REALTORSÂ® with expertise in the global real estate marketplace offered their input on international business operations to those tuned into a session of the 2020 REALTORSÂ® Conference & Expo on Tuesday. As a result of bilateral partnerships with more than 100 different countries, members of the National Association of REALTORSÂ® (NAR) are able to conduct business with trusted global professionals who hold themselves to a strict code of ethics. On Tues., Nov. 17 four panelists provided advice to help REALTORSÂ® capitalize on those partnerships, extend their business into global marketplaces and create relationships across the world.
â€śWe have one brand, which is the REALTORÂ® brand, across the world,â€ť said Trisha Roy, the principal broker at Open Spaces International in Newberry, Fla., and leader of the discussion. â€śInternational and domestic REALTORSÂ® are all REALTORSÂ®. We have one code of ethics we subscribe to, and many of us also have the Certified International Property Specialist designation, which is our gateway to working in the global marketplace.â€ť
Raj Rajpal, a New York-area mortgage consultant with 30 years of experience in the real estate industry, reiterated Royâ€™s assertion, encouraging REALTORSÂ® to have peace of mind as they begin operating across international borders because of the guidelines NAR has instituted in its global partnerships.
â€śYou need to take advantage of all the work NAR puts together to make sure you are connected with every part of the world,â€ť Raj told the attendees of the session. â€śIf you need to learn about any of these countries and continents, you have access to this group of people [on NARâ€™s global team]. We have industry partners across the world whoâ€¦ have agreed to abide by NARâ€™s policies and rules, so you are dealing with ethical people who follow the Code of Ethics that comes straight from NAR.â€ť
The implementation of leading practices and strategies into global markets, including basic advocacy, licensing standardization and property platforms, has increased transparency within individual international markets.
â€śBilateral partnerships with NAR are the necessary foundation to your international business success,â€ť said Marsha Collins-Mroz, NARâ€™s consulate general liaison to Greece. â€śOnce NAR has vetted and approved a global association for membership, that associationâ€™s members have the ability to join NAR as international membersâ€¦ [who] agree to abide by the strict Code of Ethics, giving all NAR members further confidence to engage in transactions with our global counterparts.â€ť
However, as the pandemic continues to alter international interactions, Broker/Owner of Global Real Estate Consulting LLC, Dee Dee Ohara Blizard, stressed the importance of face-to-face interaction once travel can be conducted more safely.
â€śTechnology is amazing, and youâ€™ll be using it most often in your global business, but nothing takes the place of face-to-face meetings when itâ€™s safe to do so,â€ť said Ohara Blizard, who has real estate and consulting clientele across 10 different nations. â€śTravel solidifies the relationship. It allows you to familiarize yourself with the culture and to learn [each nationâ€™s] trends and nuances.â€ť
She noted that she encourages students in her international consulting classes to increase â€śLine 24-Aâ€ť on their federal income tax filingâ€”their travel lineâ€”which ranges from $50,000-$75,000 in any given year for Ohara Blizard.
For more information, please visit www.nar.realtor.