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Published by the CIPS Network of the National Association of REALTORS®
Third Quarter 2001
The Consortium, The Dream Become Reality
By Jorge Cantero, CIPS, CRB, CRS, GRI
As a long time volunteer in NAR's international program, I am someone who passionately believes in the value of a global marketplace and sees it as the future of our industry. As a side note, I can also attest to its financial viability, as approximately 20-25% of my business income is generated from transnational transactions. Why do I share all this with you? Because the signing of the official constitution of the International Consortium of Real Estate Associations on May 13, 2001 marked the end of a two-year period of organizational formation "growing pains," and the very beginning of a new world of real estate for practitioners. This new group will clearly benefit practitioners like us, for whom international business is a substantive portion of our practice, but it also will benefit the thousands and thousands of domestic practitioners who may do only one or two transnational transactions in their whole career.
Where We Came From
NAR's bilateral relationships go back some 30 years, attesting to early visionaries who saw the value of organizations coming together to support members' international activities. These relationships have grown and flourished to today's impressive 51 national partners in 42 countries, representing 90% of the World Gross Domestic Product and 1.6 million real estate practitioners. In recent years, there have been discussions among the bilateral partners of a need for a multilateral structure within which partnerships become maximized and all members make an equal commitment to every other member. After nearly two years of effort and many, many hours of discussions and negotiations, I was proud to witness the signing of an agreement that launched such a structure. This new structure-the Consortium- has as its mission "to assist its constituent members
(at the domestic and global level) to efficiently and profitably serve their customers and clients through the development and maintenance of international business standards, products and services."
Where We're Headed
The formation of the Consortium marks the beginning of a new dimension of NAR's international history. Although its immediate impact may be small, I believe that in time (and not so very far off), this group will radically change the way we do international transactions. The Consortium will open the doors to the global marketplace for many practitioners who, until now, have been hesitant to step into the international arena. Some may perceive it as more competition, but I believe it will foster expansive global cooperation. The time has passed when we can operate within our specialty as if we were a small exclusive club. Our new opportunity is to welcome, educate, inform, and include all practitioners who are earning their livelihood by skillfully satisfying the real estate needs of many international entities. The Consortium is the organization to facilitate this.
Work has already begun on the development of standards for international referrals. Currently, representatives from six countries are working on this project. I am pleased to be involved as a representative of NAR. Imagine the day when any individual practitioner who is a member of NAR-or any other association in any country affiliated with the Consortium-can log onto a Website, search for a member practitioner in another country based on specific demographics, and make a referral to that individual with the confidence that a common code of ethics governs the conduct of both parties. But the real benefit comes when you are paid electronically for that referral following the successful completion of a transaction. I promise you, that scenario is not so far off.
We'll report progress
This publication will continue to report news of the Consortium and I encourage you to closely follow its progress. Before long, the Consortium will have its own Website, which will be an important resource for you-not only in terms of properties and practitioner information, but also as an up-to-date source of national business practices of its member countries. This is a very exciting time to work in international real estate and I, personally, am thrilled to be a part of it. I hope you are too. |
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