Continuing Education Beyond the Mandatory...Necessary!...

By
Real Estate Broker/Owner with Terry Bishop Realty LLC

Why should you, the buyer or seller, care about the level of continuing education your Realtor® has, and whether he/she continues to take classes beyond the mandatory continuing education requirements for license renewal?

The real estate industry is constantly changing.  Short sales and foreclosures on the market brought new designations: SFR, the National Association of Realtors® designation for Short Sales, Foreclosure Real Estate, and the CDPE which stands for Certified Distressed Property Expert, and now the new classes designed for Investors in Distressed Properties.

Working with distressed buyers demands an entirely new set of skills and requires considerable paperwork which the lender, (or sometimes lenders), need to make a decision whether a short sale is granted.

Essentially this paperwork is a prerequisite for the bank to ascertain whether mortgage fraud may be involved.  Mortgage fraud, if litigated and proven, carries prison terms as well as fines for all participants.

No agent wants to subject himself/herself to possible prison terms nor do they want to subject their seller to such conditions.  Sometimes a seller genuinely does not understand that hiding assets is not protocol!

Financing is another area where the Realtor® who has additional education can make a transaction work where a Realtor® who does not understand the nuances of financing will let the potential transaction go by the boards…only because he/she doesn’t know how to structure the transaction.

With the changes which have occurred in obtaining a mortgage, many people cannot now qualify because of credit issues.

A Realtor® who has information about credit repair can pass the name of a good credit repair person on to his/her client.  Often credit can be repaired in a short time which will put the buyer in the driver’s seat to purchase a home within six months.

A knowledgeable Realtor® has knowledge far beyond the types and prices of homes on the market.  He/she spends time and money on continuing education in order to serve clients best.

Look for a Realtor® who has continuing education beyond what is required by the state.  Check the state database of the Real Estate Commission to see what types of classes your agent has taken and when.  Look for advanced designations such as GRI, CCIM, CRS, SRES, ABR, the most rigorous of which is the CRS or CCIM, the latter of which is for commercial properties.

Comments (2)

Martin Dorgan
Prudential Indiana Realty - Columbus, IN

Terry, This is a very good point to make, with regard to agents and how much they are willing to put into their own knowledge.  But in all honesty a designation does not make the agent a better agent specifically.  It only acredits the agent for having the designation.  Which I agree to some extent should make them a better agent.

But there are some agents, that take many extra classes, and don't necessarily get a designation.  So, consequently they are in theory more educated, than those that don't take additional classes.

Do I believe more education is necessary, YES! Do I believe a designation a necessity NO!  But I do admit the designation could help an agent.

Mar 15, 2011 02:44 AM
Terry Bishop
Terry Bishop Realty LLC - Tucson, AZ
Earning Your Trust and Confidence...

Hi Martin,

You raise an excellent point.  Designations in and of themselves do not make an agent better as you have pointed out, but those people who do attend additional classes hopefully are better prepared than agents who do not go the extra mile and attend addition classes.  Thank you for your comments Martin.  I hope your market is picking up!

Mar 15, 2011 03:27 AM