposite – local – doing so leads not only to confusion but an unadressable issue. Using this definition, how exactly can you create a program, develop a solution or offer services to essentially the rest of the world?

This is the age of localization, market segmentation and specialization, and we need to learn how to translate that for the international arena. So much of our conversations have been about developing international business, but I would argue that in today’s world our business of real estate is as global as it is local. Globalization continues to escalate rapidly and our challenge is how to deal with, derive benefit from and add value to it.

We need to be the local experts, but not to the exclusion of everything else. We need to better understand marketing our exclusive listings in a global environment. The definition of “International” as “Everything outside my country” needs to be re-examined and addressed in the manner in which we address the rest of our business. And ultimately, we need to develop a more Global Mindset.

In light of the global economic crisis which has slowed migration, dampened foreign investment in real estate and made higher priorities of other issues, that is a lot to ask. It is also quite challenging to accomplish because there are no established best-practices to follow.

This is part one of five segments that attempt to explore some of these topics. As one voice with an overwhelming subject, I hope you will join me by adding your comments, asking your questions and sharing your knowledge and experience along the way.


Posted by: Sharon E. Michnay, CRP, GMS, WRS, Executive Director, Corporate Business Development, Halstead Property. Sharon is a member and former chairperson of the LeadingRE Advisory Council.