Should Real Estate Self Regulate Itself?

Charles:

That post is so good that it would take the rest of 2008 for the AR Community to discuss. Hence, I'll just focus on your last two questions.

1. Should ALL newly licensed agents be considered rookies or probationary until a certain number of transactions have been closed? In my opinion, all new real estate agents should complete one year and/or five transactions under a "state certified" mentor that could be their broker-in-charge. In some markets, you can't assume the broker-in-charge would be a good mentor. Why? In South Carolina, you just need three years of licensure to become a BIC. That's right. You don't have to sell one piece of property during that three-year period.

2. Should existing agents be held to a standard to stay above a probationary status? This one might not be as black and white. There are some great real estate agents off the coast of South Carolina that did not sell one piece of property in 2007. That shouldn't diminish their status with a licensing board. Plus, under the premise of that question, you would have to increase/strengthen continuing education requirements.

Once again........Great Post Charles!

That is the beauty of the industry, most would say.  That with nothing more than a high school degree or equivilancy, a quick course, and a test one can handle the largest monetary investment their clients will make.  This is an industry without glass ceilings.  But is it fair?  Sometimes I see the most unscrupulous agents being the most successful.  What draws consumers to these people?  What is it these people have that causes the consumer to act like a zombie and do everything they say?

We are regulated by code of ethics/board of realtors.  But I have just seen one instance where it has taken over a year for them to get to one agent who had several complaints loged against them.  Now I hope I am not disappointed by the outcome - I hope the self regulation comes out "fair"

Who else do you propose regulate the industry? Surely not the federal government??! -

Charles,

Very good points.  I have always believed that we should have a better gauge on agents ability and willingness to commit to this profession.  We have always had the conversations including part-time Realtors.  I draw a distinct difference between Part-time and Part -time Realtor.  Many that I know, myself include have had other jobs during our real estate career.  The difference is in the commitment.  While I worked another job, my schedule was flexible enough that I could still meet commitments to Real Estate.  i don' t often find that with many wanting to come into this profession.  Many tend to make Real Estate their job of convenience, and I don't think that is proper for the client who needs you.  I also believe that you should have to close a certain amount of business every year.  I say this not just for the ability to contribute to the office, but also to stay abreast of what is happening concerning the law, contract changes, etc.  If you cannot stay on top of these things, you create a liability situation for yourself and the company.  It can also be the root of the problem concerning the image of a Realtor to the consumer.  I am all for minimum standards and encourage the designation classes, whether you choose to display the designation or not is up to you.  Designations although, do not show proficiency, just education.  I have seen agents without designations that are better agents than some of the ones with designations and vice-versa.