Billions of foreign dollars were invested in the nation’s real estate last year, and Cape Fear Realtors is looking to bring more of that investment to the area through a new effort underway for Realtors to become more involved in the global market.
 
N.C. Realtors Global Network, which stemmed from the N.C. Realtors’ economic development committee, officially launched in January as a resource for members working in the international market as well as organizations seeking to relocate to the United States.
 
On the heels of this state initiative, a more regionalized focus is taking shape to establish global councils for real estate communities across North Carolina.
 
Wilmington could become part of the National Association of Realtors’ global councils and if established, it would be the second regionally-focused global council for real estate in North Carolina – the first being the Triangle International Council founded in 2001.
 
The initiative, much like the one at the state level and in the Triangle, would help create a local network for both residential and commercial brokers to become more familiar with the policies, processes and strategies for doing business in the international real estate market through education, networking and awareness, said Tony Harrington, owner and broker in charge of Wilmington-based The Property Shop of the Carolinas and chair of the N.C. Realtors Global Network.
 
“By creating the Global Network and, by default global councils on a regional and local level, we’re educating and empowering brokers to be economic development ambassadors to further support their local, state and national efforts. The more connected we are in local markets, the more impact we will have in state, national and international markets,” Harrington said.
 
According to Taylor Oldroyd, CEO of Cape Fear Realtors, the organization is working to organize as a global council through the National Association of Realtors.
 
The move to initiate efforts to create a global council made sense for CFR, he said, because many of the Realtors in the region have international experience and conduct business with outside visitors.
 
“The global council will help raise the awareness not only for the Realtor community, as we try to serve our clients, but also for the national and international travelers or investors to let them know that this is a really good option for them to come enjoy what we have to offer and invest in our community,” Oldroyd said.
 
“A lot of signs point to really strong growth over the next 10 years or so. And so we think it’s a great opportunity. If we can grab a little bit of that [investment] and boost our economy here, that’s what we want to do: raise awareness, strengthen the economy and demonstrate to the nation and the world that this is a great place to visit and to invest in,” he said.
 
Harrington said the council will involve both commercial and residential brokers.
 
Cape Fear Realtors is doing the paperwork, organizing and working toward educating its members, Oldroyd said, with its sights set on rolling out the global council later this year.
 
Harrington added that the area is ripe for such an initiative. The region’s proximity to the port, water access and transportation infrastructure are “key for a lot of international business,” he said. A global council could further the economic development efforts already in place through various organizations here, Harrington said.