Juwai releases ?Overseas Knowledge of Chinese Buyers? survey results
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Not enough, apparently, if one were to judge based on the recent findings from our latest Juwai ‘Overseas Knowledge of Chinese Buyers’ survey questionnaire.
Conducted with 1,402 real estate professionals from 63 countries between July and September 2016, we discovered that more than half (52%) of international property professionals marketing to Chinese buyers don’t actually know the market very well.
Key findings at a glance:
#1 Many international agents already working with Chinese buyers do have some basic knowledge of the country.
They can identify the Chinese flag (84% did so correctly) and the president’s face (75% did so), and they know that the US is the most popular country for Chinese buyers (67% were correct).
#2 There is still much room for improvement.
Nearly 10% of respondents believe that the current leader of China is either Kim Jong-un – who is actually the current dictator of North Korea – or Mao Zedong, the founder of the People’s Republic of China, who actually died 40 years ago in 1976.
#3 At a country specific level…
…54% of US respondents don’t know how much Chinese spent on US real estate, while 73% of Australian respondents don’t know the amount spent in Australian real estate.
#4 International agents are also generally unsure about facts in China that affect the international real estate purchases of mainland Chinese.
For example, they don’t know the average apartment cost in Beijing (78% got it wrong), nor that only 5% of Chinese have a passport (82% got it wrong).
#5 The outlook looks good
More than half of international agents (55%) know that WeChat is the main mode of communication for Chinese. However, that still means that 45% of agents don’t know enough about the Chinese buyers whom they work with to use those buyers’ favourite method of communicating.
Conclusion:
With the overall correct response rate of the survey at only 48%, it can be seen that international agents still have plenty to learn about Chinese buyers.
Considering the China market is still burgeoning and showing no signs of waning, lacking an in-depth knowledge and understanding of the Chinese market is definitely hurting your chances of better success with Chinese buyers.
Which are the top 5 most-knowledgeable countries, as well as the 5 least-knowledgeable countries about Chinese buyers, though? Find out in the full report available here.
2016 © Juwai.