In a comment on a Costa Rica post I wrote yesterday Shirley Parks in a comment said "someday you will have to tell us how you got into Costa Rica real estate." So I shall:
When your normal business slows down, as real estate has over the last couple years, you need to look for an additional niche. Many people have gone into short sales or foreclosures - my choice was to develop a niche within my international area. I have my CIPS designation, have a local network of international service providers, and have served international clients for over 20 years, but hadn't focused on selling properties abroad.
The sales of single family homes has slowed, partly because many potential buyers have been unable to sell the home they already own. Ah - but many second home buyers don't need to sell in order to buy. I've served buyers who want second homes here in St Pete, but what about people in St Pete who want second homes somewhere else?
I could have focused on a ski area, but I don't ski. So I wanted a warm, pleasant climate. I love the Big Island of Hawaii, but it's just too far away from Florida.
When attending the International Congress in Miami that RAMB puts on every year, I met some folks from del Pacifico, a 700 acre development on the central Pacific coast of Costa Rica. I liked the people, and what they had to say about del Pacifico, so Tami and I made arrangements to go check it out.
In the meantime, I did some research, and found that many people from the Tampa Bay area vacation in Costa Rica and many of them already own property there. I checked out flights from Florida to Costa Rica, and read books on buying real estate in Costa Rica, their business practices and their lifestyle.
I went, I saw, I fell in love with the area. (Veni, Vidi, ??) That was just the first trip. Now in fact, I'm in the process of purchasing there myself (how's that for believing in your product?) I've brought potential purchasers there.
So, Shirley - does that tell you enough?
Sharon it's great that when opportunity knocks you are proactive in meeting the challenge. Sounds like a great way to keep up with business.
Sharon...
Now you have completely peeked my curiosity. Fascinating stuff. Maybe settling in The Keys isn't what I want after all. Thank you for giving me a little bit of thought food :)
TLW...ROAR!
Sharon,
This is very informative~When the market started to change direction I did as well, and obtained my ABR~to assist buyers. More and more buyers are now looking for Buyers' Agents~to represent them, so this has worked very well for me.
But you have really peeked my curiosity about the potential for the International Market. Great advise and happy selling.
sharon - i have always wondered about costa rica real estate. i get tons of emails but never explored them - so THANKS for your perspective!
Sharon, you are incredibably smart. That is exciting how you have found a new niche and can't wait to see photos of your new diggs.
Sharon, that's a good business move. I'm looking at ways to increase my international business and am trying to get my French back to reasonably fluent. I think any kind of new niche is a good idea these days.
Sharon - WOW - that is really a wonderful way to expand your business and not have to deal with our local foreclosure/short sale market! Good for you! I agree with Missy, we are all waiting for photos!!!
Hi Sharon: Great story, it looks like a beautiful place.
Hi Sharon, Thanks for the post in response to my interest. I am always interested in other people and why and how they do what they do. Missy took my words... you are incredibly smart... Smart, bold, and forward thinking.
Bill - and to continue the fun as well.
TLW - having spent time in both the keys and Costa Rica, I'd prefer the latter. Call me if you want to talk about it (may give you something to do as well until you get more mobile).
Laura - the international aspect can build on your ABR and CLHMS.
Leesa - be careful of the emails and advertisements. You need to make sure you're not buying into a "gonna be" instead of something you can touch and feel.
Missy - it's so important to like whatever you're going to be spending your time on.
Pat - of course new niches are good, and even better when you can build on what you already have and when you can have fun with them.
BarbaraJo - I'll do a teaser photo today - when all is done, then I'll post a slide show of the new office.
Bob - it is, indeed.
Shirley - it takes a village. Thanks for the support.
Sharon, congratulations on your decision to expand your horizons! I remember comments from a while ago that you posted on my Costa Rica blog. I haven´t had much spare time to blog lately, having finished 96 units at The Oaks Tamarindo just before Christmas, 80 sold and just 15 left. (I am living in one.) Now I´m having fun meeting and greeting our clients as they vacation here and bring their friends. If you have an interest in the northwest Pacific part of Guanacaste, as opposed to the central coast, give me a shout.
Hi, Robert - actually I was in Tamarindo in January - I spent a week at the JW Marriott so that I could check out areas in Guanacaste.
Sharon,
Congrats on adapting your business in a changing market. The "Pura Vida" Costa Rica vibe is awesome. It sounds like you are mainly focusing on the Pacific coast. What an incredible area! Costa Rica is definitely a great place to buy a second home. Many baby boomers are looking down south at opportunities for retirement. I have read from different sources there are over 1 million Americans currently living in Mexico. Costa Rica definitely has one of the largest expat communities and Ticos (Costa Ricans) are very American friendly. Please keep us posted on your experience. Also, if you are interested, I would love to do an interview with you for my Costa Rica real estate blog.
Sharon, great idea..never been there, but entertained the idea of Rocky Point in Mexico awhile back. Then, there seemed to be some uncertainty with the politics there and I canned that idea. Good post. ;-)
What an awesome way to take "niche marketing" to an all new level! Congratulations and thanks for sharing all your wonderful photos!
Hi Lady in Red. One cool thing about Costa Rica is that they have no military so this makes things more stable politically.
Brian - so far, yes, it's the Pacific coast. I know many people like living in the Central Valley and mountains, too.
Teri - that's another nice thing about Costa Rica - the political stability. They haven't had a military since the 1940s so put their funds into education and health care.
Debbie - it keeps real estate exciting.
Brian - just read your response, which duplicates my reply above. Thanks for adding that.
Way cool, Sharon. Many from my Destin area are into Costa Rica. This might be a really DUMB question, but how do you sell there, by referring? I mean, we cannot practice real estate, there, correct?
Wendy - it depends!
First of all, Costa Rica doesn't have a license law, so yes you could sell real estate there. Whether you should is another question.
For me, where I'm familiar with a development, such as del Pacifico, I feel comfortable representing clients in a purchase, and will generaly go there with them. If, on the other hand, they are going to buy a resale condo in Guanacaste, I'll refer them to an agent I've met and have confidence in.
Our group has been in Real Estate Brokerage and Development in the Fort Lauderdale area for the last 20 years and saw the downturn coming. We found a partner and the perfect property in Costa Rica and have become one of the best selling properties in Costa Rica www.haciendamatapalo.com
We have a great program for realtors to earn a referral fee of 3% for an introduction to someone looking for their piece of Paradise. We are a 665 acre Pre-Construction development nestled in a rainforest, on a mountain, overlooking the PACIFIC OCEAN AND 2400 FEET FROM THE BEACH
Ed - The Quepos-Dominical area should really blossom once the new highway is finished from San Jose.