CONDUCTING BUSINESS IN COLOMBIA: THE WHY, HOW AND WHEN
Colombia has one of the fastest-growing economies in the entire world. Not only is it a country filled with prime opportunities for expansion, but it’s also a great place for talented people who are eager to work.
At the moment, Colombia is a country in recovery. After the pandemic, there has been a readjustment period, where people are working tirelessly to return to normal and continue to open and grow their economy. Many American companies have taken residence in Colombia because of the production costs and the readily available disposition of the people and the government to welcome foreign investment into the country.
Many different industries are now making Colombia their home, with an increasing number of opportunities to grow and expand operations within different business ventures. A resilient and hard-working nation, Colombia has opened its door for people all over the world to plant the seeds of a better future in their land. Thanks to their free-market trade network, a committed government, and a developing work environment, investing in Colombia is the safest bet when it comes to South American economies.
3 REASONS WHY SPANISH-SPEAKERS ARE A NECESSITY IN THE REALTOR BUSINESS
Spanish is the second most spoken language in the entire world. Not only is it extremely popular, but it has now become the preferred way of communication of many businesses, who have been charmed by the culture of Spanish speakers. Adding to that, according to the US. Census there’s one-fifth of the American population that speaks a language other than English at home, and as such, there’s at least one-fifth of those people who will benefit from a bilingual realtor. This article will show you 3 important reasons why a Spanish speaker is a necessity within your organization:
- Effectively negotiating deals: Barrier languages are difficult under any circumstance, but learning how to make and close deals with the constraints of a different language can be extremely difficult to navigate, especially if they include complicated and topic-related terms. Having a Spanish-speaker partner can help smooth any possible misunderstandings while also shortening the average time of negotiations.
- Opportunities to network: There’s a wide variety of highly skilled, Spanish-speaking professionals ready to offer you the best service possible. They would enrich your organization by opening the door to a world of possibility and cement trust within clients and partners.
- Clear communication: At the end of the day, the important part of having a Spanish-speaking partner is to offer your clients and partners the possibility to be able to communicate with ease, and to make sure that tasks will be done without issues. In the realtor business specifically, communication skills are a key ingredient for a functioning business, and the more languages that can be offered, the more opportunities will be opened.
THE REAL CHALLENGES FOR REALTORS IN COLOMBIA
Working with realtors in Colombia is a wonderful experience that can open up many opportunities and business ventures. However, buying or renting in Colombia has some challenges due to the difference in markets between the country and the U.S.
First, not many realtors in Colombia speak English. Even though English is considered a universal language with widespread acceptance throughout the world, Colombia is still a relatively small country in which foreign language training hasn’t fully been set. As such, companies with trained operatives who can understand and speak Spanish like True North Alliances are considered unique and valuable, as the services they offer include effective communication between clients.
Secondly, most realtor agencies don’t have experience with foreign buyers, as it is mostly local buyers that move the property business in Colombia. This point can be looked at as an advantage and a challenge. An open market without a lot of competitors is wonderful for someone looking to open up their business, but it can also create a struggle when it comes to trust, as buyers in Colombia often base their buying choices on reputation. Selling real estate is more about the personal connections you create with people before you sell them anything.
Third, the socioeconomic disparities in Colombia can be clearly defined by a scale (1 to 6, 6 being the highest and most wealthy) which can cause some difficulty for realtors who might have some trouble finding the right properties to sell to foreigners. In contrast, even if they do find the right properties to sell, around 65% of people in Colombia cannot afford to pay for a scale 6 property and as such, cause the realtor to struggle to sell, as there’s a limited pool of buyers in Colombia who can afford these “expensive” (at least for Colombian standards) properties.
In the end, even though there are quite a few considerable challenges that have to be taken into consideration when it comes to the realtor business in Colombia, the country represents a great opportunity for those who are willing to take on the chance to open up their business and expand their opportunities into the biggest growing economy of South America.
COLOMBIA: AN OPEN MARKET FOR VACATION HOMES
It’s no secret that Colombia is one of the best vacation spots in South America. With two oceans, a wide variety of beaches, a high tourism rate even in cities without beaches, and a high turnout of people traveling to the country all year round to enjoy the fantastic weather and welcoming environment, Colombia is a great example of real estate gold.
The low prices and different kinds of homes have allowed the local market to grow considerably in the principal touristic cities like Medellin, Bogotá, Cali, and Cartagena. However, thanks to the different cultural practices that the country has, places like Salento and Barichara, which are smaller, homelier towns, have attracted a great number of foreigners looking for relaxation and fun.
Even though most people coming to Colombia do so by renting properties, there has been a rise in property sales relating to retired workers and young professionals who wish for a change in scenery and to transport themselves into a beautiful country that offers amazing advantages to foreigners.
From the food to the dances to the culture-based around the community, Colombia is an amazing investment for realtors who are looking to offer the best quality vacation homes to their clients.