Because commercial real estate practice needs its own support system, NAR Commercial Division encourages and supports existing associations to create of Commercial Overlay Boards devoted to such support. In 1992, The Board of Directors of NAR authorized the establishment of Commercial Overlay Boards of REALTORS®. A Commercial Overlay Board co-exists and shares (overlays) geographic jurisdiction with one or more REALTOR® associations, in order to better serve members in a commercial market area. At the same time, the territory currently assigned to existing associations remains intact as well as their right and obligation to provide services to their members. COB jurisdictions may be local, multi-market, state-wide and inter-state.
How Do You Research The Market To Create A COB?
- Identify Leadership: Identify a core group of respected, dedicated and committed commercial members to lead the effort to propose and create the COB.
- Define the COB Jurisdiction Area: The market area in which the COB commercial members’ practice defines the targeted jurisdiction.
- Founding Members (15) And Firms (10): List the founding members and firms of the COB.
- Identify Potential Members And Firms: Identify the potential number of COB members and firms within the proposed jurisdiction.
- Assess Market Conditions, Member Needs, Services And Allied Organizations: Appraise the local market conditions and list the ways a COB can assist commercial practitioners to increase their transactions. Only promise what the COB can deliver.
- Develop A Strategic Plan: Summarize the information gathered during the assessment stage and give the COB direction
- Develop A Startup Action Plan: