System makes transnational referrals ‘seamless’ for Realtors around world

BOULDER — It’s one thing for a Realtor to get a referral from a friend from a different part of town, a different city or even state, but a different country — that’s entirely another matter altogether.

But it’s beginning to happen. The global economy has officially extended its reach to real estate.

Now Realtors in Boulder and Broomfield counties can tap into literally — the world for referrals, thanks to what’s called the transnational referral system. It allows Realtors to develop relationships with those in real estate from other countries.

Parties agree to help one another with referral business under standardized systems that include sharing of commissions and procedures for resolution of possible disputes.

The National Association of Realtors approved the system last year.

Hopes for the system are high, and Gail Lyons, a Realtor in Boulder and a member of the team that set up this system, said it’s on the verge of transforming international real estate brokerages.

She said that in most countries real estate referrals or sharing of commissions are either not done or are still very rare because commonly the listing agent is also the exclusive selling agent.

“The new standard will bring much of world real estate practice closer in line with models current in the United States, and also in a number of countries with more evolved agency systems,” Lyons said.

Lyons said Realtors here should be interested because the system makes referral business “seamless around the world.”

Association members are automatically members of the referral system and can begin to increase their income with 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,” Lyons said.

She said the system “advances the case” for global real estate practice because it’s transparent and helps remove some of the roadblocks that have impeded smooth international real estate practice.

“It’s an important step in globalization, and real estate brokerage is really at the center of the globalization of world business,” she said.

Susan Plage, a broker associate with RE/MAX of Boulder and the immediate past president of the Boulder Area Realtor Association and current chairwoman of its International Real Estate Council, said she likes the system.

“I think we’ll see more and more agents here inclined to help international clients,´ said Plage.

“We’re already starting to see more and more agents doing business with agents overseas.”

She said several agents in Boulder are doing business internationally in China, Mexico, Latin America and Europe.

Plage said Boulder has a good reputation in the international community as a good real estate investment. She said Boulder is advertised in publications in several countries.

“People know Boulder has a great quality of life, CU-Boulder is well respected and its proximity to Denver is another good selling point,” Plage said.

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