HGAR Advises Realtors to Go Global

WHITE PLAINS—The Hudson Gateway Association of Realtors held a highly informative in-person and virtual session on Feb. 25 that focused on the significant value Realtors can tap into by engaging in global real estate transactions.

The session held at HGAR’s offices in White Plains was entitled “Why Global? Understanding the Value of HGAR’s Global Business Council,” and was led by Hudson Gateway Association of Realtors Chief Executive Officer Lynda Fernandez and also featured Christina Prostano, HGAR Global Business Chair, and Holly Gluck, HGAR Global Business Vice Chair.

Fernandez, who earlier in her career spent more than 16 years at the Miami Association of Realtors, detailed the significant market share global real estate has in the Greater Miami area and noted that the Hudson Valley/New York City market area is also a major market for global transactions.

“The Hudson Valley is a region that marries timeless charm with dynamic global real estate appeal,” Fernandez said. “Not only does the Hudson Valley attract international homeowners and investors, but is home to international homeowners and investors.” She added that each county in the Hudson Valley has its own distinctive character “that presents a mosaic of opportunities for those looking to invest in real estate.”

Prostano, an Associate Broker and Founding Principal Global Collective Team at Compass in Manhattan, and Gluck, a real estate salesperson with Berkshire Hathaway HomeServices New York Properties, shared their experiences in expanding their geographic reach to markets outside the United States.

The panel discussed the various international organizations that provide resources to Realtors interested in engaging in global real estate. Prostano related that many Realtors are already doing some international business and can increase their market share if they access the collective resources available for both inbound and outbound international transactions.

HGAR’s Global Networking Partner organizations include: the National Association of Realtors; the Asian Real Estate Association of America (AREAA); FIABCI, the International Real Estate Federation; the National Association of Hispanic Real Estate Professionals (NAHREP); the National Association of Real Estate Brokers (NAREB) and the LGBTQ Real Estate Alliance.

Gluck noted that while New York City is a global destination and major market for international investors, the Hudson Valley is also an attractive market for global real estate deals.

She related that Realtors who take advantage of HGAR’s global offerings and affiliations “can be exposed to opportunities where you can network and grow whatever your interest might be.” Gluck later added, “We are all here to collaborate, share our ideas and see how we can help you expand or grow your business in the international arena.”

Some of the key takeaways from the program included:

According to the most recent data: the top sources for foreign direct investment in New York were: United Kingdom, 28%; France, 8%; Canada, 8%; Germany, 7%, Israel, 5% and Other, 43%.

Approximately 3.2 million New York residents were born outside of the United States, which has resulted in ethnic enclaves statewide that offer residential and commercial business opportunities for Realtors.
New York State is actively creating innovative workforce development programs geared at attracting global commercial investors to generate new opportunities for business and regional economic growth.
New York is a global business and technology hub.
One out of 10 private jobs in the city are with a foreign-based company.
The New York metro region has a high percentage of foreign students that attend such prestigious universities as NYU, SUNY, CUNY, Long Island University, Columbia University, Manhattanville College, Brooklyn College, Iona University, Fordham University, Pace University, FIT, MCNY, IE NY College, Mercy University and others.
To reach foreign buyers, HGAR’s Global Business Council advises Realtors: to attend global events locally and abroad; connect with foreign delegates at NAR’s NXT The Realtor Experience Real Estate Conference and HGAR’s Global Summit; join bilateral Chambers of Commerce and multicultural organizations and attend foreign trade events.

The HGAR Global Council will be holding Global Chats in the near future and is also planning its annual Global Summit to be held in November. HGAR will host the 19th Annual Global Real Estate Summit in New York City in collaboration with more than 10 real estate associations, along with NYSAR and NAR. The program attracts top real estate leaders and global practitioners who explore emerging trends and new opportunities in the international market. Further details will be released shortly on both the Global Chat and Global Summit program offerings.

Another upcoming local offering is The Long Island Board of Realtors Annual Global Breakfast on March 13 at 8:30 a.m. at the Hamlet /Golf & Country Club in Commack. For more information on program, which costs $25 to attend, and to register, send an email to esmith@lirealtor.com.