• Seminar Details

    IIRE had organised a Seminar on 'Expand your Market' & 'Transnational Referral Certification' (TRC) . The seminar was highlighting various topics on what India has to offer in terms of real estate and how it can be promoted on a global level. The Transnational Certification (TRC) is crucial to International Marketing and will give you the edge. Chetan Narain – President, IIRE along with the foreign delegates spoke at this event.

    The seminar took place on the 4th of February, 2006 at 'The Club', D.N. Nagar, Juhu extention, Andheri, Mumbai.

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What the Seminar covered

The following major factors of globalization create a business climate in which knowledge of international real estate can be used to your business advantage.

Technological Change real estate seminar-mumbai real estate seminar-mumbai real estate seminar-mumbai

Developments in telecommunications, computer and information technology all bring the world markets closer together, facilitating the flow of information and ideas, communication, and commerce around the globe.

In 2003, worldwide internet usage exceeded 605 million users. About sixty percent of Americans, and twenty-six percent of Europeans (forty-three percent in EU countries) were on-line. In Japan, about forty-five percent of the population was online, sixty-seven percent in Hong Kong, fifty-sic percent in South Korea, fifty-four percent in Singapore, and forty-nine percent in Taiwan. Fifty-nine million Chinese are on-line, and while that number represents less than five percent of China's population, it is the largest group of users in a single country after the U. S. (176 million users). English-speakers number 230 million users, while 627 million users speak a language other than English
Source: Internet World Statistics, July 2003

Business alliances also contribute to market globalisation. In 2001, a group of 23 real estate associations, including the NATIONAL ASSOCIATION OF REALTORS, representing the world's major real estate markets created the International Consortium of Real Estate Associations (ICREA). The Consortium shares standards of practice and provides an enforceable referral fee system. The website, www.worldproperties.com, advertises distinctive and specialty properties such as luxury residences, condos, beach and ski houses, and rentals, to the international market. This service is also an important marketing tool with clients, enabling ICREA brokers to differentiate themselves even in the local market.

Evaluating Market Potential real estate seminar-mumbai real estate seminar-mumbai real estate seminar-mumbai

Along with evaluating your own interest in and commitment to developing an international real estate practice, you should assess your local market's potential for international real estate business.

Beginning the analysis of your market with an "international eye" and by studying what foreign investment has already occurred, can provide a good perspective of current opportunities. Consider your community in terms international connections. Many cities, states, universities, and other organisations have international festivals and events, host overseas visitors, and set up exchanges or "sister city" connections. Such programs will give you some insights as to the level of international activity in your area, and can provide an avenue for building a network. If international specialists in your market have identified a need, and the demand is significant, you may want to follow the trend. If demand is already being met, you may want to adopt a specialty that is different from existing competition.

Where can you find the data needed to assess a market? Many organisations measure, monitor, analyse and publish data. Searching the Internet for a specific country will yield a wealth of useful information.

The website of NAR's Certified International Property Specialist Network and International Consortium of Real Estate Associations both provide access to a huge compilation of country-specific information, including culture, population, economic profiles, business practices, and facts about real estate. The CIPS Network site includes information about NAR's Cooperating Associations, market profiles of more than forty international markets, U.S. international local councils, CIPS Network membership information and resources, and more. The majority of this site is open to the public, but some pages are available only to NAR members. The ICREA site offers access to current industry business practices, global industry news, a real property advertising system, and more. Some pages are available only to NAR members and other ICREA country members.

International Consortium of Real Estate Associations (ICREA)

The International Consortium of Real Estate Associations (ICREA) is a global alliance whose members are the leading national real estate organisations in the world's major markets. ICREA's primary goal is to assist members of the respective organizations in efficiently and profitably facilitating transnational business. It assists members of allied organisations by facilitating transnational business and provides a referral network that assures payment of earned fees and commissions. ICREA also assists buyers and sellers in locating properties outside their country, and finding a real estate professional who abides by a code of ethics and can best meet their individual needs.

ICREA Objectives

  • Build and strengthen national brands

  • Facilitate professional relationships and referrals

  • Encourage high standards of business and ethical practices

  • Establish uniform business and professional standards for and among real estate professionals, firms and Associations around the globe

  • Facilitate exchange of global information for Associations and other target audiences

  • Increase the geographic reach of the Member Associations and the development of new markets

Through a multilateral agreement and specific business practice protocols, the ICREA alliance benefits its constituent members in both transnational and domestic business

These benefits include:

  • Availability of an Internet-based menu of services including immediate access to current industry business practices, global industry news, a real property advertising system, and more.

  • A set of international standards for professional ethics, best practices, and data transfer

  • Networking and referral tools including a roster of member association constituents and a transnational referral system that includes an arbitration system in the event of a dispute.

  • Advocacy role to protect and promote private property rights and best practices worldwide

 

Value to Brokers

  • Tools for participating in cross-border transactions

  • Dedicated forum to highlight specialty properties

  • Information and resource to assist in more efficiently transacting business internationally

  • Revenue generating tools and resources

  • Guidance and educational opportunities

  • Industry news

  • Access to international properties and professionals from around the world

  • Search feature for "Find a Professional" hat includes specialty and language skills as criteria

 

Value to Consumers

  • One-stop shopping for specialty and distinctive properties

  • Confidence in dealing with a member of a professional association who abides by a coe of ethics

  • Information to help understand foreign markets and industry practices

    Each ICREA member association maintains a professional code of conduct to ensure a high level of professionalism between participating members. ICREA members are not required to participate in the Transnational Referral System. They participate by voluntarily agreeing to accept and abide by the rules of the System and signing the ICREA Transaction Referral Contract. This contract outlines the conditions and details of the referral agreement including fees to be paid to the referring party. A referral fee is earned upon the closing of a transaction with the referral client and is payable upon receipt of the commission. U.S. practitioners should be aware that this referral system is a very new business facility for many real estate professionals in other countries; it may be necessary to educate and help raise awareness of the real estate professional to whom a referral is made to assure expectations are clear for customer service and referral fee arrangements.

    The Transnational Referral System provides a dispute process between all ICREA associations in the event a Receiving Agent (the agent that is contacted by the referring agent) does not fulfill the agreement with the Referring Agent. The Referring Agent can make a formal complaint to ICREA and an independent arbitrator reviews the information provided by the parties in dispute and issues a binding ruling.

    In India, if you are an IIRE member & a REALTOR, you are automatically a member of ICREA; the benefits of the Referral System are not available to real estate professionals who are not members of a participating association. An informative Transnational Referral Certification will be offered online at www.realtor.org by the end of 2004. Completion of this certification is strongly recommended to assist your participation in the Transnational Referral System.

    ICREA participating association:

    -- Argentina -- Hong Kong - China -- Norway
    -- Australia -- India -- Poland
    -- Brazil -- Ireland -- Russia
    -- Canada -- Italy -- Singapore
    -- Czech Republic

    For More Details,

    Contact :- Narains Corp.- Ph. No.: - 2628 8595 / 2628 3442

    Or Visit our Website : - http://www.narains.com/about-IIRE-ICREA-NAR.htm

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