Foreign investment has played a critical role in restoring the housing sector to prominence. However, current market indicators, in association with higher mortgage rates and home prices, have made acquisitions on U.S. soil slightly less appealing. In an attempt to peak interest once again, three brokers in the Miami area are focusing on drawing the attention of prospective French buyers. Three well-known French real estate brokers have launched a nonprofit organization that matches French-speaking Realtors in south Florida to French-speaking buyers around the globe.
Otherwise known as La Fédération des Professionnels de L’Immobilier de Miami (FPIM), the nonprofit intends to focus their attention on the growing need to accommodate French buyers. This particular focus is directly correlated to the amount of interest Miami has received from foreign investors. According to the Miami Association of Realtors’ website, France has found itself at the top of a list of foreign countries whose people have conducted the most property searches in the area. This is the second time this year France has showed the most interest in Miami.
The nonprofit is currently assembling a team of knowledgeable individuals that can facilitate transactions between the two countries. Members of the new group are required to speak fluent French and belong to Florida’s Realtor associations.
Marie-Charlotte Piro, vice president of MC2 Realty, is FPIM’s founder and president. The federation’s founding board also includes Thibault de Saint Vincent, CEO of Barnes International, and Franck Dossa, president of Plaza Brickell International.
These individuals, in association with allied real estate agents and brokers, are attempting to market South Florida to any French-speaking countries. This includes:
- French Caribbean
- French-speaking regions in Africa
By focusing marketing efforts in these areas, Florida is primed for increased international investor activity. Subsequently, efforts by the nonprofit should educate prospective buyers about the differences between the U.S. and French real estate markets.
“Clients from France don’t understand how differently the real estate industry works here in the U.S.,” said de Saint Vincent in a statement.“’Different’ can be better and ‘different’ can be more complex. For example, there is no such thing as a multiple listing service (MLS) in France, which is a wonderful tool here. The MLS here means buyers can work with one agent who has access to thousands of listings, regardless of the listing company. In France, a broker can only show you his or her personal listings.”
Those involved with the program have high expectations, as the area has already caught the attention of foreign investors for a myriad of reasons that include, but are not limited to: its “European-like” atmosphere, warm climate, advantageous tax structure, and home price appreciation potential.
“Real estate is about trust and knowledge,” Dossa said in a statement. “As many of us are involved in professional associations on both sides of the Atlantic, we really want FPIM to be the go-to resource for the best, most trusted brokers and agents dedicated to a French-speaking international clientele. Our clients deserve to know how to make the right choices.”