The first factor is simply that, in many parts of the country, the market is soft. The subprime mortgage market has contributed to this, but most analysts consider this drop in prices a needed market correction. A year or so ago, all the talk was about “the bubble,” clearly no longer a concern. I contend a temporary downturn now will ultimately result in a healthier market. You’ll find this opinion reflected in this issue’s cover story on page four.

Second, right now, there is a robust inventory of properties within the softer market. A sellers’ market may sound good to sellers, but not so much to buyers who may be looking for options and time to consider those options. Foreign buyers, in particular, like markets in which there is less pressure to make a quick decision or lose a property.

The third thing that makes this a good market for international buyers is the decline of the U.S. dollar against other currencies. Like softening home prices, this may seem like bad news. I concede that it is for Americans planning a European holiday—I know it was for me when I began planning a trip to London where the room rate was 350£ (British pounds), which didn’t sound so bad until you realize that’s US $700— per night. I opted not to make the trip. Turn the tables, however, and consider what a deal it is for those coming to the U.S., not just for a holiday, but to buy property! My South Florida market is heavily dependent on offshore buyers, and you can be sure European buyers are looking at the market with the knowledge that their euro will now buy 50 percent more than U.S. buyers can get for their dollar—and the British can get double the value. Even our friends to the north are enjoying a Canadian dollar that hit a 60-year high of $1.10 against the U.S. dollar in November 2007.

Before and after training, I think that you, as a CIPS Network member, get significant value for your membership. Recent strategic planning efforts will result in even more value for 2008. Last summer, a group of members met to hear from international market experts, and then reconvened to develop recommendations for NAR to consider regarding an international vision in which NAR works to render the global real estate market accessible to, profitable for, and ethical on behalf of its membership. (See page 7 for more information on these member work groups and recommendations.)

New initiatives that speak to global leadership, business building tools, and increased member awareness of opportunities and resources,will result from these recommendations.But,it’s not just about new initiatives.We’re also working to enhance existing resources. Of great interest to me is what is referred to as “market-to-market.” M2M grew out of the NAR Ambassador Association program, which partners local and state REALTOR^® associations with one of NAR’s bilateral association partners—now numbering 76 in 56 countries. The thrust of M2M is to encourage the formation of alliances between U.S. markets (cities, states, regions, etc.) with markets in other countries based on member interest and value. In 2008, the CIPS Network will roll out a Web site at which REALTOR^® groups can learn about the more than 50 markets with which NAR is aligned, and initiate contact with groups in those markets in order to pursue mutual business development activities.

Over the years, I’ve heard members talk about the desire for “after the pin” activities like post-designation training and business development opportunities. I’m always surprised to hear this, because these opportunities abound. The launch of the new “How to Do Business in Mexico” course is ideal for U.S. members, given the significant amount of U.S.-Mexico business transacted. Another is the Africa/Middle East CIPS course, which some CIPS designees have opted to take as “after-the-pin” education, as it was developed after they completed their course requirements.

Last year,a record number of market events,in which NAR had some involvement and/or offered discounted rates, were held around the world: MIPIM Cannes, MIPIM Asia, SIMA (Madrid), Panama Spectacular, AIREEC (Philippines), and others. More of these events are planned for 2008, including Expo Real in Munich, and a possible CIPS alliance with Cityscape centering on emerging markets in the Middle East and Asia.

And, of course, the annual REALTORS^® Conference & Expo is the biggest “after-the-pin” event of all. In 2007, with more than 3,300 offshore attendees, there was record turnout at CIPS social and business networking events, including forums on working with in-bound and out-bound foreign nationals, 50 “meet and greet” sessions, and much more. All of these activities are member “after-the-pin” education and networking programs. All you need to do is to involve yourself in them.

In my year as chair of the International Operations Committee, I pledge to always keep you first. Help me keep that pledge to keep you first and foremost in NAR’s programs and strategic initiatives. Our CIPS Network is probably the number one benefit for international specialists. Keep in mind, though, that you are an integral player in being put first. We can’t always know what you need or what’s of most value to you—we need and want your ideas and feedback.