3. International Real Estate Best Practices Case Studies:
From the Classroom to Your Real Estate Office
Contents
Lessons from the Case Studies ......................................................................................................................................... 1
SIMA Leads to Business in Panama .................................................................................................................................. 3
International Arkansas ..................................................................................................................................................... 5
A Commercial REALTOR® Goes Global .............................................................................................................................. 7
The Wide Angle View ....................................................................................................................................................... 9
International Real Estate in the Backyard........................................................................................................................11
Associations Connect Markets ........................................................................................................................................13
International Referrals Made Simple ...............................................................................................................................15
The Adventure Continues ................................................................................................................................................17
I Want To Be Your International Strategy ........................................................................................................................19
Use the Internet to Reach Out Globally ...........................................................................................................................20
An Unexpected Journey ..................................................................................................................................................21
Finding the Mother Lode at the Panama Spectacular ......................................................................................................23
Just Go and Get Out There! .............................................................................................................................................25
You Can’t Go It Alone—Network .....................................................................................................................................27
4. International Real Estate Best Practices Case Studies
The Certified International Property Specialist Network of NAR International provides
specialized services to real estate professionals-—both domestic and international—who are
interested or involved in the international real estate arena. Buyers and sellers involved with
international real estate transactions are encouraged to work with a REALTOR® who is a
member of NAR's CIPS Network and has earned the prestigious CIPS professional designation.
The CIPS designation is the educational foundation of the Network. CIPS designees have successfully
completed an intensive seven-day program of study focusing on critical aspects of transnational transactions
and also have proven hands-on experience in international real estate transactions.
The Transnational Referral Certification is awarded by the
International Consortium of Real Estate Associations (ICREA) to real
estate professionals who complete the required course of study. This
certification attests to the practitioner’s knowledge and readiness to
manage international referral business, as a referring or receiving
agent. When initiating an international referral, look for the Transnational Referral Certification. Certified real
estate professionals are attuned to international referrals and will abide by ICREA business principles.
NATIONAL ASSOCIATION OF REALTORS®
5. From the Classroom to Your Real Estate Office
Lessons from the Case Studies
What can I do right away to develop international real estate business? What can I do tomorrow? Next
week? In the near future?
How do I get started in international real estate if I can’t afford to travel to other countries?
What is the value of studying international real estate and earning the CIPS designation if my market is
local?
How can I transfer what I’ve learned in the classroom to daily business?
We put these questions to some members of the CIPS Network. They responded with insider tips and practical
advice you can implement today. The following stories are the voice of experience—from beginners to
veterans.
Are you wondering if involvement in international real estate is right for you? The real estate professionals
whose stories follow are experiencing the global market at home and abroad. They can attest that
international real estate begins with your mindset and at the front door of your office.
Whether you are working toward the CIPS designation or have already earned it, these case studies offer ideas
you can use and role models for success.
The adventure is just beginning.
The CIPS Designation Means Professionalism Network! Network! Network!
The CIPS designation opened the opportunity for It is absolutely about networking and referrals, the
me and gave me the confidence to pursue it. business relies on it and you cannot do it on your
Roger Minkoff, ABR, CIPS, GRI own. Effective networking is just vital.
James Wyatt, TRC
After I became a CIPS, the real work began. I came
away with the tools to find the answers for my new Learn where others come from and what their
international clients. I knew the important areas of specialization are.
questions to ask. Marsha Price, CIPS
Leon Katz, CIPS, CRB, TRC
Association Participation is a Plus
When I refer a client, the CIPS or TRC designations If members take advantage of all of the
show that they have gone the extra mile to invest international marketing tools and relationships
in the profession. established for them, they have an unbelievable
James Wyatt, TRC marketing opportunity plus a real competitive
advantage in the marketplace.
Get Out There and Meet People Teresa King Kinney, CAE, CIPS, RCE
When I travel I talk to everybody. Just listen and
you will learn a lot. Take advantage of the fact that I can confirm the value of attending international
you are there and talk to everyone. You don’t have meetings, expanding your network, and
to change yourself, just be respectful of others and establishing friendships and connections
open to learning.. worldwide. My advice to you now?Attend
Marcella Paz Cohen, TRC meetings. Make contacts.
Berith Malmberg, TRC
1
6. International Real Estate Best Practices Case Studies
There is no such thing as a buyers’ market or a
Participate in your real estate association and earn sellers’ market, there is only an agents’ market.
the professional designations—CIPS and TRC— The agent who continues to prepare for change
because it helps you network and you will inspire will continue to succeed in the quickly changing
each other. world of real estate.
Christopher Hall, TRC Harold Bagwell, CIPS
Personal Contact Makes the Difference
Sell Locally, Think Globally Today I probably have the same clients over and
I think a lot of times REALTORS® get the impression over and I didn’t do it through e-mail because that
that “I don’t want to list property in Timbuktu, so was not around—it was personal contact.
why should I take this class?” The point that they Pam Ward, CIPS, LTG, TRC
are missing is that international real estate is in
their back yards. You have to be an outgoing person and have the
Jacqui Jeffress, CIPS, CRS, GRI, TRC ability to communicate with strangers in order to
build relationships. But the key to success is really
The buyers and sellers you are working with today in the follow-up.
may be your international connections tomorrow. Debra Allen, ABR, e-PRO, TRC
Teresa King Kinney, CAE, CIPS, RCE
A Mentor Can Help
The global market is everywhere. As clients For someone just getting started in international
become more global, it becomes more important real estate, having a mentor is really a help. It’s like
to have the education, contacts, and connections having an older brother or sister who can help you
to assist them. and you can learn from their experiences.
Harold Bagwell, CIPS Marcella Paz Cohen, TRC
Pick a Country and Get to Know It When I was in my early twenties I found it all a bit
Start by finding the country or area that interests daunting because I was dealing with much older
you. Book a vacation to a country you are people, it was an age thing. If you are young and
interested in, research it and follow up on your feeling daunted by it all, try to find someone to
research, visit places, talk to real estate mentor you.
professionals. James Wyatt, TRC
Timothy McFadden, CIPS, e-PRO
Develop Your Web Site
Use the Internet to reach out. Combine the CIPS
knowledge and the Internet, to work fast,
effectively, and cost-efficiently. Take the evergreen
principles of real estate marketing and apply them
to how you do business on the Web.
Jack Peckham, CCIM, CIPS
Expand Your Mindset
You need to be with people who think out of the
box and think out of the borders too.
Pam Ward, CIPS, LTG, TRC, RCE
2 NATIONAL ASSOCIATION OF REALTORS®
7. From the Classroom to Your Real Estate Office
SIMA Leads to Business in Panama
Last April, I attended the SIMA Once the education programs miles from my office—and I
convention in Madrid, Spain. It began, I heard prestigious attended a property showcase
was a wonderful, very speakers discuss subjects as for one of his developments.
entertaining, and educational diverse as comparisons between There is currently a lot of
experience. the U.S. and European markets, interest among my buyers for
new real estate and computer those properties.
platform capabilities, and
opportunities in the booming Panama is In!
Arizona real estate market. I But, best of all is that as a result
learned about growth in of the networking with
Panama, met with several REALTORS® I met at SIMA, I was
Panamanian developers, and able to participate in a trip to
made some great connections. Panama arranged by Carla
Rayman, a broker-owner from
SIMA Yields Local Referrals Sarasota. In Panama, we met
The best thing I did in Madrid, with several groups. Grupo
Debra Allen, TRC, ABR e-PRO however, was to complete the Capital, a one-stop real estate
Prudential Arizona Properties requirements for the brokerage and legal firm, gave
Gilbert, Arizona Transnational Referral us detailed information about
Certification (TRC). As a TRC, I legal ownership in Panama for
have access to an international non-citizens. Grupo Corcione
This was my first time attending referral network within which I gave us a tour of their
an international convention and can market homes worldwide residential developments,
I didn’t know what to expect. for my sellers, and receive buyer Ocean Park II and Greenbay I
The orientation program was referrals from other TRCs and II, properties with
very well planned and gave me a around the globe.As soon as I phenomenal panoramic views
very good start in the returned home, I followed up located in Costa Del Este, the
networking process. with my new colleagues by most valued real estate master
telephone, e-mail, and postcard. plan project in Panama. The
On my first night at the The response was following day we met with Jose
convention, during the social overwhelming. I let it be known Boyd, a broker with many years
hour, I made contact with in my local sphere about the of experience in Panama, who
several U.S. brokers, agents, and success of trip to SIMA. When educated us on the Panamanian
developers. Through the course one of my clients told me he market and explained how
of the week, in the business as was moving to the Sarasota referrals are done between U.S.
well as in social settings, I met area, I was able to refer him to a and Panamanian agents.
agents from many countries, REALTOR® I met at SIMA who
including Bulgaria, Spain, works just minutes away from Business is everywhere! On my
Panama, Jamaica, and where the client was moving. flight home I met a man who
Argentina. They were all very She responded promptly to my was looking for property in the
friendly, well informed about client, and was able to help him Dominican Republic, but found
their real estate markets, and find a home, where he will be the prices too high. I told him
eager to share information with relocating shortly. about Panama, about its growth
me. In Madrid, I met a developer and the very reasonable cost of
from Scottsdale—just fifteen living, world-class health care,
3
8. International Real Estate Best Practices Case Studies
and hurricane-free tropical Follow Up Is the Key to developers was inspiring. You
climate. As an extra incentive I Success have to be an outgoing person
told him about the low taxes, In retrospect, SIMA was the best and have the ability to
stable economy, and the U.S. convention I could have communicate with strangers in
dollar currency. I gave him my order to build relationships. But
card and Jose Boyd’s card. the key to success is really in the
When I got back to my office, I follow-up. I am certainly
found an e-mail from the man Business is planning to attend the SIMA
on the airplane to me and Jose convention again in next year.
everywhere!
Boyd expressing an interest in
purchasing a home in Panama. First published in Global Perspectives
Currently, we are scheduled to in Real Estate, third quarter, 2006
meet in Panama in July for a
home-finding trip. attended to get started in
international real estate. The
networking with U.S. and
foreign brokers, agents, and
Debra Allen is a REALTOR® with Prudential Arizona Properties in Gilbert, Arizona. In 2007 she was honored as
Prudential Arizona’s Top Listing Agent. She specializes in properties in Panama and Mexico and her latest project is a
vineyard development in Mendoza, Argentina. Her hometown is Bremen, Germany and she is fluent in German. Ms. Allen
is also a Master Trainer for the US Army Family Readiness Program.
Debra Allen
Debra.Allen@pruaz.com
www.debraallen.com
4 NATIONAL ASSOCIATION OF REALTORS®
9. From the Classroom to Your Real Estate Office
International Arkansas
fish out of water in my little business longer, and were
At the age of 23, I found myself home town, and now my generally the top producers in
back in my home town of perfectly laid plans were fizzling. their markets. So, I began to
Pocahontas, Arkansas, look around for a course I liked,
beginning a Undeterred, I called Ken Gill, a and found the CIPS program,
career in REALTOR® I had met in my pre- and a subject that revived
real estate. licensure course who I knew was something about which I was
It’s a small working towards his broker’s deeply passionate.
town of license and planning to take
about 6,000 over the relocation department I flew to Redondo Beach,
people, in a firm in Little Rock. He California for a CIPS Institute. It
most of recommended I talk to a was a wonderful learning
whom I’ve flourishing company in my area, experience and I made friends
known my a wonderful startup experience. and contacts there I still talk to
whole life. Ken’s wide-ranging network— on a regular basis. But, I practice
Harold Bagwell, CIPS one of the keys to success in this in a little town in rural Arkansas.
RVI REALTORS® business—helped me in ways I How in the world was I going to
Pocahontas, Arkansas could not have imagined. My use a CIPS designation there? I
new broker taught me that my was aware that people were
pre-licensure courses hadn’t scratching their heads
It’s a quiet town where the prepared me for the real-life wondering if I had completely
Delta meets the Ozarks. One situations I would encounter in lost my mind. I was the only
side is flat, row-crop terrain the day-to-day practice of real CIPS, not only in my area, but
where we farm rice, soybeans, estate. the entire state of Arkansas!
and corn. Drive across the river But, I had a plan—to bring
and you get into what we locals The average sales price of a global markets to me.
call “God’s country” rolling hills, home in Pocahontas, Arkansas is
five great little rivers, beautiful $55,000. It’s not a market in The World Comes to
views, and amazingly well-kept which a REALTOR® can Pocahontas
ranches. specialize—there’s not enough Let me bring you up to date:
business. You have to know a While agents across the country
Having lived abroad, traveled little bit about a lot of things in are scrambling to find buyers
here and there, and worked in order to survive. At the time, and sellers, in my little Arkansas
an international business, I now the U.S. housing market was town, I am having a record year.
found myself wondering, “What booming and many of my My client list includes Honduran
next?” My plan was to get my friends were wondering why I builders, Korean investors,
real estate license and go to was here instead of in a major Italian homebuyers, and
work for the small company metropolitan market. California transplants for whom
where my parents had bought Arkansas is like another country.
and sold real estate for years. CIPS Designees are Top Things are good.
When I went to see the broker Producers
to inquire about when I could “Educate yourself,” my broker Recently, a CIPS designee from
start work, however, he told me said. He taught me that agents Atlanta, Georgia gave me a
he really didn’t have room for with many designations made listing referral in excess of $3.5
me. I was already feeling like a more money, stayed in the million. The only international
5
10. International Real Estate Best Practices Case Studies
factor in this deal is the CIPS My CIPS designation has more
Network. It’s a domestic deal It’s Always an Agents’ Market than paid for itself—not just
with two CIPS designees at the The global market is financially, but with the friends
helm, no international buyer or everywhere, even in rural and colleagues I’ve met along
seller, just two REALTORS® Arkansas. As clients become the way that have greatly
working with the resources we more global, it becomes more enriched my life. The media
have been given and have important to have the often talks about a “buyers
created. education, contacts, and market” or a “sellers market”
connections to assist them. If but I’ll leave you with this
Not long ago, I sold a farm to a you don’t know the agent in a thought: There is no such thing
Korean investor—a 900-acre as a buyers’ market or a sellers’
ranch they planned to subdivide market, there is only an agents’
into an equestrian Your market is market. The agent who
development. They fell in love bigger than you continues to educate and
with the beautiful Ozark think. prepare him or herself for
Mountain pastures and woods change will continue to succeed
with a fishing stream flowing in the quickly changing world of
right through the middle of it, real estate. Your market is
and decided against developing neighboring state where your bigger than you think.
it. They wanted to sell it and clients want to buy a second
reinvest it into a cash-flow home, or how to effectively
property. I helped them find refer a buyer to a real estate
First published in Global Perspectives
investment property—an 80- professional in Europe or in in Real Estate, third quarter, 2008
unit apartment complex about Mexico, they will find someone
an hour from the ranch, and who does. I hear agents say they
another fifteen minutes from can’t afford to take classes or
the second home I sold them on attend conferences. I say you
a lake in a golfing retirement can’t afford to miss them.
community.
Harold Bagwell traveled most of the world before beginning his real estate career as a REALTOR ® in Pocahontas,
Arkansas. He is the broker-owner of RVI REALTORS® and currently the only CIPS designee in Arkansas. He was named
one of REALTOR® Magazine’s “30 under 30” in 2006.
Harold Bagwell, CIPS
haroldbagwell@rvirealtors.net
www.revirealtors.net
6 NATIONAL ASSOCIATION OF REALTORS®
11. From the Classroom to Your Real Estate Office
A Commercial REALTOR® Goes Global
Land in California, a seller in the clear they were also from all were full of immigration
Philippines, a buyer in India and over the world. officer’s stamps from many
a deal closed in Hong Kong. parts of the world.
Going global can be financially When Susan invited me to
rewarding and lots of fun too. attend a seminar called “Going Four Countries, Two
Global and Selling Local,” I Continents, One Deal
didn’t think I needed to attend. I Among the people I had the
was a commercial REALTOR®, good fortune to meet was a
happy with what I was doing. I Philippine land banker who liked
went because she wanted to go. to purchase, hold, and develop
But, that class was so interesting land. He owned thousands of
to me, I decided to continue acres of land around the world.
with the full program and One of his California properties
become a CIPS. The CIPS was a very large parcel of land—
program really opened my eyes. more than 5,000 acres. His
It also opened new doors to an original plan was to develop the
Leon Katz CIPS, TRC exciting international real estate property, put up schools, a golf
Commercial Brokers, Inc. practice. course, housing, and
Torrance, California commercial centers. Knowing
Acquire the Tools, Learn the the parcel was probably too
I started to write this story in Questions small to realize his vision, I
Hong Kong at the end of the After I became a CIPS, the real asked him if he would sell it. He
AREAS exhibition sponsored by work began. The education gave agreed, and I began to market
NAR and the U.S. Commercial me a starting point from which I my new listing in the new world
Service at MIPIM-Asia. could find and serve of the Internet. I posted the
international clients, property at
The real story began about eight understanding that different WorldProperties.com.
years ago, when I fell in love cultures, laws, and points of
with a Filipina real estate view were all important. I came One Deal Leads to the Next
away with the tools to find the In the process, I learned a lot
broker, Susan Barlin, CIPS, who
answers for my new from my client—a very special
had immigrated to the United
international clients. I knew the man with an interesting
States in 1991. She had just
important questions to ask. background. He introduced me
opened her own brokerage to
to other investors, and I became
cap several years as a top sales
I began to learn about my very busy.
agent. I noticed her clientele
was really diverse—new chosen country, the Philippines.
At the same time, I began to Then, a local broker—
immigrants, first-time buyers,
travel widely, and to meet many representing an Indian client—
move-up buyers, and even high-
very interesting people, learning contacted me about the land
end luxury buyers. What caught
many things about their listing. After quite some
my attention, however, was that
cultures, beliefs, and business research and due diligence, his
her clients were not necessarily
practices—a self-directed client expressed a real interest
from the Philippines or the
education. In fact, I traveled so in the property. In the midst of
United States. They were from
extensively, I had to get a new the negotiation, I left on a real
everywhere. When I looked at
passport because all the pages estate trade mission to China
my own investor clients, it was
7
12. International Real Estate Best Practices Case Studies
and went from there to the headed for Thailand, for another possibility of opening operations
AREAS exhibition to market my series of meetings. Since I in a third country.
services to overseas investors. So, what does all this mean? For
The Indian buyer suggested we me, it’s been fun and exciting to
meet in Hong Kong to negotiate think and work globally. I've
After two days of
his purchase of the 5,000 acres learned that doing business with
in California. negotiations in people from other countries,
Hong Kong…I though challenging, is very
After two days of meetings and closed the sale of worthwhile. I've learned a lot
negotiations in Hong Kong, California land and continue to learn and study
aided by the Internet, the cell owned by a the international market every
phone and the fax machine, I Philippine resident, day. It all begins with a little bit
closed the sale of 5,000 acres of to a buyer in India. of education and a desire to do
California land, owned by a something internationally.
Philippine resident, to a buyer in
India. First published in Global
started to write this, a number Perspectives in Real Estate, first
About two months have passed of international opportunities quarter, 2007
since I began to write this have come my way, including an
article. I’m leaving for the offer from a foreign buyer to
airport in two hours, after a purchase 32,000 acres of land in
series of meetings with the U.S., the signing of a joint
government officials and venture development
business leaders in Vietnam. I'm agreement between parties in
two foreign countries, and the
Leon Katz is president of Commercial Brokers, Inc. (CBI) and LRK International Realty Investments, Inc. of Torrance,
Calif., and one of the founding members of CREBA, Inc. (USA), part of an international group of REALTORS ®, developers,
financial and political members committed to improving real estate development in the Philippines and to expanding
into other countries.
Leon Katz, CIPS, CRB, TRC
leon@cbire.com
www.cbire.com
8 NATIONAL ASSOCIATION OF REALTORS®
13. From the Classroom to Your Real Estate Office
The Wide Angle View
I strive for total globalization, Properties Create U.K. Buyer that and they have a “here
not just one referral. I aim to Referrals today and not gone tomorrow”
cement a relationship and then It is important to note that agent in the UK to support
build business on the back of essentially referrals are property them. Everyone’s happy!
business and this can be agents based. We in the UK need the
from one country to another. product to develop the referrals. Education, Distinction,
When it comes to referrals, Inspiration
some REALTORS® might think What is important? Education,
agents in the UK have a list of Training! I was among the first
ready buyers; they are basically in the UK to earn the
looking for access to a client Transnational Referral
bank. If only that were true. The Certification designation
reality is that we need the because I’m always looking for
properties to create the buyers an edge—obtaining best
and nowadays the choice is property to market and finding
phenomenal so the property or buyers. The TRC is a distinction
location has to stand out from both in the UK and USA and
the crowd. brings agents and REALTORS®
together naturally to
Christopher Hall, TRC There is constant TV coverage in collaborate.
Christopher Hall Estate Agencies the UK about real estate. It has
Norwich, Norfolk, U.K. created a greater demand to
buy abroad but it has also
There is no reason in this day
confused buyers as now they I want to cement a
and age why I shouldn’t be
don’t know where! The U.S. relationship and
generally offers great value for then build
capable of marketing the
the money, but buyers don’t
properties listed by REALTORS® business on the
buy on price alone. You have to
in the U.S. and selling them to
find a way to narrow it down back of business.
the client of, for example, a
and make your properties
German or Australian agent.
attractive. Buyers need to have Participate in your real estate
properties to look at —a good association and earn
For me, there’s excitement and
picture tells a thousand words professional designations, CIPS
an adrenalin rush with every
—and proof of a good location. and TRC. Why? Because not only
deal. I like to say that I’m wide-
angled in my view of are you viewed as
Immediately after my last visit knowledgeable and a
international real estate and I’m
to Florida I referred some professional but, take it from
passionate about it. My visits to
clients, by e-mail, to a me, it helps you network and
the US and contact with
REALTOR®. The clients took a you will inspire each other. That
REALTORS® not only refresh me
flight to Florida on Friday said, just getting qualifications
but fuel me with excitement and
afternoon, spent Saturday and and a designation is not enough.
a rush that lasts for a couple of
Sunday viewing properties and You need to prove it. My
months. Can you imagine what a
made an offer on Monday question is “are you a good
rush that is?
morning before departure. The closer?”
deal closed a few weeks after
9
14. International Real Estate Best Practices Case Studies
No Need to Wear Down Your don’t have to wear your shoe forward to making lifelong
Shoe Leather leather down by traveling the friends, enjoy, and do business.
For those just starting out, I’d globe either to meet the right
recommend using the NAR people. You can come to NAR
liaison officers in countries to conferences and also large
get market information and for associations’ events, like Florida
hooking up with the brokers in or California, and international
other countries that are part of events such as SIMA, and meet
the association network. You other professionals—look
Christopher Hall is a Past President and Honored member of the National Association of Estate Agents. He is also a
frequent speaker on investment and property matters around the globe. His agency’s Web sites feature properties
throughout the UK, the European Continent, the Mediterranean and Caribbean, as well as the United States. He is well-
known as a real estate technology trendsetter and has won Gold in Estate Agency of the Year’s Innovation category.
Christopher Hall, TRC
ch@chris-hall.co.uk
www.chris-hall.co.uk
10 NATIONAL ASSOCIATION OF REALTORS®
15. From the Classroom to Your Real Estate Office
International Real Estate in the Backyard
I think you learn best from International Real Estate is Hungary. Denver has a very
experience and maybe when Local active Hungarian community.
you have some suffering with it. I think a lot of times REALTORS® Three years ago we hosted an
get the impression that “I don’t inbound trade mission from
want to list property in Budapest and now we’re going
Timbuktu, so why should I take to try to do a trade mission from
this class?” The point that they Denver to Budapest. Denver
are missing is that international also has a trade mission going to
real estate is in their backyards. India.
Denver has communities of
people from Mongolia, Vietnam, Look around and see what
Korea, Russia, and Hungary and associations are in your city. Call
we have a large Hispanic the embassies and consulates
community. All these different find out what kind of activities
people are living in Denver. You are going on. Join the World
meet them in your everyday life
Jacque Jeffresss,CIPS, CRS, GRI TRC and you meet them as clients,
Infinity Real Estate Services so you need to understand
Westminster, Colorado them.
Why take this
Pre-real estate, I did sales. I sold class? The point is
Pre-CIPS, one way I learned was
losing $5,000 in a listing everything from cosmetics to international real
situation where I did not diesel fuel additive. I worked in estate is in the
understand the culture that the country club management for a back yard.
client was coming from. And in very long time too. From these
the same time frame, I had a experiences, I found that I have
phone call from my Web site the ability to connect and bond
Trade Center, they have events
from a gentleman from France, with people and build
all the time. Go on the trade
who saw my Web site, and was relationships. I just plain like
missions. Advertise yourself.
looking for a residence for his people and it’s fun for me.
When you choose your
niece who was coming to specialty—your country—find
Colorado to attend school. As How to get started international
out if they have a local
we’re talking and having a very real estate? First of all, I think
newspaper. Doing business in
nice conversation, his English you need to decide what area is
Mexico is not an easy thing—tell
was perfect, I realized that he’s of special interest to you. I
people that you know how to do
talking square meters and I’m chose Mexico—Puerto Vallarta
a solid transaction there. It just
talking square feet. So, both is my strong interest. Now I’m
takes some leg work and a little
situations convinced me that I working with an agent I met
imagination. For example, I
didn’t know what I was doing through the CIPS classes on a
developed a brochure a couple
and it was high time that I development project in Mexico.
of years ago to show what’s
learned. I also have a special interest in
available in Denver and it lists
area in square meters and prices
in euros.
11
16. International Real Estate Best Practices Case Studies
Believe It, Achieve It lets me be physically and what you can dream you can
So often agents have blinders on mentally capable. achieve and I’ll just keep on
about doing business the way going.
they’ve always done it. And to Yesterday, I met a REALTOR®
me—we’re changing everything who is in her seventies and way
and if I don’t change with it, I’ll out in front in terms of
get left in the dust. And, I plan technology and I wanted to say
to do real estate as long as God to her, “I want to be you when I
grow up!” I really believe that
Forty years of professional experience in sales and management has enabled Jacqui Jeffress to build a substantial real
estate business serving the metro Denver area. She spent five years in Madrid through a military transfer in the early
‘70s and developed an affinity for the language and the culture. This European experience, as well as further travels,
enhanced her ability to work with foreign nationals from many different cultures. She actively sponsors baseball and
soccer teams in the metro Denver area and enjoys watching those games when some of her twelve grandchildren are
playing.
Jacquelyn Jeffress, CIPS, CRS, GRI, TRC
Jacqui@DenversBest.com
www.denversbest.com
12 NATIONAL ASSOCIATION OF REALTORS®
17. From the Classroom to Your Real Estate Office
Associations Connect Markets
International real estate is such what had been an informal establish credibility. Through
an important part of the Miami relationship with them. At about relationships and exposure, as
market. NAR’s programs and the the same time we started well as the NAR services,
Cooperating Association working with the Eastern connections, and resources that
relationships have served as the European Real Property we tied into or helped create,
basis for everything that we do Foundation (the forerunner of we’ve helped our members
internationally. the International Real Property tremendously. I believe we have
Foundation—IRPF) to see how actually helped make markets
we might assist with their too. FNAIM1/Paris is a good
efforts. And, we also connected example. When we first got
with the Russian Guild of together, they were just starting
Realtors. We actually became their MLS and still struggling to
partner associations with the make it operational. Now Paris
Brazilian and Russian and RAMB are the first in the
associations before NAR world to do an international IDX
launched its Ambassador with our members’ listings.
Program. Now, if you go to the
Russian Guild of Realtors Web The Competitive Edge
site, there is a link to Miami If members take advantage of
Teresa King Kinney, CAE, CIPS, RCE properties on it and we have a all of the international
REALTORS® Association of link to their properties. marketing tools and
Greater Miami and the Beaches relationships established for
Miami, Florida Associations Connect Markets them, they have an unbelievable
If NAR had not had these marketing opportunity plus a
In fact, it all began with a phone international relationships we real competitive advantage in
call from NAR, about thirteen would not be where we are the marketplace. Everything
years ago, asking what our today. NAR’s Cooperating that NAR has created and
association was doing to assist Association agreements have allowed us to tag onto helps
members with international enabled our members, through RAMB members go into any
marketing. We started by all of the past thirteen years, to market, even if we don’t have a
putting a small blurb in our connect with other markets and relationship with that market.
newsletter announcing the our association to connect with And, NAR’s message that you
formation of an international other associations. It’s been like don’t have to travel to do
group and there was a huge a sister-cities relationship for international business is such an
response. With that, we were real estate. important one. Almost the
off and rolling. entire local Miami market is
Making Markets internationally connected. We
The first international Over the years a lot has changed emphasize to members that the
relationship we had with any for us. Once we brought buyers and sellers you are
association was with SECOVI. international practitioners working with today may be your
Brazil is so important to the together and started learning international connections
Miami market and vice versa. from them, we were able to tomorrow. We’re constantly
One of our members who was create a unified presence in the showing our members how to
also an active member of marketplace that members
SECOVI helped us formalize could piggyback on and use to 1
Federation Nationale de l’Immobilier
13
18. International Real Estate Best Practices Case Studies
get business from the and services to help markets happened because one member
Transnational Referral System. connect, the business happens. wanted to do referral business.
A REALTOR® in Sarasota, who
TRC Makes Referrals A had been a member of FNAIM/ I recently attended the Russian
Reality Guild of Realtors Annual
The TRC course makes referrals Congress. Being there is truly
real. RAMB presented the first like being family. There’s an
When national
Transnational Referral immediate connection. The
Certification (TRC) course in associations same is true of the relationship
French for Paris association create platforms with SECOVI, even the first time
members. We demonstrated and services to I went there. The relationships
how to search Miami listings in help markets are very strong and so is the
French, forward listings to connect, the level of trust and admiration
clients and customers, and set business happens. between the associations and
up automatic searches. leaders. It’s amazing how much
you learn can from other
NAR has helped us recognize associations and other markets
opportunities too. For example, Paris for many years and knew that you can apply in your own
we didn’t know anything about about our ties with the Paris association.
SIMA at first. But, when SIMA association, had been trying to
asked RAMB to get involved, we start referral business. At that Can you imagine? It all started
knew it was a high-quality and member’s urging, RAMB, the with a phone call from NAR.
worthwhile expo because of Sarasota association, and Florida Today, we probably have ten
NAR’s involvement. Now, we association met with the Paris times the number of RAMB
have an established relationship association’s executive members involved in
with SIMA, we’ve attended for committee. When the international real estate
five years in a row, taken FNAIM/Paris delegation compared with thirteen years
exhibitors, and promoted it to attended the NAR Convention ago. And, RAMB recently
our members. for the first time, we helped set completed its twelfth Annual
up a meetings for them to International Congress.
Market to Market connect with other markets. For
NAR’s market-to-market example, we connected them
initiative is so important with [the] Manhattan
because when national [association]. Associations have
associations create platforms to follow through, but that all
Teresa King Kinney is Chief Executive Officer of the 7,000-member REALTOR® Association of Greater Miami and the
Beaches, which includes a 1,000-member Local International Council. She is a veteran of 35 years as an association
executive for REALTOR® associations. Ms. Kinney states that the key components of a successful international program
are education, information, marketing, and networking.
Teresa King Kinney, CAE, CIPS, RCE
tkinney@miamire.com
www.miamire.com
14 NATIONAL ASSOCIATION OF REALTORS®
19. From the Classroom to Your Real Estate Office
International Referrals Made Simple
I was accustomed to doing to take a job in another country. Let You Clients Know Your
referrals within Sweden, and in People are moving to Sweden Are International
Scandinavia—the northernmost from around the world and I I got this referral just because
part of Europe, which also believe that international my client knew I was going to
includes Denmark, Norway, and referrals will become more the U.S. to meet a lot of foreign
Finland—but this was my very commonplace in Sweden in the brokers. The experience taught
first experience with a really future. me to talk about my business
“international” referral. and let my clients know that I
Attend Conventions, Make have the ability to represent
Connections them internationally. I’ve been a
My first international referral CIPS Network member for
actually began about 10 years almost five years. That
ago when I attended my first involvement is beginning to pay
NAR Convention in my role as off right now. I’ve done my
President of the Swedish second International referral.
Association for Real Estate And the third one is on its way.
Agents, Mäklarsamfundet. I’ve
attended regularly since then. A
couple of years ago, when I was
Berith Marlmberg, TRC leaving to go to the Convention, The experience
Skandia Maklarna a client in Sweden asked if I taught me to talk
Goteborg, Sweden could help him out. He had a about my business
property in the Bahamas that he and let my clients
Referrals are not very common
wanted to sell. I had absolutely know that I was
in Sweden, perhaps because
no idea how to manage this, but international.
of course I said yes. I brought
Swedish people only move an
the information about the
average of once every 27
property to the Convention and
years—within large cities,
began to look for a broker from The second referral was fun
perhaps once every 10 or 12
the Bahamas—perhaps rudely— because it got me started in a
years—and rarely outside of
by reading name badges very new career as a private
Sweden. Compare that with the
carefully. At last, at the detective. Another broker in the
United States, where people
International Welcome Bahamas contacted me. He had
move, on average, every seven
Reception, I ran into a man from a client who wanted to buy a
or eight years.
the Bahamas. He promised to special property and he couldn’t
help me and took the property find the owner who had lived in
But the world is getting smaller
information back to the Sweden but was no longer at
and smaller. Young people are
Bahamas with him. It was the address under which the
traveling a lot. After finishing
almost two years before he property was registered. He
school they become
found a potential buyer, but he asked me to help him find the
backpackers and travel all over
finally did. owner and offered to split the
the world. They get to know a
lot of people and learn a lot commission with me.
about the countries they visit.
So, when they start their Just when I was about to give up
careers, it’s no big deal for them the search, I made some final
15
20. International Real Estate Best Practices Case Studies
phone calls to people who lived So, I can confirm the value of Attend meetings. Make
in the house where the man attending international contacts. Just keep walking!
used to live and to some meetings, expanding your
neighbors in that area. I learned network, and establishing First published in Global
the owner of record was friendships and connections Perspectives in Real Estate, first
deceased, but that he had a son. worldwide. Every trip, every quarter, 2003.
I quickly found the son who very journey, begins with just one
pleased to hear that something step. You’ve already taken your
he thought was absolutely first step towards international
worthless was not. And I was referrals by joining the CIPS
happy to collect my commission. Network. My advice to you
now?
Berith Malmberg is managing director of Skandia Maklarna in Goteborg, Sweden and has been in real estate for more
than 25 years. She served as president of Mäklarsamfundet, the Association of Swedish Real Estate Agents (ASREA), for
six years, is appointed by the Swedish government as a member in Board of Supervision of Estate Agents, and serves as
managing director for. You can reach her at +46 31.403900 or at
Berith Malmberg, TRC
berith.malmberg@skandiamaklarna.se
www.skandiamaklarna.se
16 NATIONAL ASSOCIATION OF REALTORS®
21. From the Classroom to Your Real Estate Office
The Adventure Continues
I started out in business started listing properties in
brokerage, working for a firm Thailand just after the 1997 I’ll take an Atlanta real estate
based in Colorado, in Asian economic crash. This was group to Thailand in January. It’s
telecommunications company during the time of the Thai baht been all success. I gained a
mergers. I was recruited to disaster and most of the world’s second family in Thailand and a
Georgia by one of the leading construction cranes were sitting steady stream of buyers. The
brokers in Atlanta. idle in Bangkok. In 1999 we had adventure continues.
listings on two high rises in
Bangkok and had to figure out CIPS Directory the First Place
quick what to do. My broker to Look
kept saying to me, “I don’t think I use the CIPS referral directory
we can do this.” And I kept for everything including
saying, “We’ll find a way to domestic referrals. I know I can
figure it out.” count on a CIPS designee. For
me, the CIPS designation is the
I already had some international lifeblood of what I do. When I
experience but I was struggling was recruited into GMAC, I
over what to do with these would never have had the
properties. I enrolled in a CIPS confidence to get involved in
class and met the current international real estate. CIPS
Timothy McFadden, CIPS, e-PRO officers of the International Real gave me the credentials and the
Metro Brokers/ GMAC Estate Council in Georgia. confidence. It’s a huge network.
Real Estate Through the CIPS connection, I
Atlanta, Georgia met and talked with another Now, the CIPS directory is the
designee and had an first place I look. It’s a
When I relocated to Georgia, opportunity to see her business distinction for domestic too. It
business brokerage required a plan for a similar property. says the person is someone I can
real estate license in the state of trust—they are the best and
Georgia and I was licensed in About the same time that I most reliable. I think that other
Georgia in 1996—the same year relocated to Georgia, I also designations do not compare to
as the Atlanta Olympics. I’m started an e-mail CIPS.
now with GMAC Metro Brokers, correspondence with a Thai high
which is both the largest GMAC school student who wanted to Find the Passion, Find the
franchise in North America and come to the U.S. for studies. I Confidence
the largest real estate firm in made a trip over to Thailand, For someone just starting out in
Georgia. We have more than met the exchange student who international real estate I would
three thousand agents and had been e-mailing and the say start by finding the country
there are seventy languages whole family. It turned out that or area that interests you. Book
spoken in our company. a member of the family was an a vacation to the country you
attorney. My family-connection are interested in, research it and
Two Thai High Rises, One attorney is now my go-to guy for follow up on your research, visit
Economic Crisis Thailand. He came to places, talk to real estate
I was always interested in doing Washington DC in 2007 to professionals. Say you are
business in Asia and began attend the Midyear Meeting and interested in the country, shake
exploring places. I actually visited the capital. hands, invite other real estate
17
22. International Real Estate Best Practices Case Studies
professionals to lunch—it go to Vietnam. I said that I Be local around the world.
creates and solidifies would never go there. But, I had Telephone technology is
relationships. Find what you are the opportunity to visit and stay developing rapidly. You can
passionate about and you will in a home. I got to know a family transfer calls from your office to
find the confidence. The your cell phone seamlessly and
question is “what difference are The CIPS virtually anywhere in the world.
you going to make with your
directory is the
CIPS designation?” Finally, go where your
first place I look. competition is not. I attend the
Look at your strategy. You can It’s a distinction national restaurant show and
book your vacation first and for domestic too. I’m there because my
then work in your business or It says the person competition isn’t. I talk to
your business first and work in is someone I can restaurant franchisors to find
your vacation. Decide what is trust. out about their development
most important to you and take plans and formulate a business
it seriously. Invest in your strategy based on what I learn.
whose children were studying in
business. Getting the
the U.S. and I spent a Christmas
connections is what you want to
with the family. It was a
accomplish.
wonderful experience and it
closed the “war chapter” for me
Personal Connections Make
on Vietnam. I now do business
the Difference
there.
Personal connections make all
the difference. I was reluctant to
Timothy McFadden is the 2008 president of the Northeast Atlanta Metro Brokers Association of REALTORS ® and 2009
president of the International Real Estate Council in Georgia. He entered the real estate business after having careers in
the Federal Credit Union, retail technology stores, business brokerage, consulting, and as a writer. He has invested more
than two decades in doing business with the international community. His real estate services include residential and
commercial markets throughout southern states as well as Vietnam, Thailand, Hong Kong, and other areas of Asia.
Currently he is the broker for commercial real estate, business brokerage, and land and international real estate for
Metro Brokers/GMAC Real Estate in Atlanta.
Timothy McFadden, CIPS, e-PRO
timothy.mcfadden@metrobrokers.com
www.galandfinders.com
18 NATIONAL ASSOCIATION OF REALTORS®
23. From the Classroom to Your Real Estate Office
I Want To Be Your International Strategy
Earning the CIPS designation also named exclusive Cabela’s Trophy Properties has
prepared me for the most international regional manager. enabled me to combine my
exciting business and personal passion for real estate with my
challenge of my life, as exclusive Representing Cabela’s Trophy love of outdoor sports. But, I
international regional manager Properties is a new endeavor for believe that home buying
for Cabela’s Trophy Properties. the company. If you enjoy should not be an extreme sport.
outdoor and wilderness sports,
then you are probably familiar
with their retail stores and
catalogs. Their trademark is The The CIPS
World’s Foremost Outfitter® and designation
they have provided everything opened this
for the sportsman, from opportunity for
equipment to services, since me and gave me
1961. The Cabela’s Trophy
the confidence to
Properties is a natural
outgrowth of services for their pursue it.
clientele. The CTP Web site is
like a “lifestyle MLS” because it
Roger Minkoff, ABR, CIPS, GRI focuses exclusively on
CIPS Opened the Door
Minkoff & Associates, recreational properties. The
With my extensive background
REALTORS®, LLC CIPS connection is an extended
in real estate and land
St. Thomas, U.S. Virgin Islands. network and family. I hope to
development, and my love of
use the CIPS network first to
nature and the environment, I
enroll brokers who list
CIPS gave me the confidence to have the rare opportunity to
recreational and outdoor-sports
approach the executives of enjoy to the maximum both my
oriented properties and co-
Cabela’s and say that I’d like to vocation of real estate and my
market under the Cabela’s
be your international strategy. avocation—outdoor sports. The
brand.
The outcome—a new CIPS designation opened this
opportunity to participate in opportunity for me and gave me
It must be obvious that I love
Cabela’s Trophy Properties in the confidence to pursue it.
sports. The relationship with
the U.S. Virgin Islands and I was
Roger Minkoff is the principal broker of Minkoff & Associates, REALTORS ®, LLC. In addition to recruiting brokers
worldwide for exclusive country territories as CTP participating brokers, he assists buyers, sellers, and investors
anywhere in the world. He is international regional manager for Cabela’s Trophy Properties.
Roger Minkoff, ABR, CIPS, GRI, TRC
realadvisor@usvirealtor.com
www.usvirealtor.com
19
24. International Real Estate Best Practices Case Studies
Use the Internet to Reach Out Globally
The world is really flat, you work fast, effectively, and cost- Corporation using early
know. That may sound a bit efficiently. technology and a huge
strange, but the Internet has computer to match buyers and
enabled service levels and Use the Internet to Reach Out sellers. Today, we can reach out
Take the evergreen principles of and touch a client in two
real estate marketing and apply minutes. Just imagine five years
them to how you do business on from now how we will do
the Web. For example, we used business?
to send thousands of postcards.
Today, take the knowledge of The Web Changes Everything
communication and how to Can you envision how
market with postcards—that technology and the Web will
methodology—and combine it change the way we do business?
with the Web. Use the Internet I believe we can’t even see five
to reach out and touch clients— years down the line and predict
Jack Peckham, CCIM, CIPS in Tokyo, the Far East, the UAE,
Real Estate Cyberspace Society Switzerland, or anywhere.
Boston, Massachusetts Everything we
Recently, I had a listing on a $12
are doing today
communications we’ve never million hydro-electric dam in on the Web is
had before. Everything we are New England. There’s a small making the
doing today on the Web is pool of buyers for a property world smaller
making the world smaller and like that and how many buyers and flatter.
flatter. can I reach with the usual
marketing methods? The point how we will do business. Think
For those who are just starting is, through the Internet I was about what we can do today
out with a CIPS designation, my able to reach out to a targeted with e-mail, live online chats,
message would be first, that you list of potential buyers virtual tours, online conventions
have to understand how others worldwide. There were thirty and expositions, matching
do business—that’s the value of inquiries within the first three buyers and sellers, matching
the CIPS education. Second, use days and a Swiss buyer under properties with buyers. If we
the Internet to reach out. contract in the fourth week. can do all of this today, imagine
Combine both, the CIPS what we can do in five years? I
knowledge and the Internet, to I first got involved with believe we are walking through
technology in 1962 when I a door called “awesome.”
founded the Data Realty
John M. Peckham is executive director of REcyber.com, the Real Estate Cyberspace Society. His syndicated column,
Selling in Cyberspace appears in the New England Real Estate Journal, the Florida Real Estate Journal, and many
other publications. He is the author of A Master Guide to Income Property Brokerage. In more than forty-five years in
real estate, he has sold more than $1 billion in commercial/investment properties.
Jack Peckham, CCIM, CIPS
bostonjack@earthlink.net
www.recyber.com
20 NATIONAL ASSOCIATION OF REALTORS®
25. From the Classroom to Your Real Estate Office
An Unexpected Journey
People often speak about California who was serving as who is culturally sensitive
hindsight and how if they had the NAR President's Liaison to should ask if the customer
only known yesterday what they Thailand, approached me. Nita believes in fêng shui. Some may
know today that they could was looking for a CIPS in Boston. say that they do and others may
have done a better job. In many Nita needed help finding a not. Nita believes that it is
ways that is true, but what we second home in Boston for advisable to inform your
often fail to think about is how customers from Thailand. Their customers that you have
much we gain from an children were to attend various worked with others who believe
unexpected event. schools in the Boston area and, in fêng shui; then let the
because these students were far customer tell you if it is an
from home, their parents important factor and what
wanted them to have a place to would be considered good fêng
congregate. shui. Each country has different
beliefs. For example, a west-
Two weeks later, the customers facing door may not be good for
came to Boston. We toured a buyer from Thailand but may
properties in various Boston work for a Chinese or
neighborhoods. They chose a Vietnamese buyer. The
four-bedroom condominium in REALTOR® must discover what is
Marsha Price, CIPS, TRC
one of Boston's most beautiful important to the individual
Coldwell Banker Residential
buildings—but not without customer.
Brokerage
consulting Nita! Because of the
Boston, Massachusetts
relationship that Nita had
Last May, at the REALTORS® established with these
Midyear Meetings in customers, and she knew some
Washington, D.C., I attended the of the issues that they would
CIPS International Breakfast. As not feel comfortable discussing
is the custom in such a small with a new REALTOR®. When
group, we all introduced Nita flew to Boston to inspect
ourselves. It is always the property, she was equipped
interesting to listen to where to sort out fêng shui issues that Nittaya Pichedvanichok, CIPS,
others in the group come from pertain to the purchase of new CCIM, CRB,CRS,GRI,TRC
and what their areas of property. Her relationship with Coldwell Banker Ambassador
specialization are. That act of the customers and her Realty
introducing oneself is a way of knowledge of fêng shui helped Whittier, California
re-affirming the concept of a the transaction move forward
small well-networked group of and the buyers felt secure with Going the Extra Mile
real estate professionals that their decision. Nita and I But this is not where the story
operates in a very large world. combined our strengths to make ends. Two months later our
the buyers feel comfortable and customers returned to Boston
A Unexpected Contact Pays the transaction go smoothly. to take their children to school
Off and close on their new
At the conclusion of the The Fêng Shui Factor condominium, which still
breakfast Nita Pichedvanichok, a Sensitivity to a belief in fêng needed to be furnished.
CIPS designee from Whittier, shui is important. A REALTOR® Subsequent to a closing, I would
21
26. International Real Estate Best Practices Case Studies
normally not continue working customers had planned. They necessary in order to assure that
with the buyers. Because these found their beautiful new condo all would go smoothly. We were
customers were from a different cleaned and fully furnished. in constant contact with the
country and culture, I cleared buyers and one another. I like to
my calendar and for one week I think that in an industry based
worked with them to find on service, we have provided
furniture, sheets and pots and the extra service the buyers
We combined our
pans, rugs, lighting, televisions needed. Nita and I have learned
and everything else needed to
strengths to make and gained much this
furnish a home. Just because the buyers feel experience.
the transaction was closed did comfortable and
not mean that it was the transaction go As my friend Nita says, “life is
appropriate to leave my smoothly. always beautiful.”
customers to find their own way
in a new and different culture. I First published in Global
needed to include services that I Combining Strengths for Perspectives in Real Estate, second
would not ordinarily provide. Success quarter, 2005
Two months after the closing Only as a collaborative effort
the occupants of the could this have worked as
condominium arrived. In the smoothly as it did. Nita and I
meantime, I had scheduled and partnered well, exchanging
received deliveries of all the information throughout the
merchandise and made sure process, learning from one
that all was arranged as my another, and improvising as
Marsha J. Price, CIPS, TRC is a relocation expert who specializes in the purchase and sale of luxury condominiums and
homes in downtown Boston and Cambridge. She is a Research Affiliate with MIT and is currently working with the City
of Boston on a study of the real estate market with the goal of addressing the affordable housing issue.
Nittaya Pichedvanichok, CIPS, CCIM, CRB, CRS, GRI, TRC has offices in Whittier, California and Bangkok. She specializes
in apartment buildings and other development projects and in serving international clients and investors. She speaks
Thai, Chinese, Vietnamese, English, and French.
Marsha J. Price, CIPS, TRC
Marsha.Price@NEMoves.com
www.NewEnglandMoves.com
Nittaya Pichedvanichok, CIPS, CCIM, CRB, CRS, GRI, TRC
ThailandRealtor@yahoo.com
www.nittaya.ismyreagent.com
22 NATIONAL ASSOCIATION OF REALTORS®
27. From the Classroom to Your Real Estate Office
Finding the Mother Lode at the Panama Spectacular
My husband, Kosta, and I have put together a plan, and go for
always been very international. A Big First Step it.
He was born and raised abroad, Now came the next big step—
has worked in several countries, making contacts in Panama. As Then, we began to establish a
and has visited many more; I CIPS, we received an invitation reputable network of
lived in Europe for three and a from former Ambassador Juan professionals around us—a
half years. So, it seems natural Sosa to the Panama Spectacular lawyer, a title company, a
that a nice portion of our 2005. This annual event hosted developer/builder, and a real
business in South Orange by the U.S.-Panama Business estate agent who worked with
County, California is with foreign Council promotes real estate them. We met and networked
nationals relocating or buying investment between the U.S. with the very first licensed real
investment properties. and Panama. Before our trip, estate agent in Panama—whose
one of our biggest concerns was license number is 0001—and
how, after we made the trip and many other reputable agents
found the contacts, we could be who adhere to a Code of Ethics
assured of getting paid for any like our own. We researched
business we transacted. I sat ways to hold title, ways to
down, considered what we obtain a residency visa, and
wanted to accomplish on this ways to retire to Panama for
trip, and drew up a business U.S. baby boomers with an eye
plan. on the international horizon.
Terry Theodorou, CIPS, TRC
Barton Wyatt Estate Agents TRC A Perfect Fit with CIPS Finally, Kosta and I reviewed our
Virginia Water, Surrey, U.K. The advent of ICREA's plan and decided that, for the
Transnational Referral portion of our trip where we
We started to keep an eye on Certification (TRC), a perfect fit would actually go out and visit
Panama. It has an easy flow of with our CIPS designation, was properties, we would split up to
currency. It also had the the answer to our concerns. As a cover as much ground as
infrastructure that we were TRC, if you send a referral possible. This turned out to be
seeking. Kosta and I are overseas via the Transnational great decision, because Kosta
proponents of ecotourism, and Referral Contract designed by found a project he truly believed
we like tropical climates. We the International Consortium of in.
wanted a country that had a Real Estate Associations, and
stable political climate offering the agent on the other end Panama is Spectacular
easy repatriation of funds, plus somehow forgets to pay you, The PanCanal View project is a
a good quality of life with some you have the right to a review luxury gated condominium
of the creature comforts to by an ICREA arbitrator. There complex of three 35-story
which we are accustomed: high are guidelines and a process in towers where you can "be a
speed Internet access, our place to enforce the agreed witness to history from your
favorite TV shows, good medical upon payment. There are own home" when the expansion
facilities, shopping, and penalties and serious of the Panama Canal takes
entertainment. Finally, we consequences for not complying place.
sought a place where English with the findings of the
was a second language, and one arbitrator. This gave us the
that wasn't too far from home. confidence we needed to really
23
28. International Real Estate Best Practices Case Studies
When Kosta introduced me to provided compensation for his decided to host a Panama Living
the developer, my first question Project Manager who is the Seminar in Irvine, California. We
was, "Can we get the exclusive developer's real estate agent in had five weeks to get the first
right to sell your project in one together and we sold 50
California in the U.S.?" He said percent of the junior
yes, we shook on it, and went ICREA's penthouses located in phase
on to discuss the terms of the Transnational one—approximately $3.6
agreement. Then, he took us on million worth of real estate—in
a tour of the project site and the
Referral four hours. Last week,
surrounding areas. We were Certification is a Ambassador Sosa introduced
thrilled with the location and perfect fit with me to someone as "the
the potential it offered. our CIPS American REALTOR® who has
designation. sold more real estate in Panama
We continued finalizing the than anyone else in the U.S."
terms of our agreement for ten
days after we returned to the Panama, and for our subagents First published in Global Perspectives
U.S. It wasn't easy as our here in the U.S. And, it gave us in Real Estate, third quarter, 2005
developer was in Dubai at that the Exclusive Right to Sell all
time, and there was a ten-hour properties in the PanCanal View
time difference. We'd awake at project in the U.S.
midnight to work with our
developer via telephone and fax After we secured our Exclusive
to Dubai. Finally we were Right to Sell in the U.S., the real
rewarded with an agreement work began, marketing the
everyone could live with. It project and getting it sold. We
Terry Theodorou, CIPS, TRC is REALTOR® with Buy A Home In America in Lake Forest, California. She is also vice-
president and co-founder of KT Home Loans.
Terry Theodorou, CIPS, TRC
terry@BuyAHomeInAmerica.com
www.BuyAHomeInAmerica.com
24 NATIONAL ASSOCIATION OF REALTORS®
