Professional Documents
Culture Documents
TheU.S.realestatemarketisthemostvaluablebuyintheworld. AreyourREALTORmemberstakingadvantageofit?
FromfarmlandinArkansastoresortsinArizona,theU.S.marketisgoing global.ByofferingtheCertifiedInternationalPropertySpecialistDesignation inyourassociation,youareprovidingyourmemberstheresourcesto expandtheirmarketandglobalizetheirbusinesswithouteverleavinghome. *LookforourrefreshedandstreamlinedCIPScurriculum, launchingsummer2010!
www.realtor.org/global
The Research
Would it help to know where foreign real estate buyers are from and what language they speak? How would you respond if a foreign investor asked how your market compares to others? Smart marketing and business plans are based on reliable research and benchmarks. NAR research compiles the data you need to interact intelligently with foreign real estate clients and customs, from the multimillion-dollar investor to the immigrant first-time home buyer. The resources listed below offer more than a thousand pages of downloadable research reports.
Country Profiles
Profiles on more than forty countries provide succinct information on real estate business, market conditions, political environment, land rights and usage, foreign ownership regulations, and cultural norms. Its what you need to know just when you need to know it. For the practitioner doing business in another country this information is invaluable. For local market business, understanding a foreign clients business and cultural background leads to a successful transaction. 4www.Realtor.org/intlprof.nsf
Global e-Report
Looking for international real estate news items for your association or firm newsletter? NAR publishes a monthly electronic newsletter, the Global e-Report. All of the information provided may be used in local REALTOR association newsletters, Web sites, or members personal marketing materials. News items include a link to the source information for the complete article. NAR Members can subscribe to this publication via their member profile.
Virtual Library
This digital library, created especially for REALTORS, includes a section for international real estate. Titles include downloadable audio books for total-immersion language learning. Check out Adobe and Mobipocket eBooks for use on a PC or handheld device, or listen on-the-go with digital audio books. The downloadable media collections also include OverDrive MP3 Audiobooks which can be transferred to a wide range of devices, including the iPod, iPhone, and iPod Touch. 4http://ebooks.Realtor.org
The Education
NARs global educational offerings are designed for learners at all levels from beginner to veteran. Access to learning is not confined to a classroom and does not have to take you or your sales force away from your real estate business. Courses are offered locally through a network of REALTOR associations and licensed education providers, online, or as turn-key programs designed for presentation in the firm. Some educational programs offer credit toward other certifications and professional designations offered by NAR affiliates and specialty sections.
Speakers Cadre
Looking for a speaker for your next event? The International Speaker Cadre has a searchable database of qualified speakers. Search by name, topic, geographical location, or search the entire database for the right presenter. 4www.Realtor.org/cipshome.nsf/pages/speakers
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The Credentials
The Certified International Property Specialist designation connects the practitioner to an active global network of real estate professionals and these valuable network connections relate directly to higher incomes. A recent study found that REALTORS with a CIPS designation earn more than double that of non-designee peers. Why? The difference is the CIPS Network. In addition to the prestigious CIPS designation, the Network extends you access to thousands of other professionals who have chosen global business. Together, your membership demonstrates investment in and commitment to professionalism.
Source: NAR Marketing Research, 2008 Certified International Property Specialist Survey
www.WorldProperties.com
The property information Web site of the International Consortium of Real Estate Associations (ICREA) advertises more than three million commercial and residential properties around the world. WorldProperties.com helps members of Consortium associations advertise properties to the global marketplace and helps consumers find properties and qualified real estate professionals around the world. As a REALTOR you are already affiliated with ICREA and can take advantage of member-only services available from WorldProperties.com. Just go to the Web site and register as a New User (you will need your NRDS ID#). Key among the benefits are access to ICREAs Transnational Referral and Dispute Resolution System. As an added benefit for CIPS designees, ICREA broker and agent designees are highlighted in the Find a Professional member search. 4www.worldproperties.com
The Network
Networking is essential to building a successful international real estate practice. But making quality contacts in the right places can be somewhat daunting. NAR facilitates networking by bringing international practitioners together, online and face-to-face. In addition to events and meetings, the synergy of Ambassador Associations, Presidents Liaisons and Regional Coordinators, Cooperating Association partnerships, and Local International Councils creates an incomparable network of productive relationships.
CIPS Network
The CIPS Network has over 2,000 members in over 60 countries and represent professionals who have selected global business specialization. Network membership is open to association executives too. Network members are listed in both a printed and searchable online directory. 4www.Realtor.org/global > select CIPS Network
International Memberships
Real estate professionals who reside outside of the United States, and are affiliated with one of NARs Cooperating Associations, have three membership options for joining NAR directly: International REALTOR Member International CIPS Network Member CIPS Designee A direct membership option is also available for real estate professionals in markets not covered by the Cooperating Association alliance. 4www.Realtor.org/global > select International REALTOR Membership
Cooperating Associations
Through an international network of more than 80 national real estate associations in nearly 60 countries, as well as the NAR Ambassador Associations and Presidents Liaisons assigned to each country, NAR maintains formal relationships with organized real estate associations around the world. View the current list of these groups including addresses, e-mail contacts, and Web sites. 4www.Realtor.org/global > select Global Alliances
Ambassador Associations
The Ambassador Association program is modeled after the international Sister-City programs by linking Cooperating Associations with a state or local REALTOR association. The Ambassador Association works closely with a Presidents Liaison and Regional Coordinator to expand global business opportunities. They also host Cooperating Association delegates at NAR meetings and during official visits to the United States. 4www.Realtor.org/global > select Global Alliances
Embassy Visits
Held in conjunction with the NAR Midyear Meeting in Washington, D.C., this program offers CIPS designees the opportunity to meet with the ambassador and commerce staff of foreign embassies. Discussion focuses on points of interests between the U.S. and the embassy country. The visits promote NAR and CIPS designees as a professional resource for the countrys global real estate needs. Invitations are sent annually to CIPS Designees as an exclusive benefit.
Market-to-Market Program
Much of the global business done by REALTORS takes place in local markets with immigrant buyers, foreign investors, and Americans buying abroad for investment, retirement, or second homes. The new market-to-market initiative builds on this trend by supporting business development opportunities in specific markets or countries. The program provides resources for individual agents and brokers, as well as state and local associations. An online guide provides a planning roadmap as well as a market-tomarket toolbox of resources and contacts. 4www.Realtor.org/global > select Market-to-Market
Expo Real
Expo Real International Commercial Property Exhibition, held in October in Munich, includes 1,800 exhibit booths spread among six halls and draws close to 40,000 participants. Show registration is reasonably priced and participation is very business focused. Expo Real includes markets worldwide. REALTOR attendees may use the NAR booth as a meeting point, message center, and information distribution channel. NAR members and their guests are also invited to an in-booth reception. 4www.Realtor.org/global > select Meetings & Events
17 YOUR GLOBAL REAL ESTATE BUSINESS PARTNER
The Marketing
Advertising resources and sources help you reach targets around the world. Free resources include downloadable logos, professionally produced print ads, and directory listings. Real estate professionals who want to invest in more prominent advertising can choose from a menu of opportunities such as event sponsorships, and display advertising. Whether promoting a destination, marketing a new development, selling a franchise, or promoting your product or service to the global marketplace, you can reach targeted prospects from around the globe.
Personal Marketing
As a benefit of membership, professionally designed personal marketing advertisements are available to CIPS designees for use in local publications or personal newsletterscamera-ready or downloadable PDF files. A series of customizable flash banner ads are also available. This is an exclusive benefit to CIPS designees.
Logo Downloads
Logos for CIPS, and the REALTOR R can be downloaded at www.Realtor.org/global. The TRC logo can be found at www.WorldProperties.com. Use these logos on print pieces, business cards, stationery, Web sites, and promotional items. Please note that only those who have earned the CIPS designation or TRC certification may use those logos.
Sponsorships
Build market awareness and prestige through a sponsorship at the NAR Conference & Expo. The basic sponsorship package includes a display area, recognition in the printed program distributed to all 20,000+ registrants, a web link from the Realtor.org Convention and Global Web pages, and more. Sponsorships packages are available at three levels, from basic to premium, and NARs Global Business & Alliances staff can help you identify the sponsorship opportunity that best fits your budget and promotional goals. Contact NARGlobe@realtors.org for information.
STEP 1: Research
Market intelligence is one of the cardinal rules of successful marketing. Knowing your audience allows you to provide the most relevant resources and information to your clients. When tapping into a global audience, research becomes even more critical as their needs, habits, and what motivates buyers can vary drastically across continents and cultures. Before you expand your business globally, its essential to identify and specialize in a very defined and distinct part of the market. This will help you focus your time and resources on one niche. Not sure who is buying or is likely to buy in your market? Your NAR membership provides access to valuable research reports that might hold the key to your new niche audience. Reports available on realtor.org/global include: State-by-State International Business Reports a look at international business activity by state, including the number of foreigners arriving from various countries, homeownership rates, and top exports. Housing Price Indices: A World Wide Overview of Real Estate Prices in Recent Years - Examines the availability of housing data on a countryby-country basis and assembles roughly comparable data over a significant time period to identify changing price levels in the international housing markets. (Encompasses countries for which the data was readily and publically available back to at least the first quarter of 2000.) The NAR Profile of International Home Buying Activity - Find out which are the top five countries of origin for foreign home buyers coming to the U.S. and how these buyers are utilizing the services of REALTORS. Foreign Investment in U.S. Real Estate - Covers foreign investment in U.S. real estate with a breakdown of the major countries with significant holdings. An overview of todays market and a forecast for the coming year are included. Americans Buying Homes Abroad Covers the real estate purchasing activity of U.S. citizens in other countries. There is growing evidence that for many, owning a home abroad is as much as part of the American Dream as owning a home in the United States.
21 YOUR GLOBAL REAL ESTATE BUSINESS PARTNER
STEP 2: Education
When you have conducted research and determined the appropriate niche market, educate yourself in the global business arena. Business methodologies vary across cultures, and assuming that others conduct business exactly the same way you do can be very short-sighted and ultimately cost you a sale. NAR offers a variety of relevant education opportunities, many of which are outlined in previous pages. Courses that will help you expand your knowledge of global business include: CIPS Courses - Offer you hands-on experience with international real estate transactions, as well as five days of study focusing on the critical aspects of transnational transactions. Courses can be taken individually or as part of a CIPS Institute which combines all courses in one week allowing you to jump start your global focus. Risk Reduction Course - Provides agents and brokers with the additional requirements of working with international clients in their local market, thereby reducing risk and liability while helping them succeed in an increasingly multicultural, global world. Transnational Referral Certification - Learn how to integrate international referrals, resulting in increased income, into your business plans. *For U.S. REALTOR members only, offered through ICREA. Doing Business in Mexico - Do you have clients and customers who want to buy or sell real estate in Mexico? Or, do you have clients from Mexico who want to buy property in your country? This course teaches the basics of real estate transactions in Mexico when foreigners are involved as buyers or sellers. Doing Business in the United States - Familiarize yourself with the structure, operation, legal and regulatory environment of the U.S. real estate market. This is a great option for non-U.S. professionals who want to understand U.S. real estate. At Home With Diversity - Diversifying your clientele means learning the practical skills and tools to expand business and effectively service all cultural groups. This class addresses issues of diversity, fair housing, and cultural differences. Resort and Second Home Property Specialist (RSPS) - Learn how to serve the growing second-home and resort real estate market with the RSPS certification. Show buyers and sellers that you have the specialization to serve them in their second home search process.
Step 4: Networking
Networking is possibly the most critical component to success for a REALTOR. While it used to be done face-to-face at events, now you can work a room virtually as well. Face-to-Face Networking at Trade Shows For global real estate in the Internet age, the trade show may be the one time when business contacts have an opportunity to meet face-to-face. Trade shows offer networking, comparison shopping, cost-effective sales contact, education, an opportunity for keeping an eye on competition, and exposure to new ideas, products, and trends. To make them worthwhile, set specific business objectives. A plan to hand out business cards and check out new products is not much of a plan and can leave you wandering up and down the aisles with a dazed look. Research trade shows and determine which ones best meet your business objectives. Read over the advance listing of exhibitors and prioritize which exhibits are mustsee vs. like-to-see. Visit your must-see exhibits first. Have questions prepared and have your own personal script prepared in order to keep the conversation on-task and in line with your own objectives. Once your objectives are met, allow the booth staff to pitch their products its a great way to learn about new things. And of course, never forget your business cards!
Virtual Networking/Social Media If you want your business to have a global focus but you dont have the money or resources to travel the world, virtual networking is your most likely avenue for cultivating business opportunities. Joining Facebook and other social media sites offer the opportunity to present yourself and your business to people all over the world without leaving home. Once youve joined look within the larger community for smaller special interest groups created for your audience. Remain focused know who you want to find, do your research on finding their social networks, and get involved in the discussion. If you are new to social networking, consider coming up to speed with these helpful resources from NAR: - Field Guide to Social Media for REALTORS www.realtor.org/library/library/fg125 - Master Social Networking for Your Real Estate Business -from REALTOR Mag Online www.realtor.org/RMOtechnology/socialmedia_resources - Social Networking -- Facebook. The Ultimate Guide for Real Estate Professionals www.realtor.org/prodser.nsf/products/141-334?OpenDocument#detail While there is so much more to discover in the world of global real estate, following these four steps will get you started along the right path. Using all of the resources available to you from NAR will give you an edge in the global marketplace. Are you taking advantage?
Step 1: Education
You must successfully complete the 2 core courses and 3 out of 4 regional courses (outlined below), and pass the multiple-choice examination given at the end of each course. To pass an exam, you must earn a 70% or better. Calculators are required for all courses. Core Course: Local Markets (1 day) is a required prerequisite to the other courses. Transactional Tools (1 day) is a required course. Europe & International Real Estate (1 day) is an elective course. Asia/Pacific & International Real Estate (1 day) is an elective course. The Americas & International Real Estate (1 day) is an elective course. The Middle East and Africa & International Real Estate (1 day) is an elective course. At Home With Diversity (1 day) is an elective course.
4www.realtor.org/global > select CIPS Designation for more course outlines and schedules.
Did you know Association Executives and staff can also earn the CIPS Designation?
Visit www.Realtor.org/global > select CIPS Designation > Become a CIPS (AEs)