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Indian Real Estate Agents can now go for International Transactions
Saturday, March 15 2008

Local realtors in India need no longer confine their activities to the local market. They can now extend their operations by transacting on a global level. This was made possible by the National Association of Realtors - India (NAR-India) and Bangalore Realtors Association- India (BRA-I), who facilitated the Transnational Referral Certification (TRC) programme for the first time in India, in Bangalore recently.

The Transnational Referral Certification (TRC) programme was conducted by NAR-India in association with NAR- US and the International Consortium of Real Estate Associations (ICREA), US.

Speaking at a press conference to inaugurate the programme, Norman D Flynn, Senior Consultant, ICREA, US and President, International Real Property foundation (IRPF) said, "The TRC empowers the participants to make transnational referrals. For example, a local real estate broker whose client is getting transferred to the US can refer that client to a US broker and vice versa."

"Monetarily, the local player stands to gain significantly with the referral fees typically ranging from 20-30% of the receiving broker's commission. The US commissions are on an average 3% per side. Besides the monetary aspect, the local broker has now a reputation of being an international broker," he added.

Speaking on the occasion, Farook Mahmood, Founder President, NAR-India, and President, BRA-I, said, "Property buyers in India can now source property for purchase or rent anywhere in the world through their neighborhood realtor."

Apart from the certification course, a series of workshops and seminars are to be conducted across the country. "These workshops will cover a host of issues involved in international business processes. All these will be certified courses needed to gear up domestic realtors to meet global standards in best practices and processes." added Mahmood. While the course was conducted free of charge, a one-time ICREA registration fee of US $ 99 (approximately Rs 4,000) was required to be paid if participants needed the certificate. Individual member brokers, on completing the course, were given a Transnational Referral Certificate (TRC).

Earlier, the Bangalore Realtors Association - India (BRA-I), formally signed a protocol agreement with NAR-India. Besides BRA-I, Chennai Real Estate Agents Association (CREAA), Estate Agents' Association of Pune (EAAP), Realtors & Estate Consultant Association of Kolkata (RECA), Association of Certified Realtors of India (ACRI), Gujarat Realtors Association (GRA), and Andhra Pradesh Realtors Association (APRA), also signed a protocol agreement with NAR-India. The California-based South Asian Real Estate Association of America (SAREAA) also signed a bilateral agreement with NAR-India.

Present on the occasion for the signing of the protocol was Pat V Combs, President, National Association of Realtors - USA. Commenting on the tie-up, Pat Combs said, The NAR-India was registered in June, 2007, as a non-profit society under the Societies Registration Act of India. NAR-I is registered in Bangalore and headquartered at New Delhi. Acting as a credible voice for realtors in India, NAR-India aims to streamline and promote professionalism in real estate brokerage in India in order to achieve transparency, accountability, fair dealing and ethical practices in the industry. Besides providing skills, education and best practices to its members, the NAR-India is involved in activities such as market research, dissemination of information, lobbying with governments, both at the local and national level, conducting conferences, exhibitions, etc. Recently, NAR-India tied up with National Association of Realtors, USA, thus becoming its affiliate. This makes it possible for all its members to interact with its affiliate members across the globe through an Internet platform (www.worldproperties.com) for property transactions. The US body has over two million members across the world.

NAR-India has already signed a Protocol Agreement with the International Real Property Foundation (IRPF), Chicago, USA, for technical assistance, along with the USAID. NAR-India also has an alliance with the International Consortium of Real Estate Associations (ICREA), USA.


 

 

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