Value to Market
Value to the Real Estate Practitioner
Real estate professionals around the world are looking for ways to better serve their clients and customers who wish to buy property outside their country and/or who are seeking to sell a property with worldwide appeal. Until now, obstacles to providing these services included a lack of readily available information on foreign markets, the absence of international real estate norms and standards, uncertainties associated with foreign market practices/legal systems, and the absence of an efficient international referral network that assures payment of earned fees and commissions.
ICREA set out to address these obstacles, reflected in its mission:
“ICREA is a Consortium of the world’s leading real estate associations who believe in the right to own and transfer real property. The Associations set standards for international real estate practice and transactions for the benefit of the industry professionals and the public they serve”.
The tangible value for both global and domestic practitioners includes:
1. The availability of an Internet-based menu of services including immediate access to current industry business practices, global industry news, a real property advertising system, and more.
2. A set of international standards for professional ethics, best practices, and data transfer.
3. Networking and referral tools including a roster of member association constituents and transnational referral system that includes an arbitration system in the event of a dispute.
4. Advocacy role to protect and promote private property rights and best practices worldwide.
Individual practitioners receive these benefits by virtue of their respective association’s membership in ICREA. There is no option for individual practitioner or company membership.
Value to the Consumer
In today’s market, real estate is complex enough when the transaction is local. Adding an international element to the deal makes it even more so. ICREA helps consumers understand the global market business practices and can assist both buyers and sellers. Using online resources, buyers and sellers can learn about how real estate is transacted in the country of interest, so they are prepared for the differences from the practice in their home country. Buyers can search for properties among more than 3 million listings, and locate a broker who will work in a cooperative manner with a broker in another country to ensure the best possible service. Sellers can locate a broker who will market their properties to a worldwide market. This is especially important for sellers with distinctive properties that will attract buyers from around the globe in search of a vacation, resort, or luxury property, or simply one that’s unique within its local market. ICREA’s greatest value to consumers, however, is the ICREA network of brokers-more than 2 million-who are affiliated with leading national organizations and adhere to a code of ethics that commits them to professionalism and service to their customers and clients.
Value to Real Estate Associations
The impetus for a Consortium may have been grounded in need to help facilitate transnational business but member associations also realize benefits that serve their members involved primarily in domestic transactions. The Consortium is an international “community of commerce”, providing opportunities for significant cost savings for its members on business products and services. Involvement in an international Consortium should appeal to domestic constituents of associations as it positions them to more easily facilitate an occasional transaction with a non-domestic component and exposes their listings to a wider audience. More importantly, ICREA’s efforts to ensure technology doesn’t displace practitioners, but instead keeps them central to the transaction, is a vital benefit to all members.