A new Transnational Referral System (TRS) approved by the National Association of Realtors® (NAR) and the International Consortium of Real Estate Associations (ICREA) is on the verge of transforming the international real estate brokerage business.
The Transnational Referral System TRS is basically a contractual model that enables a Realtor® in one country to set up a relationship with a practitioner in any one of the other participating countries. The parties agree to help one another with referral business under standardized systems, including procedures for resolution of possible disputes.
In many countries today, the practice of real estate referrals or sharing of commissions are either not done or are still very rare. The transnational referral system was developed by the International Council of Real Estate Associations, or ICREA, and has already been formally adopted, not only by NAR but also by 20 of ICREA's current 24 participating national associations; other ICREA members are expected to be full participants soon.
"Realtors® throughout the world should be interested because the TRS makes referral business seamless. ICREA members are automatically members of the referral system and can begin to increase their income by doing transnational referral business. With TRS they can build on existing relationships by helping clients locate properties overseas, participate in commissions, avoid conflicts, and resolve any possible conflicts in an objective manner.
TRS advances the case for global real estate practice because it's transparent and helps remove many of the roadblocks that have impeded trouble-free international real estate practice.
Transnational real estate transactions are occurring every day and globally account for approximately 15 percent of the world's Gross Domestic Product. John Wallace, the owner of the Gray Rider Real Estate Company in the USA, had already participated in a similar international referral system and now has international referral agreements in 17 countries. This international real estate company will gradually be converting their previous agreements and procedures with these other real estate agencies into the the agreements and procedures of ICREA's Transnational Referral System.
In order to look at the how the Gray Rider Real Estate Company USA is working with real estate brokers throughout the world, please click on the link below.
IMPORTANT NOTE: In order to protect our clients from internet frauds and scams involving real estate, we attempt to verifiy the identity and the financial abilities of all persons and organizations offering to purchase real estate through our company. All Sellers and Buyers should be aware that there are many financial scam artists, acting as both buyers and sellers, who use the internet to contact potential victims. For more information about the procedures many of these individuals use, please click on the following link: www.quatloos.com Quatloos.com is a public educational website covering a wide variety of financial scams and frauds, including “prime bank” frauds, exotic foreign currency scams, offshore investment frauds, tax scams, “Pure Trust” structures and more...
If you would like more information, please call JOHN WALLACE at +1-518-392-7062, or click on the mailbox below to email him. Also, if your company or organization provides products or services designed to make international real estate transactions safer and more reliable for the customer, we would like to hear from you as well.
