The following information is provided by the Center for REALTOR® Development (CRD).
NAR Global is thrilled to announce a new resource, Real Estate Practices Around the World, available at nar.realtor/global/real-estate-practices-around-the-world.
Among countries that share borders or customs, it’s sometimes expected that their real estate processes work the same way, too. However, each country has its own nuances. For some, title insurance doesn’t exist, referral fees aren’t common, or the presence of an attorney would signify something is wrong. When working outside your home country, it is important to be educated about their real estate business practices so you can best prepare your clients for the process.
This new resource library is intended to provide general guidelines on practices in countries around the world as provided by NAR’s Cooperating Association partners. There are 94 associations outside of the U.S. that serve the real estate community in their respective countries. NAR has agreements in 73 countries. As always, when conducting business in another country, make sure you are connected to the association and/or agents in that country so you aren’t violating any laws or regulations. Often, a co-marketing or co-brokering relationship is best.
Obtain the CIPS Designation
Global real estate opportunities are everywhere. People move to the U.S. from other countries every day and foreign-born individuals residing in the U.S. move to new markets. Americans in your current market may look to invest in property overseas. No matter which audience you cater to, the CIPS designation will provide you with the knowledge, research, network and tools to globalize and expand your business.
Obtaining the CIPS Designation will give you a strong competitive advantage over those agents who do not have it. Why? It offers an assurance to potential clients that you have the experience and education to meet their needs, and that they can trust you to provide informed and high-quality service throughout international transactions.
To learn much more about expanding your business internationally, consider checking out the education offerings developed by NAR Global. All of these can be used towards earning NAR’s Certified International Property Specialist (CIPS) designation. In addition, this entire month of January, all CIPS courses and bundles at NAR’s Center for REALTOR® Development are 25% off their regular pricing.
This adapted article originally appeared on NAR’s The Global View blog on Nov. 16, 2018.
Cynthia Fauth has spent nearly a decade helping REALTORS® around the world “go global.” As the director of Marketing, Member Experience for the National Association of REALTORS®, she helps connect real estate professionals across continents to the NAR education, networking and resources to help them build an effective global business strategy.