Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Malabar
Thiruvananthapuram
Real estate brokers can go global
|
Bangalore was recently host to the first Transnational Referral Certification in India enabling local Indian realtors to transact globally, says RANJANI GOVIND
|
Photo: N. Sridharan
Spurring deals: All that a broker needs is certification for global transactions.
Thousands of realty associations with lakhs of brokers, innumerable real estate transactions that spin crores of business deals from India and across the world. So what does the country lack in real estate commerce? A certification and a boost to stamp your efforts genuine, is perhaps what the trade is deficient in. Now there seems to be a breather, to a large extent. Bangalore was recently host to the first Transnational Referral Certification in India enabling local real
tors to transact globally with an international certification.
This was made possible by the National Association of Realtors – India (NAR-India) and Bangalore Realtors Association- India (BRA-India) who facilitated the Transnational Referral Certification (TRC) program in association with NAR-U.S. The TRC course is designed by the International Consortium of Real Estate Associations (ICREA) and only the members of the ICREA member associations, such as NAR-India can obtain the certificate.
So, it basically sets off with becoming a member of NAR-India. The whole affair enables a referral between brokers/associations in different countries, for example, a broker in India who has a client being transferred to the U.S., may refer that client to a U.S. broker. Or, a U.S. broker who has an Indian client wanting to purchase a second home in India may refer the client to a broker in India. It should be remembered that ‘certified’ transactions are what one is looking at.
The backgrounder
Real Estate makes an enormous contribution to the development of economy, and is the largest employment generator, perhaps after agriculture. Despite the significance, it has remained a largely disorganised sector. While the building materials, construction equipment and finance sectors have fairly looked up, the transaction processes continue to remain hungry for reform. At the press conference , Norman D. Flynn, Senior Consultant, ICREA, said, “Monetarily the local player stands to gain sufficiently with the referral fee typically ranging from 20-30 per cent of the receiving broker’s commission. Besides, the local broker would also have a reputation of being an international broker.”
Farook Mahmood, Founder President, NAR-India, and President BRA-India said, “Apart from the certification course that would be on in several states, a series of workshops and seminars are to be conducted across the country covering issues in international realty processes.” While the course is free of charge, a one time ICREA registration fee of Rs.4000 was required (even for individual member brokers) for the certificate.
Call 080-25592881 / 080-41122882 for more details.
Printer friendly
page
Send this article to Friends by
E-Mail
Property Plus
Bangalore
Chennai
Hyderabad
Kochi
Malabar
Thiruvananthapuram
|
