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REALTOR® ASSOCIATION EXECUTIVE
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| International Alliances Local associations benefit from new NAR International Consortium By Carol Weinrich The International Consortium of Real Estate Associations with its 23 founding member associations, represents the future of a global real estate market. Member associations' constituents will easily be able to make international referrals, receive payment, and have confidence they are dealing with professionals when engaging in transnational transactions. This new organization, formally launched on May 13, 2001, is an association of national real estate associations. It was conceived nearly two years ago by representatives from NAR and eight foreign national associations, each of which is one of NAR's foreign bilateral cooperating associations. This group identified the need for a multilateral international forum where associations could come together to share information, set standards for the international real estate arena, and facilitate their members' international activities. NAR membership in the Consortium broadens and builds upon the international network already in place, but is tapped into primarily by members of NAR's CIPS Network. Although the CIPS Network will continue to be a key benefit for members who specialize in international properties, the Consortium opens the door for all NAR members to more easily participate in this specialty, even if only for an occasional transaction. So what does all this mean for the local REALTOR" association? By virtue of NAR's membership in the Consortium, any REALTOR® association member can take advantage of its business products and services. Local associations can add these international services to their list of member services through the Consortium Web site, which will be launched this fall. If your association is the primary tie to your market's MLS, this exposure to a global market will be a substantial new benefit of membership in your association. Association executives will be able to market membership as a means to expose a property to more than a million foreign buyers. A critical aspect of the Consortium agreement is that each member association agrees to endorse only the Consortium Web site as a source for international property information. Therefore, someone in the United Kingdom looking for property in your region or market will ultimately find your members. Initially, property ads from a specific country will be accessed through links to that association's aggregate listings. U.S. properties will be accessed from the Consortium's Web site by clicking on a link to REALTOR.COM, which will, in turn, direct users to the Consortium site for international properties. The long-term plan is to aggregate all properties, perhaps beginning with specialty properties such as ski, resort, oceanfront, or golf. Over time, Consortium member associations may identify a need to more narrowly direct users by region, and links to state or local associations could be added. These decisions will ultimately be made by the Consortium executive committee in conjunction with its technology partner. International Protocols International business protocols that will create an environment where practitioners can easily and confidently conduct transnational real estate business is a priority of the Consortium. The group has already begun work on developing an international referral system with an e-commerce component to allow constituents of member associations to receive electronic commission payments-eliminating the difficulties that come with hard currency transfers. This will be particularly appealing to members who may have avoided international real estate deals in the past due to the uncertainty or difficulty in arrangement of payment. Although the benefits described are available directly from the Consortium, local associations have a significant opportunity to help inform and educate members and, in doing so, reinforce the value of local association membership. International transactions may seem a very remote business to some, but many international specialists report that they got started as a result of an existing local client that sought help in buying or selling a foreign property. The business opportunities are significant in both the residential and commercial arenas, and in all areas of the country. Local associations can offer the Certified International Property Specialist (CIPS) courses and form local international councils. Similarly, local associations are best positioned to directly market discounted products and services that we expect will be available through the Consortium, similar to NAR's VIP Alliance Program. For ongoing news of the Consortium, visit the CIPS Network Web site at cipsnetwork.com. Foreign Real Estate Cooperating Associations The NATIONAL ASSOCIATION OF REALTORS® has cooperating agreements with 51 national real estate associations in 42 countries, plus agreements with two European regional associations. The purpose of NAR's international program is to enhance the ability and opportunity of all members to conduct business successfully and ethically in an expanding global environment, to establish NAR in the international business and governmental community as a leader in international real estate, and to advance the right to own, transfer and use real property throughout the world. Foreign Real Estate Cooperating Associations The NATIONAL ASSOCIATION OF REALTORS® has cooperating agreements with 51 national real estate associations in 42 countries, plus agreements with two European regional associations. The purpose of NAR's international program is to enhance the ability and opportunity of all members to conduct business successfully and ethically in an expanding global environment, to establish NAR in the international business and governmental community as a leader in international real estate, and to advance the right to own, transfer and use real property throughout the world. |
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