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NAR Signs Mexican Joint Real Estate Agreement

Posted by kinchendavid on October 6, 2006

By  Staff

 
Mexico City, Mexico       The National Association of Realtors® has formally signed its first joint reciprocal membership agreement with a foreign real estate organization. NAR President-elect Pat Vredevoogd Combs executed the agreement with the Mexican real estate association, Asociation Mexicana de Professionales Inmobiliarios, at AMPI’s 50th anniversary meeting in Mexico City on Oct. 5, 2006.

Because of this historic partnership, all of Mexico’s AMPI members will become Realtors® in January. “This is an important initiative. Not only will it create a wealth of new business opportunities for NAR’s members in the United States and AMPI members here in Mexico, but also it will help promote standardization of international real estate practice,” Vredevoogd Combs said.

The agreement between the two organizations confirms the importance of branding in real estate marketing. As official dues-paying members of NAR, AMPI members, who will join NAR in the international membership category, will be able to use the Realtor® logo and registration mark. According to a recent study by a leading international brand valuation firm, the Realtor® brand is worth about $32,000 to every Realtor®, and the average member with six to ten years experience realizes $4,500 a year in incremental income due to the marketplace advantages the brand brings to a member’s business. The value of the brand is based on the trust NAR members have established with consumers, the study shows.

“NAR chose AMPI for this groundbreaking partnership, in large part, because its members adhere to a strict Code of Ethics like that of NAR. AMPI’s high standards of practice will help increase the positive perceptions of Realtors® worldwide,” Vredevoogd Combs said.

The new relationship highlights the increasing level of business cooperation in real estate markets in both countries, as a growing number of United States citizens opt to acquire second and retirement homes in Mexico and residents of Mexico are buying property in the United States more frequently. Mexico is attractive to second home buyers from the United States, thanks to the availability of properties near the ocean and mountains, reasonable costs of resort properties, and lifestyle considerations. Thanks to a favorable legal and financial infrastructure, the No. 1 foreign destination for retirees from the United States is Mexico, with more than 1 million Americans living there.

To help Realtors® in the United States increase business opportunities with AMPI members, NAR is launching a four-hour course titled “Doing Business in Mexico,” which will begin soon in Mexico and at the NAR annual conference in New Orleans in November. The course will later be made available in an online version in 2007. It will help teach Realtors® in the United States about business opportunities in Mexico and help them connect with their AMPI counterparts.

Mexican President Vicente Fox keynoted the AMPI meeting. Expansion of the housing sector and homeownership opportunities has been a major focus during the Fox administration. Government policy has promoted programs that have expanded mortgage lending, assistance to low-income families and development of a secondary mortgage market similar to that in the United States. As a result, more than 2.4 million families have become new home owners during the six years of Fox’s term, which will end in December.

“This joint venture reflects AMPI’s desire to be more closely linked to international business standards and practices, and opens up opportunities for members on both sides of the border to do more business together,” said Galo Blanco, AMPI’s 2006 president.

AMPI, the Mexican national professional organization of real estate brokers and agents in both commercial and residential real estate, was established in 1956, and presently has 2,500 members, who represent companies located in all regions of Mexico. Further information about AMPI is available at http://www.ampi.org. AMPI is also a founding member of the International Consortium of Real Estate Associations. Information about ICREA is available at http://www.worldproperties.com.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

 

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