(NUSA DUA, Bali) -- Board members of international property associations FIABCI and ICREA are meeting here this week during the FIABCI World Congress to discuss a possible merger, which would create the largest international group focused on global real estate professionals.
"The two organizations have similar objectives and profiles," said Terrance Barkan, executive secretary general for FIABCI, the international real estate federation. "We feel the two of them together have the potential to be stronger."
The two groups duplicate some support functions, although each takes a different approach to the market. Paris-based FIABCI operates through chapters set up around the world; ICREA, the International Consortium of Real Estate Associations, works with property associations.
There is only about a 30 percent overlap of principal members, Barkan said. A merger would create a single organization with a much broader scope and ability to connect agents, developers and other industry professionals, Barkan said.
One clear benefit of a merger would be the ability to link FIABCI's roster of international agents with ICREA's listing apparatus, WorldProperties.com.
"The two pieces together represent more of the global market," he said. "There is not as much overlap as one might think."
Talks are still in the exploratory stage and any pact would still have to be approved by members of both groups, Barkan emphasized. But there is clearly momentum toward a deal.
"We think it's in the best interest of the members and the industry," he said.