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1 Course Learning Goal By the end of this course you should be aware of how the global economy impacts your local real estate market and be prepared to serve foreign clients and customers in your local market. Course Overview Chapter 1: How the Global Economy Shapes Your Market As a global real estate professional, you need to know about the economic forces that send capital flowing around the globe and impact your business. Transforming the voluminous amount of data into useable knowledge can be a challenge. Which trends and indicators are significant? This chapter focuses on major trends and indicators for global real estate business. Chapter 2: Your Hometown Global Market You don t have to leave home to be part of the global real estate market. This chapter focuses on identifying opportunities, tapping into the global market in your hometown, and prospecting glocally. Chapter 3: Cultural Literacy for Business Beyond everyday good manners, how can you be sure your behavior is appropriate when working with diverse clients and customers? This chapter focuses on developing crosscultural business skills. Chapter 4: Serving the Global Market Real estate professionals who serve the global market use the same core real estate skills as you. This chapter focuses on building on your foundation of core skills to serve a diverse and global clientele. Chapter 5: Networking Power Building a global network doesn t have to rely on chance events; you can make networking part of your business plan. This chapter focuses on developing the connections that lead to transactions. Chapter 6: Planning>Action>Results This chapter focuses on adapting your planning skills to set goals and develop strategies for your global hometown real estate business. NATIONAL ASSOCIATION OF REALTORS Page 1 of 7

2 Learning Objectives Global Real Estate: Local Markets Monitor trends and indicators of the global economy, flow of capital, and the impact on local real estate markets. Synthesize market trend information into meaningful knowledge for business plans and decisions. Identify local market opportunities and prospect for global business in your local market. Take advantage of association resources. Adapt your core real estate skills and knowledge base to service foreign and diverse clients and customers. Demonstrate professionalism by serving clients and customers in culturally appropriate ways. Follow a standardized process for preparing for a transaction and working with clients and customers. Develop a network of contacts that can lead to referral business. Derive maximum professional benefit from business and personal foreign travels. Recognize available visa statuses for foreign real estate owners and investors and guide foreign clients and customers to seek expert advice. Set business planning goals in achievable increments. Implement planning actions, measure progress, and adjust plans when needed. Integrate your plan with your broker s business goals. Exam At the end of the course, participants will be given a 30-question open-book (unless closedbook is required for continuing education credit) multiple-choice exam to test and reinforce achievement of the course s learning objectives. Successful completion is 80 percent, a total of 24 correct answers. NATIONAL ASSOCIATION OF REALTORS Page 2 of 7

3 Introduction A. Course Learning Goal B. Course Overview C. Learning Objectives D. Exam Global Real Estate: Local Markets E. Activities and Class Procedures F. Earning the CIPS Designation 1. Course Requirements G. Are You Global? I. How the Global Economy Shapes Your Market A. Global Economy, Local Markets B. Some Viewpoints on Globalization C. A Shrinking World? 1. Spread of Capitalism 2. Alliances 3. Connectivity 4. Interdependence and Specialization 5. Affordable Travel 6. 21st Century Workforce D. Capital What Flows 1. Capital Flow Trends 2. Capital Flow Theories E. Influences on Capital Flow F. Monitoring Trends and Indicators 1. U.S. Economic Indicators 2. Global Indicators NATIONAL ASSOCIATION OF REALTORS Page 3 of 7

4 3. Leading Economic Indicators G. Excerpt from NAR Local Market Assessment Case Studies H. Key Point Review II. Your Hometown Global Market A. Do I Have to Leave Home? B. Gateway Cities and Beyond C. The Top 5 Countries of Origin 1. Metro and Micropolitan Markets D. Working with Foreign Buyers E. Prospecting Glocally 1. Raising Awareness of Opportunities 2. Who Is the Market? Today? Tomorrow? 3. Market Outreach F. Tap Into Association Resources 1. Resources and Tools for REALTORS G. Three-Step Brainstorm: Market Outreach H. Target Marketing I. Key Point Review III. Cultural Literacy for Business A. High Context and Low Context Cultures B. Cross-Cultural Business Skills C. Negotiations and Decision Making D. Gender Issues E. Religious Traditions in Business F. Active Listening G. Cultural Snapshots NATIONAL ASSOCIATION OF REALTORS Page 4 of 7

5 H. Hablas Hispanic Consumers? I. Where in the World Is? J. Key Point Review IV. Serving the Global Market A. Adapting Your Core Real Estate Skills 1. Regulatory Knowledge 2. Market and Product Knowledge 3. Financing 4. Networking 5. Presentation Skills 6. Communication and Listening 7. Investment Knowledge 8. Patience 9. Fiduciary Duties 10. Customer Service 11. Client Loyalty 12. Marketing 13. Technology Use 14. Tax Issues 15. Value Proposition 16. Negotiation and Decision Making 17. Property Presentations B. Qualifying Foreign Prospects 1. Qualifying Unsolicited Parties NATIONAL ASSOCIATION OF REALTORS Page 5 of 7

6 C. Real Estate Practices Around the World 1. Property Marketing 2. Attorneys 3. Notary 4. Real Estate Licensing 5. Commissions 6. Property Records 7. Title Insurance 8. Document Authenticity D. Does It Have to Be in Writing? 1. Agency Agreements 2. Contracts End or Beginning? E. Are We Speaking the Same Language? F. Key Point Review V. Networking Power A. Is Global Networking Different? B. Networking as a Business Strategy C. Finding and Making Contacts D. Start a Business Roundtable and Build Your Team 1. A Networking Information System E. Social Media Connecting to Your Sphere s Spheres 1. How can social media help you network? F. Global Perspectives, Build a Better Website G. Referral Networks 1. NAR Global Network of Cooperating Associations 2. CIPS Network NATIONAL ASSOCIATION OF REALTORS Page 6 of 7

7 H. Best Practices for Making a Referral I. Best Practices for Receiving a Referral J. Will Local Business Lead You Abroad? U.S. Expatriates 1. Panama Pensionado and Specific Countries Visa Program 2. Mexico 3. Belize Retire in Belize Program 4. India Non Resident Indian Incentives 5. Malaysia Malaysia My Second Home 6. Philippines Special Resident Retiree s Visa (SRRV) Program K. Purposeful Travel L. Trade Shows and Expositions M. Trade Missions N. Reaching Across the Globe O. Key Point Review P. Key Point Review VI. Planning>Action>Results A. Planning Builds Business Confidence B. Identify Your Market Niche C. Setting Goals D. REALTOR Association Resources and Tools E. Promoting a Property Globally F. Business Planning Quick Start G. Measuring Results H. What Will You Do Next? I. Key Point Review NATIONAL ASSOCIATION OF REALTORS Page 7 of 7