2024-11-15 20:40:00
UCO, a subsidiary of Stellar MLS, a leading Multiple Listing Service (MLS) in the US and the fastest growing in the world, has a landmark agreement with the National Association of REALTORS® (NAR) India as an advisor for the successful launch of an MLS met across India. This milestone underscores Stellar MLS’s commitment to improving the real estate industry on a global scale, expanding UCO’s global footprint and advancing NAR India’s journey to modernize and elevate the Indian real estate industry.
Founded in 2008, NAR India is a non-profit organization that promotes the professional development of its members and supports the highest standards and accreditations in the national real estate industry. It is one of only two countries to use the NAR designation; the other is Canada. UCO will advise the NAR India team in areas such as setting up an MLS, technology, business strategy, organizational set-up and supplier management.
“We are pleased to partner with NAR India, a highly respected organization that shares our values of high-quality customer service, trust and data integrity, to support the emerging real estate market in India,” said Merri Jo Cowen, CEO of UCO and Stellar MLS. “ This is a significant nationwide initiative and we are proud to bring our expertise in establishing the MLS concept across India and be part of NAR India’s mission to leverage the power of collaboration, transparency and of an efficient marketplace.”
Cowen also noted the potential benefits of alignment for Stellar MLS customers in Florida, such as: B. through referral options: Many Indians living abroad (NRIs) live in Florida. Current trends highlight the increasing influence of NRIs in shaping India’s real estate landscape, driven by both emotional ties to their homeland and the search for investment opportunities. On the other hand, India is one of the largest foreign investors in Florida real estate, with investments worth $5.4 billion in 2020.
“The partnership between UCO and NAR India is a pivotal moment for the Indian real estate industry,” said Amit Chopra, President of NAR India. “It brings cutting-edge MLS expertise to India and promotes transparency, trust and professionalism in our market.”
Tarun Bhatia, Vice Chairman and Chair-Global, NAR India, added: “It also creates exciting opportunities for Indian REALTORS® to showcase properties to a global audience, particularly NRIs, thereby fostering stronger international connections.”
Sumanth Reddy, Chairman, NAR India concluded: “We are proud to embark on this journey with UCO and look forward to the transformative impact it will have on our members and the industry at large, opening new avenues for growth and collaboration .”
Dr. Mathew Kallumadil, UCO Vice President of Global Markets and Stellar MLS Vice President of Technology and Innovation, noted the shared synergies between UCO and NAR India. “India is a complex, diverse market with different languages and cultures within the country, and UCO’s experience in accounting for regional differences and building scalable MLS systems will be invaluable in developing a sustainable MLS framework,” said Dr. Kallumadil: “Indian society is very digitalized and this is crucial for a successful MLS and the ecosystem that surrounds it.”
The partnership with NAR India expands UCO’s presence in South Asia, in addition to Europe and the Middle East. UCO recently secured additional strategic consulting agreements with MLS Leader (Romania) and Arab MLS (Middle East) to optimize real estate practices in their respective regions, and with Igluu, a Prague-based digital technology company, to expand the MLS concept to expand in Europe. In addition, UCO is actively engaged in global forums to support a forward-looking approach to transforming the industry, and its presence is supported by its partnerships with CEPI, the European Federation of Real Estate Professions, and FIABCI, the International Real Estate Federation.
For information about UCO and Stellar MLS, see stellarmls.com/global.
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How do you anticipate the implementation of MLS systems in India will transform the local real estate industry?
**Interview with Merri Jo Cowen, CEO of UCO and Stellar MLS**
**Editor:** Thank you for joining us today, Merri Jo. Your recent partnership with the National Association of REALTORS® India is a significant move for both UCO and the Indian real estate market. Can you tell us what led to this collaboration?
**Merri Jo Cowen:** Thank you for having me. This partnership truly reflects a shared vision between UCO and NAR India to enhance the real estate landscape through the implementation of Multiple Listing Services. Our commitment to customer service, transparency, and innovation is well-aligned with NAR India’s mission, and together we can drive significant improvements in the industry.
**Editor:** With UCO’s expertise in establishing MLS systems, what specific areas do you envision focusing on in India?
**Merri Jo Cowen:** Our advisory role will encompass several key areas: setting up an MLS framework, integrating advanced technology, developing business strategies, organizing operational structures, and managing supplier relationships. We believe these elements are essential for creating a robust MLS that meets the unique needs of the Indian market.
**Editor:** How do you see this partnership benefiting not just the Indian real estate professionals but also your clients in Florida?
**Merri Jo Cowen:** There’s tremendous potential for mutual benefit here. Many Non-Resident Indians (NRIs) residing in Florida have strong ties to their homeland, influencing their investment decisions in India’s real estate. This collaboration will create referral opportunities for our clients in Florida, enabling them to tap into a growing market and connect with potential Indian investors.
**Editor:** Amit Chopra from NAR India highlighted that this partnership brings cutting-edge MLS expertise to the country. What do you think are the biggest challenges that the Indian real estate industry faces today?
**Merri Jo Cowen:** The Indian real estate market has been evolving, but challenges like lack of transparency, inconsistent standards, and fragmented services persist. By implementing an MLS, we aim to tackle these issues head-on, fostering a culture of trust and professionalism within the industry.
**Editor:** Lastly, what are your hopes for the future of this partnership and the impact it might have globally?
**Merri Jo Cowen:** I genuinely believe this is just the beginning. Our goal is to pave the way for a standardized and efficient structure in India’s real estate market, encouraging international collaboration. As we see success here, we can replicate these strategies in other emerging markets, establishing UCO as a leader in global real estate service innovation.
**Editor:** Thank you, Merri Jo, for sharing your insights and the exciting developments ahead for both UCO and NAR India.
**Merri Jo Cowen:** Thank you for having me! We’re eager to embark on this transformative journey together.