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Global Perspectives: Becoming A Global Agent

Global Perspectives: Becoming A Global Agent

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Published by narwebteam
The February 2011 edition of Global Perspectives outlines the six steps REALTORS® can take to become a global agent -- and thus gain a share of the $66 billion dollars that foreign buyers invested in U.S. residential properties last year. The issue also highlights the resources NAR offers these global agents and the easiest ways to get involved in multicultural real estate.
The February 2011 edition of Global Perspectives outlines the six steps REALTORS® can take to become a global agent -- and thus gain a share of the $66 billion dollars that foreign buyers invested in U.S. residential properties last year. The issue also highlights the resources NAR offers these global agents and the easiest ways to get involved in multicultural real estate.

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Published by: narwebteam on Jan 10, 2012
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01/10/2012

 
to local, international & lifestyle real estate
February 2011
GETTING INVOLVED
I can become a global agent? Yes!
While the notion of developing an international component to your business may sound appealingor intriguing, many agents quickly cast off the idea, thinking it isn’t really pertinent to theirsituation. Or perhaps they assume that global business is too complicated or difficult to tackle.Where would I even begin? It is true that global business can be more complex. After all, it comes in many differentforms—from immigrant communities, to foreign buyers, to relocating executives,and more—with each type of client presenting a unique set of circumstances andchallenges.Simply spotting these opportunities in your local market can be difficult. Globalbusiness often goes undetected, flying under the radar of most agents. But thisis also why savvy agents are increasingly investigating the many and variedfaces of global business—a collection of opportunities that translates into asignificant and growing segment of the real estate market.This issue of
Global Perspectives
takes direct aim at the question, where do I start?Inside, you’ll find information on specific steps you can take, as well as insights into the manydifferent NAR-affiliated organizations that already stand ready to support your efforts.
 
GP
 
STEP
2
~
Global Perspectives
February 2011
GETTING INVOLVED
at a Time
Building your global business from the ground up
Sometimes developing a global component toyour real estate practice can feel like a “wheredo I start” proposition. There are, however,many ways to get involved, which is typically thebest way to jumpstart your efforts.By taking this step-by-step approach, you’llalmost certainly find yourself learning more anddeveloping important networking connections—all of which will lead to more business withglobal buyers and sellers.
Step 1.
Ask your local association.
If you want to boost your efforts to work
with global clients already in your area, yourfirst inquiry should be with your local realestate board. Ask if they have organized acommittee or formal group to address globalbusiness opportunities. Nearly 60 boardshave formed global business councils orinternational local councils that offer a varietyof programming and networking resources.These groups may have already compileddetails about the global influences in yourlocal market, and can help you identify whichcountries are represented more than others,whether through foreign direct investment,relocation of foreign employees, immigration,or other sources.In addition to providing this critical research,your board’s council may offer specializedinformation sessions with key experts, or hostvarious events designed to stimulate referralbusiness with agents from other countries—excellent ways to come up the learning curveor begin making global connections.Other local boards have not yet developeda full program of global initiatives, but arestudying their market to determine theprimary sources of global business and decidewhether it is appropriate to take steps to forma council. (See page 5 for more about globalbusiness councils.)
Step 2. 
Ask your brokerage.
Several major franchise companies havedeveloped resources to help their agents tapinto global business. If you work within suchan organization, explore these opportunitiesto learn more and make connections.
Step 3.
Check other local resources.
If these first two steps don’t pan out, thereare still plenty of other things you can do onyour own, right in your community, or at thestate level. Investigate and contact theseorganizations:- Tourism Bureau- Chamber of Commerce- Economic Development OfficeWhile each local market is unique, groupslike this are regularly engaged in developinglocal business opportunities by encouragingtrade, travel and tourism from other areas. Asa result, they place a priority on researchingthe international movements of people andbusiness—data that could be very beneficialin helping you understand which countries aremost important in your local economy.
Step 4.
Conduct online research.
You can learn a lot about the global influencesin your local market without ever leaving yourdesk. Three of the best sources for onlineresearch include:
■
NAR Research
– NAR offers state-by-state international business reports,
ONE
 
Global Perspectives
February 2011 ~
3
ONE MORE STEP!
CIPS Training
If you are interested in pursuing globalopportunities, but haven’t yet takenCertified International Property Specialist(CIPS) training, this is an importantstep to add to your list. The specializedcoursework helps agents short-cut theprocess of becoming knowledgeableabout the essential elements for successin international transactions. Plus, CIPScandidates expand their opportunitiesfor international referrals by becomingmembers of the CIPS Network.Learn more about earning your CIPS atrealtor.org/global/cips/earn_cips_realtor.demographics of foreign-born and-speaking residents in the U.S. (at thecounty level), key housing statistics andeconomic indicators, and much more.Go torealtor.org/research/research/reportsintlfor a listing of all internationalresearch, or refer to the August 2010issue of
Global Perspectives
for more aboutNAR’s research offerings.
■
U.S. Census Bureau
– Go toquickfacts.census.govfor a drill-downof demographic details for all states,counties and cities/towns with more than25,000 people. Once approved, 2010Census data will be incorporated into theonline database.
Compiles a widerange of general statistics on U.S. cities,as well as many neighborhoods and zipcodes. Includes information on residents(race, income, ancestries, foreign-bornresidents, place of birth, etc.), graphsof key real estate market statistics, andmuch more.
Step 5.
Tap country-specific resources.
Assuming you’ve identified a particularcountry you’d like to concentrate upon that iswell-represented in your market, you’ll wantto make sure you connect with any NAR-affiliated groups or individuals also focusedon that part of the world, including:
■
Ambassador Associations
– Numerouslocal associations of REALTORS® serve asambassadors to NAR bilateral partners orCooperating Associations located acrossthe world. Any REALTOR® can approachany Ambassador Association and expresstheir interest in getting involved—you arenot limited to the activities undertakenby your own local board. To researchthese relationships, go torealtor.org/global_alliances.
■
President’s Liaisons
– Similarly,individual members of NAR have beenappointed by NAR’s President to act asliaisons, helping facilitate interactionsbetween Cooperating Associations andNAR members. You can approach theseindividuals, typically CIPS designees,and express your interest in a particularcountry. This is not a referral network butrather a peer-to-peer program offeredas a service to NAR members. A list ofPresident’s Liaisons can also beaccessedatrealtor.org/global_alliances.
■
 
Cooperating Associations
– Theseprofessional real estate groups,representing practitioners aroundthe world, have formed cooperativerelationships with NAR. Even if you don’tplan to conduct transactions in anothercountry, it is important to learn moreabout these groups. Their membershave an NAR-compatible code of ethicsand can help you understand how realestate is transacted in their country—an important point of reference forserving clients from the same country oforigin—and perhaps facilitate referrals.Cooperating Associations can also befound atrealtor.org/global_alliances.
Step 6.
Explore other important groups.
There are numerous other groups you caninvestigate for more information and globalnetworking relationships, including:
■
U.S. Chamber of Commerce
– Theworld’s largest business federationrepresents the interests of more than3 million U.S. businesses, 96 percent ofwhich have less than 100 employees.The U.S. Chamber of Commerce alsohas an active international agenda, withprograms and councils advocating for U.S.business around the world. Learn moreabout their national and regional eventsat uschamber.com.
■
American Immigration LawyersAssociation
– Over 11,000 attorneys aremembers of the AILA. While membershipis restricted to lawyers, real estateprofessionals can tap numerous onlineresources, participate in conferences andonline events (at a higher non-memberrate), and find an immigration attorneyin their area using an online directory.Visit aila.org. This list of steps will take you far. But tosome extent, it is just a beginning. Once youdig in, you’ll discover countless other ideasfor getting involved and building your globalbusiness well beyond what you might haveinitially imagined.
GP

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