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The Numbers Game with Russian Realtors
September 04, 2019
People from all over the world keep sending me requests like that: "Please give me a Russian realtor to sell my property to the Russians". Let's see whether this is a reasonable request.
First, as we have discussed in the previous newsletters, Russian realtors are buyer's realtors in terms of international sales. It means they are oriented towards serving Russian buyers in search for foreign properties, not usually promoting particular properties, although they do have some databases of international properties for sale. So, dealing with only one realtor in Russia may never bring you a sale.
Second, there are hundreds of thousands realtors in Russia - which one do you need? Of course, not all of them deal with international real estate, then out of those who do, not all would deal with your country offering its properties to their Russian buyers, and then still we have probably hundreds of real estate agents who sell your country in Russia to choose from. They are located in various Russian cities and areas, each having their own databases of buyers and properties.
Third, even if those Russian realtors do sell your country's properties to the Russian buyers, would they all be interested to sell your particular property in Russia now? Not too sure, as each real estate business has its own preferences, circumstances and policies, and we certainly never know whether your property and terms of sale match their interests at this time.
Thus, the way to go, if you want to sell your property to the Russians with the help of a Russian realtor, is to contact a number of the Russian realtors who specialize in your country's real estate.
Now, how many of the Russian realtors do you actually need to contact? An important good question… Let's see.
There are some stats that say: when you send out an unsolicited offer to a targeted group, you may have approximately 10% response. That's what you will do by sending your offer of cooperation in sales of your property to the Russian real estate agents - the offer is "unsolicited" as they haven't asked for it, but at the same time "targeted" as they do sell similar properties in Russia.
Thus, to find one or two solid Russian partners in real estate sales, you have to send out about 20 initial offers to the realtors who sell your country in Russia. Of course, it's in general, as a lot depends on the market, terms of your offer, quality and pricing of your property. (Here we are not even talking about any particular circumstances of each realtor, etc.)
If the market conditions are favorable for you and your offer sounds good to the realtors, you may easily find more Russian partners than that statistical number of 1 or 2 out of 20 offers that you sent initially. Otherwise, sometimes you may need to send more than 20 offers initially to find just one realtor, if the market is tough in your case.
Anyway, the higher number of buyer's realtors in Russia know about your property for sale, the higher are your chances to sell to a Russian buyer fast and for the best price.
To your best business success,
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