How are you reaching Chinese investors?
Did you know that Mandarin is now the second most spoken language in Australia?* The Australian property market is experiencing a dramatic increase from Chinese buyers. So what impact is this having on our businesses and how should we adapt?
Google data shows that Chinese interest in Australian real estate websites is up 60% year on year. So, as we should expect, the real estate industry is shifting towards more Chinese speaking agents. This has flow on effects to associated industries, such as home finance, meaning there are potential opportunities for more of us to target this market.
This month we reviewed some of the ways Australasia’s largest real estate group, Ray White have shifted their business to tap into this growing market. Below are three initiatives Ray White have implemented that might highlight some opportunities to grow your business.
1. Do you have a Mandarin speaking service?
Having a Mandarin speaking member of your team will be necessary to promote your business to attract and retain Chinese buyers.
There are some businesses who are instead partnering with Chinese-speaking partners, such as property developers, so this may also provide an opportunity for you.
2. Develop targeted marketing materials
Having a multilingual offering will allow you to create targeted marketing materials for potential Chinese buyers. Some of your existing materials can simply be translated into Mandarin however review any opportunities to alter some messages to be most effective for this audience.
As with any marketing strategy, do your research to understand how this particular market consumes information, products and services to ensure success.
If you have Chinese clients interested in their borrowing capacity and how incremental bids impact mortgage repayments, I have access to some Mandarin materials you can use.
3. Consider your communication channels
Every market is different, so research is necessary to better understand the Chinese-Australian market. You need to understand how they interact within your industry before developing your marketing materials and deciding which communication channels to use.
Some opportunities Ray White have used to connect and reach the Chinese market include:
- Asian businesses exhibitions eg. the Beijing Property Investment Exhibition
- Popular Chinese social media platforms such as Weibo
- Media publications that reach the Chinese-Australian market eg. Australian Chinese Daily
- Website targeting the Chinese-Australian market e.g. ozchinese.com and Jiajia.com.au
*2011 Census shows Asian languages on the rise in Australian households, 21 June 2012