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 will the collaboration between UCO and NAR India benefit non-resident Indians in Florida?
**Interview with Merri Jo Cowen, CEO of UCO and Stellar MLS**
**Editor:** Thank you for joining us today, Merri Jo. UCO’s recent agreement with NAR India is a significant milestone. Can you explain what this partnership means for both organizations?
**Merri Jo Cowen:** Thank you for having me. This partnership is a transformative step not just for UCO, but for the entire Indian real estate market. By advising NAR India in establishing a Multiple Listing Service (MLS), we’re helping to bring modern practices in real estate to India. This means greater transparency and professionalism in the industry, which benefits everyone—agents, buyers, and sellers alike.
**Editor:** That sounds promising. What specific areas will UCO be focusing on to support NAR India?
**Merri Jo Cowen:** We will be providing guidance on setting up the MLS itself, employing the right technology, developing effective business strategies, and managing organizational structure and supplier relationships. Our goal is to ensure that the platform not only meets the needs of Indian real estate professionals but also aligns with global standards.
**Editor:** You mentioned this partnership could also benefit Stellar MLS customers in Florida. How do you envision this working?
**Merri Jo Cowen:** Absolutely. Many non-resident Indians (NRIs) live in Florida and have strong ties to India. This partnership can create referral options between UCO’s network in Florida and NAR India, ultimately facilitating transactions and investment opportunities for NRIs looking for real estate in India. Conversely, it will also promote Indian investments in Florida real estate.
**Editor:** Amit Chopra of NAR India described this agreement as a pivotal moment. How do you see UCO’s expertise in MLS influencing the Indian real estate landscape?
**Merri Jo Cowen:** Amit’s comment really resonates with our vision. Introducing cutting-edge MLS practices to India will enhance market efficiency. As we instill transparency and trust, buyers will have more confidence in their transactions. This holistic approach can lead to increased investments and a more dynamic market overall.
**Editor:** What excites you most about this initiative moving forward?
**Merri Jo Cowen:** I’m particularly excited about the opportunities for collaboration it creates. As we empower Indian REALTORS®, it will allow them to showcase their properties to a global audience. This cultural exchange will not only strengthen the Indian market but will also broaden the horizons for many real estate professionals in both countries.
**Editor:** Thank you, Merri Jo, for sharing your insights. We look forward to seeing the positive impact this partnership will have on both UCO and NAR India.
**Merri Jo Cowen:** Thank you for having me! We’re eager to embark on this exciting journey together.