local market assessment case studies

7/28/2019 Local Market Assessment Case Studies

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Alabama / Colorado / Kentucky

Case StudiesGLOBAL INFLUENCES AND OPPORTUNITIES

Local Market Assessment


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LOCAL MARKET ASSESSMENT / CASE STUDIES

GLOBAL

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Alabama....................................................... 1

Colorado....................................................... 4

Kentucky......................................................7

Contents

2010 by the NATIONAL ASSOCIATION OF REALTORS

All rights reserved.

International real estate is taking place nationwide, even in some unlikely markets.

The key to earning a piece of this $66 billion business is knowing your market and

identifying the resources available to reach these clients.

Janet Branton, Senior Vice President, Global Business & Alliances for NAR


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NATIONAL ASSOCIATION OF REALTORS

1

Take aCloser LookHow to nd global infuences and opportunities in your local market

LOCAL MARKET ASSESSMENT / CASE STUDIES /ALABAMA

ALABAMA

Sometimesglobalopportunitylieswherepeopleleastrealizenotinlarge,urbanmarketsknown

orbeingmagnetstomultinationalorganizationsandimmigrantcommunitiesbutinsmallmetro

andruralregions.

Alabamaisawonderulcaseinpoint,averitablehotbedooreigndirectinvestment.Itseconomy,

oncerootedinagricultureandtextiles,hasbeentransormedoverthelast20yearsintoanindustrial

powerhouse.

Step 1.Know who lives and works in your market

Thefrststepislearningabouttheinternational

compositionoyourlocalpopulation.NARsState-

by-StateInternationalBusinessReports,titled

Business Data for Engaging in International Real

Estate Transactions,isagoodplacetogetaquick

snapshotatthestatelevel.Individualreportsoreach

statecanbeoundatrealtor.org/statereports .

NARsAlabamareport,orinstance,summarizesthestatesdemographics,languagesspokeninthe

home,immigrationandnaturalizationbycountryo

origin,aswellasemploymentbyoreignfrms.

TotapdataatthecountyandMSAlevel,lookto

theresourcesolocalChambersoCommerce.For

example,athsvchamber.org,theChamberoCom-

merceoHuntsville/MadisonCounty,Alabama,youll

fndcensusdataontheregionthatincludes

thenumberooreign-bornandnaturalizedU.S.

citizens,immigrantnon-citizens,anddemographic

dataslicedbyzipcodethatcanhelpidentiy

specifcethniccommunities.

Step 2.Identiy oreign-owned employers in your area

Next,drillurtherintoresearchtofndoreign

companieswithacilitiesinthearea.The

AlabamaDevelopmentOfce(ADO)Website,ado.Alabama.gov,isaterrifcsourceoinormation

ondomesticandoreigncompanieslocatedinthat

state,andevenoersmapsthatsortoreign-held

manuacturingplantsbycountryoorigin.

TheADOmapdisplayedonpage3showsthatin

MadisonCounty,Alabamathereare12Canadian,

11Japanese,10GermanandourBritish

(continued on page 2.)

By2009,oreigninvestmentinAlabamahadexceeded$17billion.Companiesromover20countriesnow

employroughly5percentothestatesworkorce.Internationalcompaniesalsobringinoreignexecutives

lookingtobuyrealestateneartheiremployersacilities.

Withlittleknowledgeothelocalrealestatemarket,orthecultural,recreational,andeducationalopportunities

inthearea,theseexecutiveswelcomeassistanceromqualifedagentswhocanhelpthemmakemajorlie-

stylerelocationchanges.Inadditiontopurchasingresidentialproperty,relocatingexecutivesmayalsoshow

interestincommercial,recreationalorrentalproperties.

Itmightnotbeimmediatelyapparent,butnumerousinternationalopportunitiesmayexistinyourownmarket.

Takingacloserlookatyourstateandregioncouldrevealatreasuretroveoglobalbusiness.Knowingthe

rightplacestodigisthekey.Thesethreestatecasestudiesshowyouhowtowalkthrougha6stepmarketassessmentprocesstouncoveryourglobalopportunities.


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2 NATIONAL ASSOCIATION OF REALTORS


manuacturinglocations(plusotheroreign-owned

acilities).Thatsalotodepthinourverydierent

nations,givinganinternationalspecialistalot

ochoicesorselectinganiche.Butwhich

companiesarethey?Theresearchavailable

throughtheHuntsville/MadisonCountyChamber

reportsthatlargeoreigninvestorsincludeBASF

andSiemensVDO(Germany),Toyota(Japan),and

LGElectronics(Korea).NowaHuntsville-based

realestateagentjusthastocontacttheHuman

Resourcesdepartmentswithinthesecompanies

tobegintheprocessoestablishingapresence

tooreignexpatsmovingtotheHuntsvillearea.

IyouholdtheCIPSdesignation,itwilllikelybe

easiertoopenthesedoors.

Step 3.Learn more about targeted companies

Familiarizeyourselwiththebusinessandthe

backstoryothecompaniestargetedinyourmarket.

ManyothelargercorporationswillhaveWebsites

orspecifclocations.Forinstance,ToyotaMotors

HuntsvilleacilityWebsitesaystheplantproduces

V6andV8engines,employs768employees,and

wasestablishedin2001.

Corporatesiteselectionmagazinesandjournalsare

anexcellentsourceobackgroundinormationand

thefrm.Inmanycultures,relationshipsmustbe

establishedoveraperiodotimebeorebusiness

willbeconducted.Ratherthanjustaskingortheorder,itmaybeappropriatetoprovideinormation,

insight,andassistanceinhelpingacompanyorits

employeesbecomemoreamiliarwithaspecifc

community.Thiscouldincludeanoverviewothe

community,insightonsolvingproblemsthat

newly-transerredpersonnelmayace,and

suggestionsoraddressingquestionsaboutthearea.

Step 4.Establish relationships with oreign investment ocials

Economicdevelopmentagenciesaretheleading

edgeooreigndirectinvestment.Buildingrelation-

shipswithspecifcgatekeepersintheagenciesmay

helpyoustayabreastowhatsnewinyourmarket,

andpotentiallyopenupearlycontactswithnew

arrivals.TheADOisthemainagencyorpromoting

Alabamasinterestsinternationally,butotherstates

havesimilarorganizationsandthereareregional

agenciesaswell.

Becausetherearemanylevelsoorganizations

promotingoreigndirectinvestment,itsagoodidea

tobuildasmanycontactsaspossiblewiththose

activeinyourmarket.Theseincludestate,regional

andlocaldevelopmentorganizations,industrygroups

intheprivatesectoraswellasChambersoCom-merce.(See Key Contacts, left, for suggestions on

how to locate them.)

Step 5.Know your market data inside and out

Foreigninvestorsandrelocatingexecutiveswill

wanttoknowwhythelocalarearepresentsagood

investmentopportunityortheirmoney.Here,

NARresearchprovidesstrongcurrentandhistorical

dataonyourmarket,itseconomicoutlookandhow

itcomparestothelargereconomy.Formore

detailsonNARResearch,visitrealtor.org/research/

research/reportsintl.

Internationalclientswillhavemanyothesame

questionsthatdomesticclientshave,saysJed

Smith,ManagingDirectoroQuantitativeResearch

orNAR.WhatNARResearchbringstothetableis

credibilityandtheauthorityostrongdatatobackup

aREALTORslocalknowledge.

Step 6.Leverage your knowledge and skills

Intheglobaleconomy,U.S.realestateisstillagreat

investmentthatattractsbuyersbeyondrelocating

employees.Otherinternationalinvestorsinclude

immigrantslookingorresidentialproperty,oreign

investorsinterestedinvacationorrentalproperty,

andindividualsseekingtoestablishsmallbusinesses

asawaytoimmigratehere.Researchskills

developedinsearchingororeigndirectinvestment

canalsobeusedtouncoveropportunitiesinthese

othermarkets.

ALABAMA

ZKey ContactsLocating Economic Development agency contacts in yourarea can be as easy as visiting the International Trade

Administrations Web site InvestAmerica.gov.

There you will nd extensive resources or contacts

in state and local development oces, Chambers o Commerce,

and association groups in the public and private sector.

(continued from page 1.)


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International Investment in AlabamaAustria 8

Australia 4

Belgium 4

Brazil 15

Canada 52

China* 1

Denmark 1

Finland 3

France 22

Germany 58

Greece 1

Ireland 7

Israel 1

Italy 5

Japan 62

Mexico 5

Monaco 1

Netherlands 11

New Zealand 1

Norway 1

Saudi Arabia 2

Singapore 1

South Korea 52

Spain 3

Sweden 4

Switzerland 5

Taiwan 2

Thailand 1

U. Kingdom 30

Total: 364Source: Alabama Development Ofce 2-06-09

*Announced


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Unortunately,therehasbeenaloto

misinormationandconcernoverreal

estatetrendsinrecenttimes.NAR

providessubstantialresearchonoverall

markettrends,andyourlocalassociation

maybeabletosupplementyour

inormationwithlocaldataandinsights.

Bringing it all togetherDevelopingbusinessrelationshipswith

internationalclientsrequireslong-term

commitment,sensitivitytocultural

dierencesandanunderstanding

othechallengesomovingmoney

internationally.CIPStrainingistheglue

thatpullseverythingtogether.

Tomovebeyondtraining,however,it

isnecessarytolocatecontactsandbe

armedwithinormationtobuildyour

business.Inotherwords,moving

beyondtrainingrequiresresearch.

Need background inoand news ontargeted companies?

Magazines and journals aimed at

the corporate site selection market

contain a bonanza o inormation on international

companies investing in acilities in the U.S.

Some well-known publications Web sites include:

AreaDevelopment.com

SiteSelection.com

BusinessFacilities.com

FDImagazine.com

These sites have searchable archives o business articles

and research, as well as state demographic and industry

snapshots, and development agency contact lists.

Z


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LOCAL MARKET ASSESSMENT / CASE STUDIES /COLORADO


COLORADOAnyrealestateagentwithalong-termperspectiveknowsthatitmakesgoodbusinesssensetoexamine

yourmarketorsegmentsthatareexpectedtogrowintheuture,andbegininvestingyoureortstodevelop

thosesegmentsnow.TheU.S.CensusBureaureportsthattheastestgrowingethnicgroupsinColoradoare

theHispanicandAsiancommunities,whichinDenvergrewby39and31percent,respectively,rom2000to2008,mostlythroughimmigration.Incontrast,non-Hispanicwhitesgrewonly9percentduringthesame

period.

Thistrendisexpectedtocontinueintheuture.(Seegraphbelow.)Foranagentwhowantstotapagrowing

segmentandhasaninterestinmulticulturalbusiness,thispresentsaterrifcopportunity.Herearespecifc

stepsyoucantaketobegindevelopingbusinesswiththeseast-growingcommunitiesandotherpartsothe

internationalmarketinColorado.

Step 1.Explore your markets demographic prole

Beginbytakingalookatwholivesinyourarea.A

goodstartingpointistheresearchavailablethrough

theNationalAssociationoREALTORS(NAR)at

realtor.org/research/research/reportsintl.HereyoullfndState-by-StateInternationalBusinessReports,

aswellasotherreportsbasedonU.S.Censusdata,

breakingoutColoradodemographicsbycounty.

Diggingintothesereports,youllfndthatin2000,

17percentotheresidentsoDenverCountywere

oreign-bornandthatasecondlanguagewasspoken

in27percentothehouseholds.Forasummary

oNARsinternationalresearchreportsandtheir

contents,seetheAugust2010issueothe

Global Perspectivesnewsletter,archivedat

realtor.org/global/globalperspectives.

TheU.S.Censussitequickacts.census.gov/qdis

alsoworthavisitbecausemanytopicshavebeen

updatedwith2009data.Forexample,the2009

demographicprofleoDenverCountyshowsthat

34percentothepopulationwasHispanicor

Latino,and3.5percentAsian.

ManyColoradoareaeconomicdevelopment

organizationsprovidedemographiccommunity

snapshotsandsummarytoplinetrendsorsite

selectionpurposes.MetroDenver.org,orexample,

Expected Population

Growth by Ethnicity

20082013Denver-AuroraMSA

Source:U.S.CensusBureau,

2009NeighborhoodUpdate4.82%

8.42%

17.05%

19.42%Hispanic

Asian

AricanAmerican

Whitenon-Hispanic


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pointsoutthatethnicandminoritycommunitiesgrew

attwicetherateotherestothepopulationbetween

2000and2008.GlobalDenver.orgreportsthatover

10,000immigrantscometoliveinthecityeachyear.

Step 2.Learn more about the communities and how

to connect with them

Relationshipsaretheoundationuponwhich

successulrealestatecareersarebuilt,andmaybe

evenmoresowhenworkingwiththeoreign-born.

AsAmericans,weareusedtomeeting,greetingand

gettingdowntobusiness.Inmanynon-Western

societies,gettingtoknowsomeoneonapersonal

andsocialbasisisaprerequisitetoenteringinto

abusinessrelationship.Inotherwords,itsmore

aboutbuildingacacheoace-to-acecontactsthan

buildingyourriendlistonFacebook.Youmayfnd

yourselinvestinglotsotime,eatinglotsooreigndishes,andlearningnewcustoms,especiallywith

olderindividuals.

Attendingactivitiesandeventssponsoredby

culturalassociationsoryourlocalREALTOR

associationcanhelpyoubecomeamiliarandat

easeinnewcultures,andgainrecognitionand

respectintheimmigrantcommunity.At

GlobalDenver.orgyoullfndlinkstocultural

associationsandotherorganizationsorall

nationalitieswithasignifcantpresenceinthe

city,andcontactinormationorgroupsinother

partsoColorado.

TobecomemoreamiliarwithDenversAsian

population,orexample,attendtheAnnualColorado

DragonBoatFestival(cdb.org),apan-Asianevent

heldeveryJulytobuildunderstandingbetweenthe

Asian-PacifcAmericancommunityandthegeneral

public.ItisacelebrationacrossKorean,Japanese,

ChineseandotherAsianculturesinvolvingboat

racing,ood,andathleticcompetitionwhichattracted

morethan100,000visitorsin2010.

Onasmallerscale,theJapanAmericaSocietyoColorado(jascolorado.org),aleadingcultural

andbusinesslinkbetweenJapanandthestate

oColorado,sponsorsMeishi(businesscard)

MixersornetworkingwithintheJapanese-American

businesscommunity.

Step 3.Find the companies hiring oreign workers

Everyyearhundredsohighly-skilledand

proessionalimmigrantscometoDenvertofnd

employment.Manyothemaresponsoredby

theiremployers,companiesthatrecruitdegreedindividualswhoentertheU.S.ontemporarywork

visas,andlaterapplyormorepermanentresidency,

otenbecominghomeowners.Thecompanieswho

hirethemapplyortheworkersvisas,whichmight

includeH1-B,H2-Bandgreencards.

Toreachtheworkers,reachouttothecompanies

thathirethem.Inthepast,largeprivatecorporations,

universities,researchacilitiesandhospitalshave

tendedtobethelargestsponsorsintheDenverarea,

bringinginlargenumbersoworkerseachyear.For

instance,MyVisaJobs.com,avisajobinormation

portalandonlineimmigrationcommunity,reports

thatCiber,Inc.hasappliedor200highly-skilled

temporaryworkerssince2001;Verizon,149;Fujitsu

Consulting,122;andQwestCommunications,128.

YoucanalsouseMyVisaJobs.comtolookor

companiesandorganizationsinyourareathatare

currentlyhiringhighly-skilledoreigntemporary

workers.EnteryourcitysnameandCOinthesearch

toolandyoullbeabletoviewalistocompanies,job

openings,companybackgroundinormation,

andevenhowmanyvisaworkersthosecompanies

haveappliedorsince2000andaveragesalaries.Presently,itreportsthattherearenearly1,600

openingsintheDenvermetroareaorimmigrant

proessionalworkers.

Companysponsorsarerequiredtocoverworkers

travelcostsandassisttheminfndinghousingupon

arrival.Findandintroduceyourseltothecontact

withinthecompanywhoisresponsibleorthis.

Leverageyourknowledgeolocalimmigrant

communitiestodemonstratethatyoucanbea

valuedresourceinhelpingoreignemployeesfnd

theirootingintheirnewland.

Newlyarrivedworkersmaynotbeinthemarketto

buyahouseimmediately,butwillrememberyour

assistancewhenthattimecomes.Meanwhile,as

theymakecontactswithintheirculturalcommunity,

youllprobablyreceivereerrals.And,throughthem,

youmaybeabletoreachouttootherimmigrant

workersatothercompanieswhomaybereadyto

lookorahome.



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Step 4.Dont orget universities

Universitiesandassociatedhospitalsareamong

thelargesttemporaryvisaemployers,accordingto

MyVisaJobs.com.TheUniversityoColoradoat

Boulderappliedor136H1-Bvisasin2009;

ColoradoState,46;and64attheUniversityo

ColoradoatDenver.Iauniversity,collegeormajor

medicalcenterisinyourmarketarea,addthemto

yourlistotargets.

Step 5.Investigate other important connections

Asyoubecomemoreestablishedinyourchosen

community,castyournetwider.Makecontacts

withinimmigrantcommunitiesChamberso

Commerce.InColoradotheseincludetheHispanic,Asian,German-,French-,andItalian-American

Chambers,amongothers.Foralistolinksto

Colorado-basedoreignChambersoCommerce,

visittheBusinessResourcessectiono

GlobalDenver.org.Furthercementyourrelationship

intheoreignbusinesscommunitybybecoming

amemberoandanactiveparticipantinaoreign

ChamberoCommerce.

Youcanalsoreachbeyondourshorestoyour

targetedcommunityscountryoorigintobecome

evenmorerecognizedasaconduitorincoming

immigrants.Considerorganizingorparticipatinginatrademissiontoestablishrelationshipsinthose

countries.NARsGlobalBusinessandAlliances

groupencouragesglobalcooperationthrougha

numberoinitiativesthatcanbeoundat

realtor.org/global_alliances.

Puttingtogetheraninternationaltripmayrequire

workingandpartneringwithlocalgovernmentand

otherrelatedorganizations.Formoredetailson

organizationsthathelplinkColoradotoothernations,

investigateDoingInternationalBusinessinColorado,

intheBusinessResourcessectionat

GlobalDenver.org.

Step 6.Leverage your knowledge and skills

Ultimately,internationalbuyerscometoyouoryour

marketexpertise.Itsagiventhatyoumusthaveup-

to-dateknowledgeothepricing,inventoryandtrends

inyourlocalmarket.However,internationalclients

maybethinkinginbroaderterms.Bepreparedto

discusshowyourareacomparestootherareasothe

U.S.andperhapstorealestateinyourclientsnative

countries.Yourclientsmaywanttoknowwhyyour

communityisagoodinvestmentrelativetoothers.

Remembertojointheinternationalcommitteeo

yourlocalBoardoREALTORStomeetlike-minded

peers.Promoteyourinternationalbackgroundon

relevantwebsites.(Seesidebar.)

Whatevernicheyouchoose,dontstopthere.Iyouenteredtheinternationalmarketbydevelopinga

clientbaseinanimmigrantcommunity,usethat

knowledgetoapproachotherpartsotheinternational

market.Investigateoreign-ownedcompanieswith

operationsinyourarea,orinternationalbuyerso

resortorinvestmentproperties.Themoreyoulearn,

thewideryourinternationalopportunitieswillbecome.

Coloradosastgrowingimmigrantcommunities

willbecomeamajororceintomorrowsrealestate

market.Buildingyourbusinesstherewilltaketime

andcreativity,butconsideritaninvestmentin

youruture.

COLORADO

ZGlobalDenver.org

has a Featured International Realtors page

under the Living in Denver tab.

I youve earned your CIPS

designation and work in the Denver

metro area, contact them to arrange

a link or your business.

(continued from page 5.)


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LOCAL MARKET ASSESSMENT / CASE STUDIES /KENTUCKY


KENTUCKYTraditionallyamousoritsbluegrassandhomegrownthoroughbreds,Kentuckymaynotseemanobviouschoiceorrealestateagentsseekinginternationalopportunities.However,Kentuckyhasastrong

manuacturingbase,muchoitownedbyoreigncorporations.Whenoreignexecutivesaretranserredto

theU.S.torunthoseacilities,theywillneedaplacetolive.BetheretoshowthemthataKentuckyhomeisa

solidinvestment.Herearespecifcstepsyoucantaketolocatethoseexpatsanddevelopbusinesswiththis

importantandgrowingnichemarket.

Step 1.Know who lives and works in your market

Thefrststepindoinginternationalbusinessisto

knowwhatyourarealookslikedemographically.How

manyoreign-bornresidentsarethere?Inhowmany

homesisalanguageotherthanEnglishspoken?Whatnationalitiesarerepresented?Theanswersto

thesequestionsshouldgiveyouaprettygoodideao

yourmarketsdiversity.

NARsState-by-StateInternationalBusiness

Reports,titledBusiness Data for Engaging in

International Real Estate Transactions,canshowyou

howtheimmigrantpopulationbreaksdownatastate

level.Forinstance,in2008,about5,300immigrants

wereadmittedtoKentucky.Aboutathirdcamerom

NorthAmerica,primarilyCubaandMexico.Slightly

lessarrivedromAsia.Youcanfndthisreportat

realtor.org/statereports.

Nowitstimetomoveromstateleveldataanddrill

downtogetaprofleoyourlocalmarket.NARcan

helpyoudothisdo,withcompilationsoU.S.

Censusdata,availableatrealtor.org/research/

research/reportsintl.ForasummaryoNARs

internationalresearchreportsandtheircontents,

seetheAugust2010issueotheGlobal Perspectives

newsletter,archivedatrealtor.org/global/

globalperspectives.

AnotherwaytoaccessU.S.Censusdataisthrough

quickacts.census.gov/qd.Demographicdataatthe

cityandcountylevelcanbeound,withtheadded

bonusthatsomeothetablesincorporate2009

data.AccordingtoQuickFacts,JeersonCountys

populationin2009was2percentAsian,3.6percent

Hispanicand3.4percentoreign-born.Slightlymore

immigrantsappearinFayetteCounty,whosepopula-

tionis3.1percentAsian,6.6percentHispanicand

5.9percentoreign-born.Atthislevel,demographic

dierencesinmarketsbecomeapparent.

Step 2.Identiy oreign-owned employers in your area

Inmanypartsothecountryitcanbedifcultto

recognizeoreigncompanies.SometimesAmericancompanieshavebeenboughtbyaoreignentityand

thenameremainsthesame,orthecompanyname

issoamiliartousthatwetendtoorgetthatitisnot

American.Forexample,manypeopleassumeNestle

isadomesticfrm,butitisactuallySwiss.

LuckilyorrealestateagentsinKentucky,the

KentuckyCabinetorEconomicDevelopmenthas



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assembledextensiveresourcesorlocatingoreign-

ownedfrms.UndertheDataCentertabontheir

site,ThinkKentucky.com,youllfndreportscovering

countrieswithmajordirectinvestmentinKentucky,

industryprofles,andindustryandbusiness

databasessortablebyalpha,locationandproduct.Itswellworthspendingaewhoursexploringthis

richanduser-riendlysite.

OneothelargestindustriesinKentucky,automotive

manuacturersandpartssuppliers,isalsothelargest

areaooreigndirectinvestment.Theautomotive

industryemploys19percentoKentuckys

manuacturingworkers,andthestatehasthethird

highestleveloautomotiveemploymentinthenation.

ToyotaslargestNorthAmericanautomotiveplant

islocatedinGeorgetown,anditsU.S.Engineering

HeadquartersisinErlanger.

Butineitherotheselocationsisinyourmarket,

yourestillinluck.Thestateisrichinacilities

producingalltypesoautomotivecomponents,a

substantialportionothemoreign-owned,usuallyby

theJapanese.Tworelevantreportsyoullfndinthe

DataCenteratThinkKentucky.comaretheAutomotive

IndustryProfleandMVRFacilities.Thelatterisalisto

414acilitiesinthestate,inalphaorder,withlocation,

contactandproductinormation.

JapaneseinvestmentinKentuckygoesbeyondcars

andtheircomponents.TheCabinetsJapanForeignInvestmentreportlists146Japanese-ownedacilities

inthestate,withlocations,productsandnumbero

employees.Lookthereorsomesurprisingnames.

Forinstance,FourRosesDistilleryisownedbythe

JapaneseKirinBrewery,andFirestonebyJapanese

tiremanuacturerBridgestone.

Whileyoureatit,youmaywanttowidenyourscope

tolookatothercountriesinvestmentsinKentucky.

CountriesinWesternEuropehave169acilities,

withcompaniesincludingBosch(Germany)in

Lexington,CommonwealthBrands(U.K.)U.S.

CorporateHeadquartersinBowlingGreen,DHL(Germany)inErlanger,Nestle(Switzerland)

inMountSterling,andOsramSylvania(Germany)

inVersaillesandWinchester.

Step 3.Learn more about target companies

Nowthatyouhavealonglistooreign-owned

companiesinyourmarket,learnaboutthembeore

youmakeyourfrstcontact.Forlargercompanies,

visittheircorporatewebsite.Toyotassitesaysthat

theErlangerNorthAmericanHeadquartershas2,748

employees,isresponsibleordesignandR&D,and

runs13plantsacrossthecontinent.Basedonthis

inormation,itshighlylikelythatthereareasubstantialnumberooreigntransereesatthe

Erlangerlocation.

Beyondbackgroundinormation,scoutorpress

releasesandbusinessarticlesannouncingnew

investmentandexpansioninyourarea.

KentuckyEconomicDevelopment.com,adigital

magazineandpartnersiteotheKentuckyCabinet,

andtheNewsRoomsectionotheCabinetssite

ThinkKentucky.com,aretwogoodsourceso

corporatenewsitems.Forexample,two

announcementsinSeptember,2010,werean

increasedscopeorHitachiAutomotiveProducts

plannedexpansionoitsHarrodsburgacilities,and

anexpansionatGerman-ownedBrussAmericain

RussellSprings,creating100jobs.

Corporatesiteselectionmagazinesandwebsites

urtherexpandyoureortstolearnaboutnew

developments.Searchsitessuchas

AreaDevelopment.com,BusinessFacilities.com,

SiteSelection.comandFDImagazine.comor

Kentuckyoreigninvestmentnews.

Gatherasmuchbackgroundinormationaspossibleoncurrentandupcomingdevelopmentssoyoullbe

knowledgeablewhenyoumakecontactwithyour

targetcompanies.Iyouremeetingwithoreign

executives,especiallyromAsiancultures,theyll

wanttodeveloparelationshipwithyoubeore

actuallyconductingbusiness.Showaninterestin

andknowledgeotheirbusiness,andawillingnessto

taketimetobuildtherelationship,insteadoasking

orthesaleintheAmericanashion.

Step 4.Establish relationships with organizations promoting

oreign businessForeigninvestmentofcialswithineconomic

developmentagenciesareattheorerontobringing

internationalcorporationstoyourarea.InKentucky,

theCabinetorEconomicDevelopmentisthe

umbrellaunderwhichmostinternational

developmentinthestateisconducted.Contact

theirBusinessDevelopmentofcetofndout

whatsgoingoninyourmarketarea.

KENTUCKY (continued from page 7.)


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WithintheCabinet,theInternationalTrade

Division(ITD)istaskedwithhelpingsmall

businessesestablishglobaltraderelationships.

Thoughmuchothisassistanceisaimedat

developingexportsoproductsandservices,the

ITDhasofcesinMexico,JapanandChinaandcanputyouintouchwiththenetworkoKentucky

businessesconductingtradeoutsidetheU.S.

IyouareintheLexingtonarea,considerjoining

theJapan/AmericaSocietyoKentucky.The

Societyconductsbusiness,socialandcultural

programsprovidingopportunitiesordeveloping

relationshipswithmembersotheJapanese

communityinKentucky.Gototheirwebsiteat

jask.organdclickonAboutandMembers,where

youllseearosteroandlinkstomostothelarger

Japanese-ownedbusinessesinKentucky.

Iyouwanttoreachbeyondourshorestobuild

relationships,considerputtingtogetherorjoininga

trademission.TheLexingtonBluegrassAssociation

oREALTORShasdonesointhepast.Youandyour

BoardcanfndassistancethroughboththeCabinets

InternationalTradeDivisionandNARsGlobal

BusinessandAlliancesgroup.Trademissionsgener-

allyinvolvepartneringwithlocalgovernmentofcials,

suchastheITD.NARprovidessupportthroughits

GlobalAlliancesinitiatives;moreinormationcanbe

oundatrealtor.org/global_alliances.

Step 5.Identiy other employers o oreign workers

Dontlimityoureortstooreign-ownedcompanies.

NumerousU.S.universities,sotwarefrmsand

medicalacilitiesalsoemploymanyhighly-skilled

workersromothercountriesannuallythroughvisa

andgreencardprograms.Thesetemporaryhires

otenbecomepermanentresidentsovertime.Their

corporatesponsorsarerequiredtoassistthemin

fndinglocalhousing.

ByclickingonVisaReportatMyVisaJobs.com,

avisajobinormationportalandonlineimmigration

community,youcangenerateareport,usingflters

oryourstate,thatdetailsthelargesthiring

organizations.Forexample,VSotinLexington

hasappliedor849visasandgreencardsor

proessionalworkerssince2001.Othersignifcant

employersincludetheUniversityoKentuckyat

Lexington,UniversityoLouisville,Coolsot

CorporationinLouisville,andHumanaHealthcare.

Contactthedepartmentsresponsibleorassisting

newlyhiredvisaworkersandoeryourservices.

Step 6.Identiy other employers o oreign workers

Yourexpertiseinyourmarketistheoundationupon

whichyourinternationalbusinesswillbebuilt.Know

yourmarketspricing,inventoryandtrendsinside-

out.Becauseyourclientsmaynotbeatallamiliar

withtheKentuckyoreventheU.S.realestate

market,bepreparedtoexplainwhypropertyin

Kentuckyisagoodinvestmentcomparedtoother

areasotheU.S.oreventotheirhomecountry.

JapaneseOwned Facilities

in Kentucky

Prepared by: Site EvaluationDepartment for Business DevelopmentKentucky Cabinet for Economic Development 2010

Total Facilities: 146 (2 announced)

Total Employment: 32,945 Full-Time Employees

Developing an international niche in your market takes a long-term

eort, cultural knowledge, and building new relationships. Along the

way youll gain new skills and dierentiate yoursel rom others in your

eld. Invest your eorts now and reap a world o benets.


12/12

$66 Billionvalue o U.S. residential real estate purchased annually by international buyers

570,000monthly average o unique international visitors who searched realtor.com

$219,400median price paid by international clients

($46K higher than the national median price)

59countries with REALTOR alliances

55percentage o global buyers paying cash

50states with global transactions

These numbers are big. So is your potential to capitalize on global business

opportunities. Whether you are a REALTOR wishing to grow your business

or are part of a local board trying to broaden your members perspectives,

NAR Global has the resources to help you capture global opportunities

in your area.

Seize your share of the global market.

430 North Michigan AvenueChicago, IL 60611-4087800.874.6500www.REALTOR.org

LOCAL MARKET ASSESSMENT / CASE STUDIES

GLOBAL

INFLUENCESA

NDO

PPORTUNITIES

www.realtor.org/global

local market assessment case studies

Documents