NAR joins forces with Mexican real estate group

WASHINGTON -- Aug. 15, 2006 -- The National Association of Realtors® (NAR) has formed a joint venture with the Mexican real estate association, Association Mexicana de Profesionales Immobiliarios, with the goal of creating more uniform real estate business standards between the United States and Mexico.



The agreement, which is NAR’s first-ever international joint venture, will result in all members of the Mexican association becoming dues-paying international members of NAR, allowing them to use the Realtor® logo, registration mark, and limited international membership benefits.



All members of the Association Mexicana de Profesionales Immobiliarios, or AMPI, agree to abide by a Code of Ethics compatible with NAR’s. Only AMPI members will be allowed to use the Realtor logo and trademark in Mexico.



"This exciting new joint venture will result in more open, transparent, and standardized professional practices across the North American Free Trade Agreement marketplace," says NAR President Thomas M. Stevens. "The Realtor brand will now be implemented in a standard manner across the United States, Canada, and Mexico." He credits NAR President-elect Pat Vredevoogd Combs’ in setting up the new venture.



More than 40 percent of Americans living abroad are in these markets.



"Immigration, the growing international second home market, and international trade all translate into billions of dollars in real estate opportunities in our markets," Stevens adds.



Course will launch in November



As part of the new venture, a four-hour course called "Doing Business in Mexico" will be launched at the NAR annual conference in New Orleans in November. The course will later be made available to state and local real estate associations; an online version is planned for 2007.



For the first time in history, large numbers of Mexicans are becoming homeowners. Mexico’s economic stability has laid the foundation for a growing market for mortgage-based securities. Mexico is also the No. 1 foreign destination for retirees from the United States, with over 1 million Americans living there.



Main attractions for second homebuyers in Mexico include proximity to the seaside and mountains, reasonable costs of resort properties and lifestyle considerations. Foreigners can own property in Mexico through bank trusts in beachfront and border regions, and title insurance is available.



"This joint venture reflects AMPI’s desire to be more closely linked to the NAR organization, its standards and practices, and also will open up opportunities for members on both sides of the border to do more business together," says 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.



Representatives of both organizations should formally ratify the new agreement at a joint conference Oct. 4-7, 2006, in Mexico City. All AMPI members will become international Realtor members in early 2007.



© 2006 FLORIDA ASSOCIATION OF REALTORS