French Realtors Form Alliance Catering to Foreign Buyers

MIAMI—With foreign buyers continuing to make waves in Miami's real estate market, an alliance of three French brokers in the area have launched a non-profit organization that pairs French-speaking realtors in South Florida with French-speaking buyers around the world looking to enter the market. It's called the Fédération des Professionnels de L'Immobilier de Miami (FPIM).

Members of the new federation speak fluent French, are accredited by Florida's realtor associations and adhere to a strict code of ethical conduct, according to Marie-Charlotte Piro, founder and president of the new federation. Coming alongside Piro, who is vice president of MC2 Realty, the founding board of the federation includes Thibault de Saint Vincent, CEO of Barnes International and Franck Dossa, president of Plaza Brickell International.

“Clients from France don't understand how differently the real estate industry works here in the US,” says de Saint Vincent. “'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.”

FPIM was formed as a referral service to bridge the needs of the growing number of French-speaking buyers who are coming into the market and to match them with qualified real estate professionals, explains Piro. And those numbers are growing. According to a June analysis of property search activity on the Miami Association of Realtors website, France was the origin of the most number of Miami property searches for the second month this year. Piro is quick to point out that FPIM is not focused strictly on France, but also on buyers from Canada, Switzerland, Belgium, the French Caribbean, Haiti, and French-speaking Africa.

In addition to fluent French-speaking ability, accreditation and adherence to the code of ethics, real estate agents who join FPIM have to pass a screening and vetting process and be free of any formal complaints recorded by the Florida Real Estate Commission. This approach helps guarantee that FPIM clients receive the advice and guidance from the highest caliber real estate professionals possible, says Dossa.

“FPIM clients benefit because our agents abide by a very strict code of ethics—the code developed by the NAR,” says Piro. “And because we speak fluent French, nothing will get lost in translation throughout the entire real estate transaction process. Our customers also feel comfortable with us because we understand their culture, which is very important in this melting pot of South Florida.”

There are many reasons for South Florida's appeal among French-speaking buyers and investors, according to Dossa. South Florida—especially Miami—is perceived as one of the most European-like cities in the country, so it doesn't take very long for buyers to feel at home here, he says. The warm climate and advantageous tax climate are also a draw. Finally, French-speaking investors still see value and appreciation potential in properties here.

Interestingly enough, he adds, there isn't one particular neighborhood attracting French-speaking buyers unlike other foreign nationals purchasing in South Florida. They are finding many neighborhoods appealing.

“South Florida also offers a wide variety of products, from unique art deco buildings to high rise condos, from charming old Spanish homes to luxury modern architectural designs,” says de Saint Vincent. “Buyers can always find the right location and home for their lifestyle.”