If I were to awaken tomorrow as the commissioner of real estate - all of it - what would I change? Lots of things... For starters, I want a new set of rules.
- Raise the entry gate. No, I'm not engaging in the "pull up the ladder now that I'm on board" tactic. I've been licensed 22 years. But I DO see way too many agents who are under-educated about what is required to actually be a GOOD agent. Quantity is too high, and education too low, so I'll require licensees to have at least a 2 year degree in a business discipline, PLUS attend specific classes related to the actual operation of a real estate business. Enough of the "how many acres in a quarter section?" questions. The effect of this new rule will be fewer agents, and much better prepared & educated agents. The consumers will benefit, our profession will benefit, and the world will still turn.
- Raise the renewal requirements. This follows on Rule #1 in that agents will now have to continue to stay on top of the changes sweeping over the industry. Many do this now, but many more do just the minimum hours per year to stay fresh. Please do not tell me that 1 hour per month of continuing education is sufficient! New Rule #2 - Back To School for at least 3 hours per month. 36 hours per year is not going to wear anyone out.
- Do some business, or get out! We have agents who do 1 or 2 sales per year. Throw in 1 or 2 listings per year, and these folks are barely getting by. Like a triage unit, the New Rule #3 will mandate a minimum level of closed sales. This can be measured both in quantity or dollar volume. For those that fail to make the cut, or for those who primarily are self-dealers, there will be a safety net. Just as we now have Brokers Licenses & Agents Licenses, new rule #3 creates a Temporary License. It can be renewed, but would serve to alert the public that the agent they are dealing with is either a self-dealer or a part-timer. The public needs to know these things!
- Mandatory apprenticeship. Not for years, but for at least 6 months. All new agents must spend some time learning along side the veterans. This is not a new concept, as almost every other true profession utilizes the apprentice program. Let's also require any document prepared by these new agents to be reviewed and initialed by the veteran agent and/or the managing broker. So many simple mistakes are made that are clearly avoidable by simple review. Again, the consumers benefit.
These are rules that a commissioner has control over, and while changes often require legislative action, these would be on my Action List as commissioner. The future of the industry is in the balance these days, and these new rules are long over due.
Tomorrow I'll tackle the archaic Multiple Listing Systems we are stuck with.
Time to go play golf.
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