The global real estate market continues to grow, offering new opportunities to real agents with the knowledge and resources to expand into the new global market.

Expanded opportunities also imply expanded responsibilities. As you know. every market operates under different requirements and responsibilities. Before venturing beyond your borders, observe these critical factors: 

KNOW THE LAWS AND REGULATIONS

This is about managing your risks. Learn the specific requirements for participating in a real estate transaction in another country. Don’t assume that the absence of a regulated real estate industry reduces your risks. Ask yourself:

• Are you allowed to practice real estate in another country?
• Are there business and/or real estate licensing requirements (beyond real estate laws) that govern your activities? 
• Have you identified qualified tax and immigration specialists, so your clients can seek their advice on tax laws, visas, residency requirements, and other related matters? 
• Does your E&O insurance policy cover your activities in another country? 

These are just a few ways you could do your clients a disservice and potentially expose yourself to risk if you aren’t fully informed.

The National Association of REALTOR® (NAR) is a great resource for agents to learn about other countries:

Real Estate Practices Around the World A convenient summary of general guidelines in 35 countries. www.nar.realtor/global/ reaI-estate-practices-around-the-world

GET GLOBALLY CONNECTED

Much like the local network, you need to get connect to a global real estate network.

Global real estate associations around the world can also provide some resources:

• The ASEAN Real Estate Network Alliance (ARENA) has eight country affiliates
• FIABCI has over 40 Chapters worldwide
• NAR has Cooperating Associations in over 70 counties
• SODA.RED’s global real estate network is ready to assist and offer referrals. 

Additionally, major networking events, like the ARENA Convention,FIABCI Congress, and/or REALTORS® Conference & Expo will expand your global reach.

CODE OF ETHICS AND CONDUCTS

No matter where you practice real estate, real estate agents are expected to abide by a moral code of ethics or conduct. In the United States, real estate agents abide by the REALTOR® Code of Ethics. Other parts of the world have a similar standard in which all agents should operate.

If a country does have Licensing laws and you are not licensed in that specific jurisdiction, you could be breaking another country’s laws in addition to violating the countries’ ethical real estate business practices. 

Ultimately, real estate success and ethical practices go hand in hand-a strongly-shared conviction among global real estate agents,