REALTORS® with expertise in the global real estate marketplace offered their input on international business operations to those tuned into a session of the 2020 REALTORS® Conference & Expo on Tuesday. As a result of bilateral partnerships with more than 100 different countries, members of the National Association of REALTORS® (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 REALTORS® capitalize on those partnerships, extend their business into global marketplaces and create relationships across the world.
“We have one brand, which is the REALTOR® brand, across the world,” said Trisha Roy, the principal broker at Open Spaces International in Newberry, Fla., and leader of the discussion. “International and domestic REALTORS® are all REALTORS®. 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.”
Raj Rajpal, a New York-area mortgage consultant with 30 years of experience in the real estate industry, reiterated Roy’s assertion, encouraging REALTORS® to have peace of mind as they begin operating across international borders because of the guidelines NAR has instituted in its global partnerships.
“You need to take advantage of all the work NAR puts together to make sure you are connected with every part of the world,” Raj told the attendees of the session. “If you need to learn about any of these countries and continents, you have access to this group of people . We have industry partners across the world who… have agreed to abide by NAR’s policies and rules, so you are dealing with ethical people who follow the Code of Ethics that comes straight from NAR.”
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.
“Bilateral partnerships with NAR are the necessary foundation to your international business success,” said Marsha Collins-Mroz, NAR’s consulate general liaison to Greece. “Once NAR has vetted and approved a global association for membership, that association’s members have the ability to join NAR as international members… agree to abide by the strict Code of Ethics, giving all NAR members further confidence to engage in transactions with our global counterparts.”
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.
“Technology is amazing, and you’ll be using it most often in your global business, but nothing takes the place of face-to-face meetings when it’s safe to do so,” said Ohara Blizard, who has real estate and consulting clientele across 10 different nations. “Travel solidifies the relationship. It allows you to familiarize yourself with the culture and to learn trends and nuances.”
She noted that she encourages students in her international consulting classes to increase “Line 24-A” on their federal income tax filing—their travel line—which ranges from $50,000-$75,000 in any given year for Ohara Blizard.
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