Why You Should Start Selling Real Estate to OFWs
Labor is one of the Philippines’ biggest exports. According to the Philippine Overseas Employment Administration (POEA), there are between 9.5 and 12.5 overseas Filipino workers (OFWs) around the world. These workers are responsible for delivering annual remittances that reached $21 billion back in 2012, which was 9% of the country’s gross domestic product (GDP). This value shows how OFWs are truly an indispensable lifeline to the country’s economy. Also, this value shows that OFWs are a ripe market for real estate agents.
If you are a real estate agent selling Lancaster New City units with favorable online reviews on websites like Land Estimate, it is about time to be even more aggressive in your game in terms of attracting OFW clients. Here’s why:
OFWs are eager to own a home back home
Most OFWs earning good money abroad plan to come home for their retirement. As such, they need a place they can call their own. This is where you, as a real estate agent, come in.
OFWs are an inexhaustible market
Although recent misgivings have been felt by real estate companies in terms of marketing to OFWs given the recent retrenchment of workers in the Middle East, the truth of the matter is this concern is simply overblown. Fact is the Labor Department ensured that there are new employment settings ready for these retrenched workers. Furthermore, Middle East is not the only region with a saturation of Filipino workforce. The U.S., for instance—now past its financial crisis—is once again a promising market to tap.
The Philippines’ real estate sector is a robust industry in general. Whether you are selling residential or commercial spaces, the prognosis for your chosen career is quite good-looking. In OFWs alone, you already have a rather healthy and ready market.