APRIL 2010 | www.opp.org.uk
LISTINGS EXCHANGE
Landmark deal creates international MLS
A landmark agreement is to create an international multiple listing system (MLS) for Central America, bringing the concept of a genuinely global listings exchange a step closer. Through a deal with real estate
technology provider Immobel, the Central American and Caribbean real estate association, FECEPAC will make its members’ property listings available online through consumer portals and allow foreign agents to display them on their websites.
International listings
Immobel, which already offers a listings exchange service between Realtor associations in the US and FNAIM in France, will translate FECEPAC’s listings into 12 other languages and provide the functions of a brokers’ MLS. The listings will also be uploaded
to Google Real Estate and international portals including ICREA’s WorldProperties.com and Enormo.com. “FECEPAC didn’t have anything like an
REGULATION
AIPP to show its bite marks
AIPP, the Association of International Property Professionals, is planning to increase publicity of its disciplinary role. The trade body hopes greater
awareness of its efforts to hold member companies to account will reassure consumers it is protecting their interests and encourage more firms to join. The UK-based organisation, which has
over 300 member agents, developers and other property companies around the world, will begin the campaign with
stephen.h@opp.org.uk | 11
NEWS IN BRIEF
Industry demands regulation
Global portal | Immobel already allows agents in France and the US to swap listings
MLS, so we’ve stepped in to help them market internationally,” said Immobel CEO Janet Choynowski (pictured). “There are very few centralised MLSs and there are a number of Asian and Latin American countries in particular who need one.”
New challenge
Immobel had previously declined requests to create national MLSs because it wasn’t part of the company’s core business, she added. “But the technology really fits the bill and now
a new section of its website dedicated to its disciplinary remit and the action it has taken against members who have broken its code of conduct. “Eight companies have been expelled
from membership, yet most people don’t know that,” said AIPP board member Guy Tolhurst. “The Association can, has and will take strong action if companies are found to have made serious breaches of the code. Let’s tell the world we’re doing what we said we’d do.” The organisation has been wary of
the effects of advertising the negative actions of property companies. “It’s a difficult balance,” said operations manager Lisa Charlesworth. “On the one hand, there’s a benefit in publicising
Guy Tolhurst | “AIPP will take strong action if companies breach the code”
the actions we take against members to show that we will enforce our code – without that strength, our work would be meaningless. On the other hand, there is always a danger of the press reaction to such stories... The last thing this market needs at the moment is bad press generated by its own trade body.”
we may go ahead and say yes to other markets who need this. “The cost of creating an MLS,
translating the listings and creating multiple data feeds to send listings to different portals would be a real burden to individual countries. But we already have the ability to input listings in 13 languages, which covers 90% of internet traffic. This could open a lot of doors in a lot of countries.” FECEPAC includes Panama, Costa
Rica, Honduras, El Salvador, Guatemala, Dominican Republic and Nicaragua.
Property industry bodies in the UK are calling for greater regulation to ensure consumers understand the fees and commissions they are charged. A report from the Royal Institute of Chartered Surveyors (RICS), supported by the National Association of Estate Agents (NAEA), found that an inconsistent level of transparency from companies in the industry left many consumers unaware of what they were paying for, and called for the government to improve regulation in the sector. “We need to put a stop to the unwelcome practices and enhance regulation and its coverage across the sector in order to improve standards and raise consumer protection,” said RICS president Max Crofts.
Savills’ profits tumble
International estate agent and consultant Savills has reported a 24% drop in annual profits and expects a similar performance in 2010. The company’s underlying profit before tax and adjustments for 2009 was £25.2 million, compared to £33.2 million in 2008. Profits for the first half of the year were just £2.5 million due to the weak commercial property market, but this increased to £24.7 million in the second half. “In particular, UK Residential performed strongly as markets recovered and the performance of our Asia Pacific businesses, which now represent 38% of the group’s revenues, endorsed our strategic decision to expand in this region,” said Savills’ group chief executive Jeremy Helsby in a statement.
Agents’ solar adventure
Several property firms are hoping to take the alternative investment market in a new direction by adding solar energy products to their portfolios. Experience International has partnered with Irish firm Blue Coast Global Investments and a German solar energy company to secure the UK master agency contract on a scheme that allows investors to benefit from income guaranteed by the German government. The move coincides with the launch of consultancy CB Richard Ellis’s solar energy investment arm, which hopes to tap in to growing investor interest in the sector by offering sales, advisory and management services.
BUYERS GET TOUGH
Investors in Australia are suing a developer who
allegedly sold off-plan apartments for AU$1.5 million but which were only worth AU$800,000 on completion. At least four buyers have filed a lawsuit demanding they be released from their contracts but the Darwin developer and former fireman has said he will fight to make them pay.
‘MINI MADOFF’ CONFESSES
Florida-based property fund manager Arthur Nadel
has pleaded guilty to a Madoff-style decade-long investment fraud of nearly $400 million. Prosecutors and regulators estimated investors entrusted Nadel with amounts ranging between $360 million and $397 million, for which he received tens of millions in management and performance fees.
NEW DUBAI REGULATION
The Land Department of Dubai now has the power
to cancel projects on the basis technical report and offer mediation service for disputes, according to a government decree seen by law firm Hadef & Partners. Cancellation can be forced if a developer fails to commence construction without justifiable reasons or breaches the escrow law.
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