Norman D' Flynn

1
Real Property Markets The real solution for
economic development
Norman D. Flynn Chairman, International Real
Property Foundation 1990 President, National
Association of Realtors
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MISSION OF IRPF
IRPF is an independent non-profit, public purpose
501c(3) Foundation established to create viable,
private real property markets worldwide which are
essential for strong democracies and developing
economies
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National Association of REALTORS

• Formed in 1908
• Code of Ethics in 1913
• The Voice of Real Estate

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Real Estate The Economy

• Real Estate contribution to GDP
• Economic impact through construction
• Tax revenue
• Wealth-building benefits the ladder of
  homeownership

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Real Estate The Community

• Community involvement
• Political involvement
• Stability commitment

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Why the Need for IRPF?

• General absence of secure property ownership
• Transition economies complex property
  challenges
• Privatization of real estate and professional
  asset management
• Saves recreating the wheel

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How Does IRPF Work?

• Reflects private and public sector goals
• Peer to peer professional relationships
• Experience adapted by country to meet world
  standards
• Practical and results oriented
• Demand driven

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IRPF Results

• Change in rates of homeownership in EE/NIS
  transition economies
• Change in association numbers, as the
  emergence of a profession
• More attractive investment opportunity as
  stability increases

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IRPF Strategies

• Association Management Training
• Consensus Building Roundtables
• Problem Solving Expertise

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Association Building
PFVA in 1993 15 groups in 2002 27 PREF in
1995 6 groups in 2002 24
"the Foundation programs gave us a vision, and
saved us from thirty years of mistakes
Grzegorz Dobrowolski
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Consensus Building

• Bringing key players from government, business,
  and civil society together with US expertise

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Problem Solving

• Advised on how to privatize real estate in Poland
• Helped advocate for change in Georgian licensing
  law

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Case Study Armenia

• Establish self-sustaining, market-oriented
  professional associations
• Develop an ethical and trained real estate
  profession committed to the protection of the
  public

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Case Study Armenia

• Assist in the creation of free, efficient, honest
  and equitable real estate markets anchored to
  private property rights

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Recommendations

• Real estate practitioners are an essential
  intermediary for developing strong real estate
  markets in countries
• Strong real estate markets are the backbone of a
  countrys economy

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Recommendations

• International real estate community can be
  strengthened through organizations like the
  International Consortium of Real Estate
  Associations (ICREA)
• Developing country associations must be brought
  up to international standard

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Real Property Markets The real solution for
economic development
IRPF 430 N Michigan Avenue Chicago, IL
60611 [phone] www.irpf.org