Residential Real Estate News
NAR Selects New Bilateral Partners
(ORLANDO, FL) - Today's real estate market knows no borders, which is why the National Association of Realtors has been expanding its network of business partnerships around the world and has recently established new bilateral agreements with seven national partners in Europe, Latin America and Asia.
"Over the past two years, as the domestic real estate market has flattened, global business has remained a mainstay for many of our members who are involved in international business," said Realtor® Tony Macaluso, 2008 chair of NAR's international operations committee. "We want to build on and expand that outreach. Our guiding vision remains to render the global real estate markets accessible, profitable and ethical for Realtors® everywhere."
Macaluso announced the new partnerships at the 2008 REALTORS® Conference & Expo. NAR's European bilateral partnerships are with the Confederation of Belgian Real Estate Brokers and the Real Estate Consultants Federation of Turkey.
In Latin America, NAR's new bilateral partners are the Association of Real Estate Brokers of Belize and the Association Peruana de Agentas Immobiliarias del Peru.
In Asia, the new NAR partnerships are with the China Institute of Real Estate Appraisers and Agents, the Taipei Association of Real Estate Brokers in Taiwan, and the Vietnam Real Estate Association.
With the addition of these latest agreements, NAR now has 81 bilateral partnership agreements in 59 countries worldwide. Bilateral agreements provide for reciprocal exchange of education and training, as well as commitments to high standards of ethics and best practice.
This year more than 26 percent of NAR's members had some business relationship with foreign-domiciled clients, but in certain regions, those numbers are much higher. In Florida, for example, 61 percent of Realtors® reported having foreign clients. "As our world becomes increasingly borderless, NAR will continue to work for broadening opportunities for our members and for investors everywhere," Macaluso said.
