Japan delegation, Washington Realtors forge landmark agreement
to promote mutually beneficial cooperative real estate transactions
In a landmark ceremony, representatives from real estate associations in Washington state and Japan signed a Letter of Intent for a Bilateral Cooperative Agreement in mid-September in Olympia. The reciprocal document, believed to be the first of its kind between local associations in the U.S. and Japan, culminated a three-day whirlwind visit by five representatives from the Hyogo Prefecture Real Estate Transaction Association (Hyogo Taku-Ren).
The agreement, signed by officers of Hyogo Taku-Ren and Washington REALTORS®, promotes information exchanges, trade missions, education, networking, mutual understanding and referral opportunities. Another clause of the agreement supports promotion of private property rights around the world and the United Nations goal to achieve adequate shelter for all.
Washington Lieutenant Governor Brad Owen witnessed the Sept. 17 signing ceremony at his office. It will be followed by a formal, reciprocal event next February in Kobe, Japan during ceremonies commemorating the 50th anniversary of the Hyogo Prefecture Real Estate Transaction Association.
Bellevue Realtor Jason Watabe, who serves as the NAR (National Association of REALTORS®) President's Liaison to the National Federation of Real Estate Transaction Associations, organized the recent trade mission, which took nearly a year of planning and preparations. He was appointed to the NAR liaison position last year while serving as president of the Seattle KingCounty REALTORS®.
Besides the signing ceremony in Olympia, Watabe arranged numerous educational and entertainment opportunities for the delegation, including:
A welcome reception with the Consul General of Japan and 70 other guests at the waterfront home of a member of the Asian Real Estate Association of America. (Watabe serves as president of this state's chapter.)
Discussions and classes on title insurance, real estate transactions in the State of Washington and the referral system between Hyogo and Washington state;
A tour and meetings at the headquarters office of Northwest Multiple Listing Service;
Tours of construction sites;
Sightseeing and a Seattle Mariners baseball game.
The delegation from Japan included the president of the Hyogo Prefecture Real Estate Transaction Association (Hyogo Taku-Ren), two members of the group's board of directors, the association's CEO and one other staff member.
Watabe said the overall goal of the Hyogo visit was to further establishment of an international real estate referral system. NAR has been working with Watabe and other "President's Liaisons" to develop international norms and standards to govern the real estate profession globally.
Watabe, who real estate career spans more than 24 years, said he would like to develop a small pilot program between regional associations here and in Kobe, rather than at the national level, in hopes of seeing some "fruitful results in relatively little time." Hyogo Taku-Ren showed strong support for strengthening connections with NFRETA, according to Watabe. "The delegation promised their board would discuss specific plans to facilitate meetings between our organizations. That would be a great step," he remarked.
About NFRETA and Hyogo Taku-Ren
The National Federal of Real Estate Transaction Associations (NFRETA) is Japan's largest trade organization in the real estate industry. It consists of 47 transaction associations, each of which represents a prefecture in Japan. Members belonging to this association represent about 82 percent of all licensed real estate agents in Japan.
The Hyogo association consists of 5,300 companies and ranks sixth among the 47 prefectural associations that make up NFRETA. (Hyogo, whose capital is Kobe, is in the geographical center of Japan, and is a sister state to Washington.)
About AREAA (www.areaa.org)
Founded in 2003, the Asian Real Estate Association of America (AREAA) is a nonprofit professional trade organization dedicated to promoting sustainable homeownership opportunities in Asian American communities. Membership represents a broad array of real estate, mortgage and housing-related professionals that serve the diverse Asian American market. Washington is one of 10 chapters around the country.
About SKCR (nwrealtor.com)
The Seattle KingCounty REALTORS®, with 6,000-plus members, is a local board of the National Association of REALTORS® (NAR). Its members adhere to a strict Code of Ethics and participate in matters at all levels of government that affect private property rights, housing supplies, affordability and homeownership opportunities. Membership is voluntary, and only members may use the term REALTOR®, which is a licensed collective trademark.
NWREporter November 2009