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Australian brokers have a real chance to capitalise on the booming market of Chinese buyers, according to a website that helps Chinese find overseas properties.
Juwai.com allows Chinese to search for properties in 54 countries – and Australia is the most popular destination for potential buyers, according to co-chief executive Andrew Taylor.
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Mr Taylor told The Adviser that Australia also consistently ranks second for lead generation.
Sixty per cent of mainland Chinese who buy property in Australia pay cash, but the remaining 40 per cent still account for billions of dollars of transactions, he said.
Brokers could also benefit from the fact that many buyers need help setting up bank accounts and overcoming a range of bureaucratic hurdles, Mr Taylor added.
This pool of buyers represents a “large opportunity” for brokers who are willing to 'hold their clients’ hands' throughout the process.
“The groups or individuals that are smartest and most aggressive about marketing in China have an opportunity to do very well,” he said.
“Most Chinese buyers know very little about the Australian banking system and about their options for paying for property.
“But if you’re able to provide excellent customer service, the experience of real estate agents shows that you will obtain significant referral business from Chinese buyers.”
Juwai provided international agents and developers with hard leads for US$1.1 billion ($1.2 billion) of potential sales in the last six months of 2013, according to Mr Taylor.
That was for all 54 countries represented on Juwai.
The Adviser will explore the Chinese market in greater detail in its next issue, due out in mid-May.
