Property Plus
Coimbatore
Real estate brokers can go global
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Bangalore was recently host to the first Transnational Referral Certification in India enabling local Indian realtors to transact globally, says RANJANI GOVIND
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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 realtors 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. While one may think these dealings are already going on, it should be remembered that ‘certified’ transactions are what one is looking at, under the umbrella of a legitimate and authentic stamp. This is where the TRC comes in to make a bold beginning.
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. The realtors or brokers who are in the interface with consumers in the transaction processes have to get reformed to use international standard practices to enable transnational business. Unless this is done, investor confidence will not come in easily. India has thousands of realtors and brokers operating in over 35 metropolitan cities. NAR-India will fashion itself as an umbrella organisation representing the interests of these operators.
Broker’s commission
At the press conference to inaugurate the program, 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, and the certified courses will gear domestic realtors to meet global standards in best practices, for creating a professional and transparent realtor fraternity.”
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. Earlier in the day NAR-India signed protocol agreements with the Bangalore Realtor’s Association; Chennai Real Estate Agents Association; Estate Agents Association of Pune, Realtors & Estate Consultant Association of Kolkata; Association of Certified Realtors of India; Gujarat Realtors Association and Andhra Pradesh Realtors Association.
Pat V. Combs, President, National Association of Realtors – U.S. said, “This is a historic day and the tie-up is for providing additional values and professional development opportunities to members who could be heard throughout the world.”
NAR-India, registered in 2007 as a non-profit society is an affiliate of NAR-U.S. This makes it possible for all its members to interact with its affiliate members across the globe through the internet platform – www.worldproperties.com – for property transactions.
Acting as a credible voice for realtors in India, it aims to streamline and promote real estate brokerage in order to achieve transparency and fair dealing in the industry. The society is also involved in market research, dissemination of information, lobbying with governments, conducting conferences and exhibitions.
Call 080-25592881 / 080-41122882 for more details.
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Property Plus
Coimbatore
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