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| NAR International Backgrounder NAR International Activities | International Statement of Policy | International Consortium | Global Business and Alliances Committee, Advisory Groups, & Forum | NAR International Staff | CIPS Network Structure | For Brokers | NAR Country Profiles | Leonard P. Reaume Memorial Foundation Introduction As international developments play an increasing role in how and where capital is invested throughout the world, the NATIONAL ASSOCIATION OF REALTORS® is expanding global real estate market opportunities for its commercial and residential members, while advocating private property rights around the world. Since NAR started its international operations program in the early 1950s, the association has built a network of cooperative agreements with real estate associations around the world, and is actively expanding and developing this network. NAR promotes international real estate education, development of technical standards and technical information exchange, and international real estate practice in a number of other areas, including commercial outreach activity, cultural diversity training, and development of an international real estate consortium, among others. This summary provides an overview of the major issues and activities, as an aid to understanding NAR’s international program. Background: NAR has organized an international real estate operations program as a means of taking a leadership role in the development of international business standards. NAR thus aids in shaping and influencing the development and promulgation of an international business technical standard that will maximize the international business opportunities, not only for American REALTORS®, but for real estate practitioners everywhere. Growing in pace with the growing volume of world trade and cross-national capital movements, foreign investment in U.S. real estate and U.S. investment in real estate located abroad have increased over the last three decades, with further growth anticipated in the next several decades. In addition to capital movements for investment purposes, the international character of the real estate business is also affected by immigration, by movements of aliens who enter the United States as permanent residents, as well as shorter-term residents dispatched by their companies to help manage joint ventures and direct corporate investments in the U.S. There are also outflows of Americans who move abroad to manage business operations overseas, for retirement or to invest in second homes. Market for International Real Estate Services Some of the components of demand for international real estate services include the following: relocations into and out of the U.S. by both domestic and foreign transnational companies; U.S. retiree purchases overseas; immigrant home purchase inflows into the U.S.; immigrant purchases of commercial or business properties in the U.S.; foreign investor purchases of U.S. real estate; and U.S. investor purchases of foreign real estate. Inbound Movements: Foreign direct investment (FDI) in the U.S. increased 8.5% from 2003 to 2004 to $1.53 trillion. FDI position in U.S. real estate rose 4.7% from 2004 to $37.9 billion. FDI in U.S. real estate accounts for 2.5% of total foreign investment in the U.S. market, with significant anecdotal evidence projecting a higher level of foreign participation in 2005. Outbound: Statistics from the Association of Americans Resident Overseas indicate that excluding Military personnel, over 4 million Americans live in over 150 countries overseas. Besides corporate employees, other major components of this group included educators, students and retired persons. A major international consulting firm estimates that this translates into approximately 200,000 corporate relocation housing orders annually. Immigration – Residential: Foreign immigration into the U.S. in the 1990s was the highest since the wave of Eastern European immigration at the end of the 19th century. Over 18 million immigrants arrived since 1990, contributing almost 50 percent of the overall U.S. population increase. Foreign-born purchases of residential real estate are expected to rise steadily from the significant increase in immigration. Nearly half of the recent increase in the overall U.S. population is due to newly arrived immigrants. Given the strong relationship between rising homeownership rates and the length of time in the U.S., home purchases by immigrants will have a sizable impact on the housing market for the foreseeable future. The homeownership rate rises rapidly the longer an immigrant remains in the U.S. The homeownership rate is about 18% for immigrants who came to the country in the last five years; but is 78% among those who arrived more than 30 years ago. NAR estimates that more than half of all first-time homebuyers will be of minority households (Hispanics, blacks, Asians) in the next ten years. In fact, nearly 300 million immigrants are expected to reach U.S. shores between 1999 and 2100. These immigrants represent a staggering long-term business opportunity for REALTORS® both in the U.S. and--through referral fees--for practitioners abroad. Demand for international brokerage services: Recent research indicates that foreign purchases of U.S. real estate in 1999 were on the order of $862.7 million, while U.S. purchases overseas were more than $652.4 million. Cumulatively, U.S. investments overseas amount to more than a trillion dollars, and foreigners have invested nearly a trillion dollars in the United States. A significant portion of each of those numbers – no one knows for sure just how significant but an educated guess might be 15 percent – is real estate investment. Recent mergers between major U.S. commercial real estate players and overseas partners, e.g., Insignia with Richard Ellis St. Quintin, CB Commercial with REI Ltd., LaSalle Partners with Jones Lang Wooten, Cushman and Wakefield with Healy Baker, etc. give a general indication of the growing pace of international commercial activity. Since most of the major players have already made their alignments, the battlefield will move to establishing alliances with unaffiliated local and regional real estate firms around the world that will allow the major international firms to garner greater market share. NAR’s relationships with cooperating associations around the world allow its members to capitalize on this trend.NAR International Activities
Adopted 11/01 International Statement of Policy: The market for real property and real estate finance has been and is increasingly international. We believe that the same basic principles that we espouse nationally, which are support for private ownership, the free enterprise system, an effective title system, and efficient mortgage financing have worldwide application. Recognition continues to grow worldwide that these principles are fundamental to economic growth and development, and that they provide underlying support for civic stability and democratic values. . We are convinced that the advancement of these principles internationally directly benefits the domestic real estate market. However, progress is not uniform. Many countries would welcome public and private assistance as they reform their systems to embrace these elements. We should vigorously advocate these principles in the international community, with special emphasis on the importance of the market-making function of real estate professionals. We should support public foreign assistance programs consistence with this objective as an affirmative element of US foreign policy. And we should take a highly visible leadership role internationally in the development of institutions and policies supporting these principles. We believe that it is in the interest of the real estate industry worldwide to work toward uniform standards for business and professional activities in the profession, and to take such other steps, including the development of technical standards for the transmission of data, as will facilitate international business. We support examination-based licensing of real estate professionals at appropriate levels of government worldwide, and seek to encourage international referrals between licensed U.S. and non-U.S. professionals. We encourage post-license training and professional development worldwide, and believe that organized real estate associations are best positioned to provide this education. We also believe that the U.S. education programs offered by NAR and its Affiliates can be particularly valuable to developing markets and are actively working to export these educational programs through various cost-effective and revenue-generating means. We support the rights of non-U.S. investors to acquire U.S. real property and the right of U.S. investors to acquire property abroad. We oppose laws and regulations that in any way hinder those rights. We also support the free flow of international finance for real estate and oppose any laws and regulations which impede that flow. We believe that non U.S. investors in U.S. real estate should be subject to the same rates of taxation as US. Investors. As far as is practically possible, systems for taxing non U.S. investors should be no more onerous than those applied to U.S. investors. In addition, any unique reporting and disclosure requirements on non-U.S. investors and/or their agents should be kept to a minimum. Several meetings already have been held under NAR auspices among a group of national associations to explore the structure of such a consortium. The consensus of the discussions was that an international forum was needed where real estate associations might share information, compare responses to new global economic forces, and facilitate members’ international activities. The view is that uniform international norms and standards are needed to govern transnational real estate transactions, and also that a central Internet-based networking system will facilitate international referrals among members and provide ready access to market information. The mission of the International Consortium of Real Estate Associations is to assist constituent members to efficiently and profitably serve their customers and clients through the development and maintenance of international business standards, products and services. Objectives of the consortium include technical standards for data transfer, an international referral system with referral fee clearance capabilities, and advocacy, including promoting best practices worldwide and protecting and promoting private property rights internationally. After nearly two years of planning and negotiation, 14 national associations signed the formal agreement on May 13, 2001 in Washington, DC, creating the International Consortium of Real Estate Associations (ICREA). An additional 10 associations signed in counterpart, in their own country, bringing the founding membership to 24 national associations and 3 regional organizations (with observer status). In 2003, ICREA launched WorldProperties.com, which includes a vast array of resources, tools, and services for both the public and ICREA-affiliated brokers. Specific inquires regarding ICREA or WorldProperties.com can be directed to ICREA. Following is the 2008 Leadership Team for the International Operations Committee, Forum and Advisory Groups. These groups meet twice annually in conjunction with NAR's Midyear Business Meeting and National Conference and Trade Exposition. Terms of office begin at the November Conference. A full list of committee appointments is available. Past meeting minutes and upcoming agendas may be viewed or downloaded for printing.
Janet Branton, Senior Vice President, Global Business and Alliances Janet brings a fair amount of personal and professional international experience, including having lived abroad for 6 years while growing up (Germany and Japan) and studying languages in high school and college. Prior to coming to NAR, Janet served as an executive for a local REALTOR® association where she developed a very strong international program---one of the first in the U.S.! Janet will continue as the Liaison between NAR and the Institutes, Societies and Councils. Janet will serve as Senior Vice President of the Global Business and Alliances Group. Contact Janet Branton Len Tovar, Senior Executive Assistant, Global Business and Alliances - Provides support for Senior Vice President. Staff executive for NAR's Past President's and Institutes, Societies and Councils. Contact Len Tovar Jennifer Wiziarde, Manager of Global Networks Jennifer came to NAR in August 2007 from Lions Clubs International Foundation where she worked as the Grants Program Coordinator for Latin America and the Caribbean. Jennifer holds a B.A. in International Relations from the University of Wisconsin and a M.S. in International Public Service Management from DePaul University here in Chicago. She is also fluent in Spanish and intermediate in Portuguese. She oversees the full Networks program (President Liaisons, Ambassador Assoc., Intl. Local Councils, etc.), which includes serving as the Staff Executive for the International Networks Advisory Group and International Local Council Forum. She also has responsibility for NAR's Latin American alliances. Contact Jennifer Wiziarde. Jeff Hornberger, Director, Global Alliances Jeff joined NAR in 1999 from the for-profit (private) sector, where he was an International Sales Manager selling barcode machinery via a global distribution network. He holds a M.S. in Business Management from United States International University in San Diego, and B.A.s in Economics, Spanish and Latin America Studies from the University of Wisconsin. Jeff has extensive international experience and has lived in Latin America and Europe and is fluent in Portuguese and Spanish. His tenure at NAR includes International Business Development Manager with a specific focus on Latin America, and Managing Director of Member Development in NAR's Commercial Real Estate division where he conducted outreach to local associations and worked with the team there to develop commercial specific products, programs and services. Jeff rejoined NAR's Global Business and Alliances group in 2009 where his role includes managing NAR's 80+ partnerships around the globe and connecting them to NAR. He is a REALTOR® Certified Executive (RCE) and also serves as the staff executive for the International Operations Committee. Contact Jeff Hornberger. Bethsy Sachs, Global Member Services & Networks Coordinator Bethsy joined NAR in 1998 and brings eighteen years of secretarial and administrative experience in the retail, publishing and hospitality services. She is bilingual (English/Spanish) and has strong organizational and communications skills. Primary responsibilities is to be the main point of contact for our members. She supports the business group by maintaining the International Database and managing the membership and CIPS designee member records and payments. Bethsy is the liaison with Convention for NAR Midyear Meeting and Annual Convention, handling all the committee meeting rooms and event logistics; and serves as the concierge to our foreign delegates and visitors while at the Convention. Bethsy's role also supports the Networks Team by supporting communication and activities associated with our President Liaison's (NAR volunteers). Half-time support for President's Liaison/Ambassador Association and International Local Council program, including oversight of VIP program at annual convention. Contact Bethsy Sachs. Elena Carrillo, Director, Global Marketing and Business Development Elena joined NAR in August 2007 from the Project Management Institute, where she worked as the Manager of Brand Development and Product Marketing Specialist. She has an background in developing business models and marketing plans, global marketing, branding strategies and more. She holds an BBA in Marketing & Communications from the University of Kentucky, and an MBA from Tennessee Technological University. Elena is fluent in Spanish and also has some Portuguese language skills. Primary responsibilities is to lead initiatives for continued growth and awareness of NAR International and Resort & Second Home products and services including education and memberships. Elena will leverage the network of 80+ Cooperating Associations (outside the United States) by integrating new business opportunities for NAR and its members. By aligning all the business groups goals into one comprehensive marketing plan, she will oversee the marketing efforts of the Global Business Group. Contact Elena Carrillo. Cindy Fauth, Global Marketing Manager Cindy joined NAR in September 2009. Prior to NAR, Cindy served in various marketing capacities at Robert-Leslie Publishing and Smithbucklin Corporation. Her primary role at NAR is to lead the global marketing and public relations efforts for the department. She lends her expertise to the promotion and growth of the Certified International Property Specialist designation, Resort and Second Home and At Home with Diversity certifications along with the many other programs NAR Global Business and Alliances offers. Cindy holds a Bachelor of Arts in Journalism from the University of Kentucky. Contact Cindy Fauth. Xiannian Ye, Director, Business Development, Asia
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