Organization forms venture with Mexican realty group

“This exciting new joint venture will result in more open, transparent and standardized professional practices across the North American Free Trade Agreement marketplace,” said NAR President Thomas N. Stevens in a news release. “The Realtor brand will now be implemented in a standard manner across the United States, Canada and Mexico.”

Stevens noted that more than 40 percent of Americans living abroad are in those markets.

“Immigration, the growing international second home market and international trade all translate into billions of dollars in real estate opportunities in our markets … both in commercial and residential practice,” Stevens added.

The new agreement is scheduled to be formally ratified by representatives of both organizations at a joint conference Oct. 4–7 in Mexico City.

All members of AMPI – which has a code of ethics that is compatible with NAR’s – will pay dues and become international NAR members in early 2007, which will allow the use of the Realtor logo and registration mark and provide limited international membership benefits.

Learning the ropes

As part of the new venture, a four-hour course titled “Doing Business in Mexico” will be launched at the NAR annual conference in November in New Orleans. Eventually, the course will be available to state and local associations, with an online version planned for 2007.

The course will focus on business opportunities in Mexico, where, for the first time, 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 more than 1 million Americans living there. 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,” said Galo Blanco, AMPI’s 2006 president, in the release.