SAN DIEGO, Dec. 6, 2017 /PRNewswire-USNewswire/ -- Asian Real Estate Association of America (AREAA) President Randy Char announced the organization is partnering with The Institute for Luxury Home Marketing (The Institute), the premier independent authority in training and designation for real estate agents working in the luxury residential market, to offer AREAA's first real estate designation. Members of AREAA can earn the luxury real estate designation upon the successful completion of the training course and documented performance in the Top 10% of their residential markets.
The Luxury Home Marketing training course focuses on the Asian American and Pacific Islander (AAPI) consumer segment, providing attendees with niche data and information that will differentiate them from other agents and prepare them to serve this elite segment. The course will premiere in New York City in March. Terri Morrison, co-author of nine books including "Kiss, Bow, or Shake Hands: The Bestselling Guide to Doing Business in More Than Sixty Countries," will work with The Institute to design and teach the course, along with Institute instructor and published author Bill Hensley.
"AREAA prides itself on delivering high quality events and professional development opportunities to our members and the industry. We're extremely proud to offer this course knowing that luxury real estate is a growing trend within the Asian American community," said Char.
Herman Chan, AREAA Luxury Chair, feels the need for an AAPI focused luxury course has arrived. "Whether we're talking about national or international buyers, the Asian luxury market in the U.S. is growing at a rate never seen before. Knowing what these buyers and investors are looking for, and how to better serve them, will be crucial for any agent that wants to tap into this market," Chan said.
The stats back up these claims. AAPI are the fastest growing demographic in the US, and by 2024 there will be an additional 1.8 million AAPI households in the US. AAPI purchasing power will top $1T USD by 2018, a growth of 180% since 2000. Per capita, AAPI have the highest average personal and household income in the US. AAPI are 54% more likely to have income over $100,000 than the average U.S. household. AAPI have the highest rates of education, with 49% holding at least a bachelor's degree (28% US average) and 21.2% have an advanced degree (10% US). International buyers, especially from China, purchase at a higher price point than other buyers. The average price for an international buyer is $499,600, while the average Chinese buyer is over $830,000. The average price of a U.S. buyer is $188,900.
To download a report about AAPI statistics in the US, please visit www.areaa.org/stateofasiaamerica.
The Asian Real Estate Association of America (AREAA), established in 2003, is a national business trade organization focused on expanding housing opportunities for Asian American communities and creating business opportunities for real estate business leaders who serve this growing market. With over 16,000 members in 37 chapters across North America, AREAA is the largest real estate trade association dedicated to promoting homeownership in the Asian American and Pacific Islander communities.