Since the 1950s, Realtors have served as key partners in leading the development of policy on housing and private property rights on the international front. By working to establish sustainable partnerships with numerous nations, NAR has helped maintained its lead role in this effort abroad.

Among the international real estate groups NAR has formed partnerships with include the emerging countries within the former Soviet Union. These partnerships have helped these Eastern European nations through the inevitable setbacks, crisis and struggles they face as emerging democracies. In addition, NAR's sustainable partnerships in these countries have assisted the citizens of the region in creating and strengthening their own professional real estate and real estate-related organizations, institutions and associations.

NAR and the Irish Auctioneers & Valuers Institute (IAVI) also have had a bilateral cooperation agreement for several years, under which the two groups share and exchange information, educational programs, and technical expertise. This contact with the IAVI underscores the many advances made in using technology to serve real estate markets worldwide. It also benefits NAR's joint searches for universally accepted and understood real estate technical standards.

Earlier this year, I had the opportunity to discuss this influence while attending the national conference of the IAVI, in the City of Derry, Northern Ireland. The last several years have seen a dramatic growth in the technology sector in both southern and northern Ireland. Ireland is now the second largest exporter of software in the world, second only to the United States. Both the Republic of Ireland and Northern Ireland are experiencing new growth in technology and its use, and this has had a definite effect on all property markets, residential, commercial and industrial.

In fact, the financial investments in the hardware and software sectors of the computer market have so greatly stimulated Ireland's economy, that there are shortages in the availability of developed real estate in all market sectors.

Most recently, I represented NAR in meetings with representatives from the leading real estate organizations in China and Japan, to discuss a variety of issues including technical, educational and other forms of collaboration between the American and the Asian associations. These in-depth meetings with the China Real Estate Association and the Society of Hong Kong Real Estate Agents resulted in two Memorandums Of Understanding, which will become formalized during NAR's Annual Convention in San Francisco in November.

These agreements are important in setting the stage for organized real estate in China. After several years of stalled growth, the Hong Kong real property market now appears poised to return to positive growth. New infrastructure spending, such as commuter transport and a major theme park will contribute to what now appears to be positive growth in 2000. In addition, China's accession to the World Trade Organization should provide additional growth and investment opportunities for Hong Kong companies.

Agreements between NAR and the Real Estate Companies Association in Japan (RECAJ), the Association of Real Estate Agents of Japan (FRK), and the National Federation of Real Estate Transaction Associations (NFRETA), have already established the first direct linkage of online property listings via the Internet.

As the global communications media catapults us into a new era, the real estate industry has realized that it must quickly change its focus to absorb new techniques, strategies, and knowledge. NAR recognizes these changes in focus and is currently working to establish a new international consortium to help increase global communications within the real estate industry, and to help ensure homeownership opportunities and real estate professionals are available to citizens of all nations.

The formation of a new international real estate consortium will serve to bring together more than 1 million real estate professionals worldwide to share their ideas, business techniques and strategies. Members will commit to a technical standard for electronic data transfer, a standard of ethics and dispute resolution and the facilitation of international referrals. Additionally, members of the consortium will cooperate in maintaining a Web site on the Internet to facilitate information exchanges.

In addition to NAR representing the United States, and Ireland, participation in this consortium is expected from a number of countries, including Australia, Brazil, Canada, France, the Netherlands, Norway, Russia and Singapore. These nations are all well positioned to devise the norms and standards of the global real estate market. NAR plans to formally launch the international consortium at its annual meeting in San Francisco in November.

NAR and its members value the relationships we have with all of our with our international colleagues and look forward to their active involvement in the development of new technical and business standards for real estate. By 2001, NAR anticipates its bilateral partners will represent countries with an aggregate of in excess of 90 percent of the world Gross Domestic Product, and more than 1.5 million real estate professionals.

Once multilateral agreements are signed and in operation, consortium participants will gain access to an indispensable resource for international real estate business enhanced by that important element, trust

Published: July 24, 2000

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