UPDATE, June 2, 2010: 5,931 have read this blog since it was posted.
The April 2010 issue of "Texas Realtor" shows interesting results of a new survey of home sellers.
- 62% of home sellers only interviewed one agent before listing their home.
- 19% of home sellers talked to three agents before they selected one
- 22% were more interested in determining the list price that would make their home competitive than any other service a listing agent would provide.
- 1% thought professional designations were important when picking their agent. The other 99% didn't see the value to be of consequence.
- 3% found/picked their agent by walking in or calling a real estate office and speaking to the agent who had floor duty at the time they called.
I don't know the size of the sample and I don't know how respondents were picked. Nevertheless, I suspect the trends are valid, and several are shocking.
You have to wonder why our Realtor designations carry so little weight. CPA means something special when you're trying to pick a tax accountant. Board Certified Trial Attorney seems to indicate you might have a better chance if you're going to end up in court.
So why would the majority of the public feel that the representation they would get from a real estate agent will probably not be improved by his education?
And why would far more than half of the potential home sellers only interview one agent before contracting with them to list their home?
I would suggest that the 3% who just walked in the door of the nearest agency and took pot luck choosing the agent who was on floor time duty had no less of a chance of getting the best representation available than the 62% who only interviewed one agent, or the 99% who didn't see how an agent's formal real estate education and the resulting certification was worth considering.
BILL CHERRY, REALTORS
DALLAS - PARK CITIES
Since 1964
214 503-8563
Bill: these are fscinating stats. Very surprising that designations didn't have a stronger impact.
Bill, This amazes me also. I have went on several listing appts only to find out that they would not be interviewing any other agents! Im always happy to get the listing but always suggest they interview more agents just for my protection. Most of the time they decline. Go figure?
There is interesting data on the NAR Profile of Buyers and Sellers posted each year for free on the NAR sits.
Interesting statistics. I can't really say that I'm terribly surprised by any of them, but I wouldn't necessarily have guessed reasonably close to any of them either. I am often the only listing agent interviewed, and just as often I compete with 1 to 5 other agents for a listing.
Great post. I must admit that these statistics didn't show the people who picked their friend or other person they knew as their agent.
Great post.
I've heard David Knox reference these types of #'s in his training videos! Sometimes just being 'there' will get you the business! Thanks for sharing!
I know when clients look at my card , they ask what does GRI stand for. Is this our fault?
Terri --
Here's what I think:
I do not understand it either Bill. This is the only business that I have been in where almost everybody thinks they know more than I do . I do not get it. The answer would make for a great post of some one could figure it out
Hi Bill...
"1% thought professional designations were important when picking their agent. The other 99% didn't see the value to be of consequence."
Frankly, in a world where many consumers still do not understand the difference between a REALTOR and a licensed agent, and where most consumers have no idea what the designation initials actually stand for or mean, this is just not surprising to me. At least with a CPA, most people know what that means and stands for, try saying GRI, CRS or SFR to people and watch for the confused look on their faces.
Bill- I think this really depends on the market you are in. I really think they had to have polled the middle income to lower income earners. Because in our luxury market- the designations do mean something. They tend to mean more to those who also have them. Like doctors, attorneys and CPAs all understand what designations are and so therefore, like kind attracts like kind. The polls we have seen have shown that the wealthier the client, the more important things like designations are. We have found that to be the case.
Also on interviewing more than one agent- Nestor and I rarely ever have to compete against another agent in our niche markets of short sales and expired listings. If we are the first ones in the door, they are signing with us and they tend to cancel any other appointments with other agents. Our expired letter is so compelling there is no need to interview more than us, and the sellers who follow our blog before they list, well, our blog is our listing presentation and so they are interviewing us through our blog without showing their faces until they are ready to list. It's a great life! Katerina
Interestingly, I do find that my law degree and prior experience as an attorney do make a difference and I have had plenty of clients tell me they hired me because of that.
Maybe if you take the time to educate your clients/prospects on the benefits to them of your designation, it would help. No one cares about the letters after your name; they only care how that will benefit them.
-- Danny
Wow, interesting stats. Personally, I think there are too many designations, although I have a few too. Perhaps the reason our designations mean so little to the public is there's just no "standard" really for identifying a good agent ... except referrals, of course. The best designation!
Bill... bottom line is people do business with people not with a company/franchise or designations. I'm competing for a listing where the previous Realtor had a list of designations, is with a high profile franchise and was a specialist in the area. Seller said the previous Realtor did not represent her as she expected from a real estate professional. In this case the seller said all the hype was of little value, she's now looking for the real deal...a Realtor who will be an advocate for her, with or with out the extra letters after their name.
For some reason about 2/3 of the listing appointmenst I go to insist on interviewing at least 3 different agents. I agree with you on the designations, and though I use the CLHMS as an excellent networking tool with other agents, I dropped the CRS after awhile because I saw not return on the yearly dues!
The real estate industry has far too many designations. In other professions, there are generally only a few designations that are generally well known.
"62% of home sellers only interviewed one agent" -- that tells me that the public really doesn't see much difference from one agent to the next. So the question I'm thinking about now is "what can I do to be top of mind for that 62%?"
I find this post amusing because I just applied for the SFR designation. When asking other agents in my office what they thought of it, they had never hard about it. So, I am not expecting any clients to know what this designation means either. I do think that this will be a useful part of my listing presentation to build credibility and reinforce that I am constantly learning about the subject and upgrading my RE skillz.
I wrote a blog recently called "death by designation" and got a lot of heat for it. Here are the problems as I see them:
1. There are too damn many of them and some are not worth the ink it takes to create the initials. On its face the two day course for the CDPE designation makes no sense whatsoever! 2 days and you are an expert in distressed property - I think NOT!!
2. Realtors confuse designations with degrees. A CPA, MBA or JD ar not just a designations - all require a course of study has far more "teeth" than any designation an agent would take.
3. Having yearly fees to maintain the designation without accompanying CE - PLEASE!!! That's not a designation, thats a cash cow.
I am surprised that more people didn't say their agent was their neighbor or best friend!
Hi Bill. Perhaps we should be shocked but those statistics are similiar to my own experiences. I think we may pay a little more attention to picking an attorney but not much.
There are a lot of designations in real estate. Accounting has CPA. Doctors are MDs. Attorneys have JDs and refer to themelves as Esq. Real estate has an alphabet soup of designations that make it hard for those in the business to keep them stright. What is the public to do?
The only people impressed by designations are other people who have the designation. The public does not know or care that you sat through a class by and large.
I think most people spend more time choosing their microwave than their agent.
I believe that the reason why home buyers do not value all the certifications is a lack of knowledge.
I can tell you that before I got into this business, I was driving around and saw a house I liked,
called the office number on the flyer and spoke with the agent who answered the phone. I was pretty
easy!!! :-)
Elder Reyes
The public doesn't care about anything other than getting their home sold. There are a zillion agents to choose from it must be overwhelming.
I am not at all surprised that sellers hire the 1st and only agent they interview. Neither am I surprised that designations don't influence the sellers decision because they have no idea of what the designations are. It is more likely that designations play a far greater role or has more significance when broker to broker referrals are involved.
Interesting statistics. I suspect that out of the 62% many chose a realtor who was a close friend or family member, or a realtor who had built a long lasting networking relationship with them.
Why does nothing surprise me anymore?
I think the statistics look valid. Many people are just too lazy to interview three anythings!
As for the designations (and I have part of the alphabet after my name), I agree with the many comments above that say there are too many. Plus, unlike a CPA or a trial-certified attorney, these designations, for the most part, are just too easy to get. They don't hold much value to consumers because, and lets admit this, folks, there is not a whole lot of weight behind them.
Most sellers interview only one or two agents.. If we get to be one of those, we must use our designations to secure the listing!
great post! thought provoking!
It does not surprize me about the buyers not being interested in agent's designations. I have been selling for 21 years, and have never had anyone ask me what desigantions I have obtained. I don't get them, because no buyers care about them...
Designations for most public is alphabet soup.
Re: listings, before I take on a listing, I ask the seller to interview 2-3 other agents. I even recommend producing agents from other firms.
I submit that many designations and their classes are about generating money FROM Realtors. The same for many publications that display houses for sale. These are not about selling houses, they are about generating money from Realtors.
The initials make those earning them feel good. A self-esteem thing that they pay money to do. Sure, they learn valuable things too... but I would submit you could learn much of this on your own without paying as much or claiming the designations.
And I agree that the public does not understand and is not impressed. If an audience does not care, then stop shouting the same message.
The public thinks all real estate agents are the same. As an industry, we need to do a better job of educating them.
Bill interesting statistics, but they don't surprise me. The general public knows the difference between a salesperson and a broker. Other than that unfortunately, designations don't carry much weight with the public when choosing an agent.
I guess that most folks know that the designations do not indicate any level of knowledge or education, rather they are given out like candy as a reward for enduring a few hours in a classroom. (I know there are exceptions like CCIM). They are certificates of attendance and a substitution for real knowledge. To compare the designations we can get with a CPA is just silly.
Most folks believe that a listing agent doesn't do any more than stick a sign in the ground and enter a little data into the mls database. Why should they worry about education or designations. We buyers agents have to know a little more, like how to drive a car and open doors. The designations are for ourselves; our clients dont see the value.
1) Although the poll is interesting, I would be surprised that anyone was surpried
2) I agree with many of the posts that in order for designations to mean anything to the general public, wealthy or otherwise, they need to mean something more to the real estate industry itself. And if the industry as a whole want the public to understand what they mean, then tell them. How many realtor websites have a page that tells the public what the designations are/mean that their agents have? - and more importantly what they mean to them as a client.
3) Whether I had the designations or not, I would respectfully expect the general public to rely and make their decsion more on my professionalism and reputation than three or four letter I print on my business card. Even friends known to be less professional or "part time" are not chosen when a client wants to "sell" their property vs "list" their property. And if friends or family are chosen I would suspect it has more to do with a trust issue than the lack of interest in actually choosing an agent.
4) I am a bit bothered by the seeming lack of respet toward the general public insinuated in some of the comments on ths post. I think we need to remember that no matter how much money or education someone does or does not have, where they live, or how they choose to make their decisions, they are all our potential clents and should be treated with same respect, profesionalism and zeal to get the job done acoss the board
I'm surmising that the 62% of the clients already had someone in mind for an agent, and called someone that they knew already had a good reputation for selling or advertising in the area, or it was a family friend or relative they knew. Most agents that get called for a listing presentation will do their best to capture this client and develop a positive connection. Therefore, the client doesn't feel a need to seek further; so 62% may not really be a big surprise. Education and designations are important for ourselves to learn more and be better in our profession, but most of the general public does not understand what they mean.
Since the house just down the block from me was listed with an agent the owner had never meet and did not know I'd say I believe the first item. He apparently pick them from a list on a website. Guess they like that agents bio and smile?
Not surprising at all -- the bigger question is, what do we do as an industry to educate and inform?
One of the reasons I see Katerina being so successful in her market - she educates and informs her Sellers. We can all do that one on one, but it would be nice to see a national campaign to do that as well - not just one that says real estate is our life. Does that educate a buyer/seller?
You think that is amazing! People chose a lot of other people they hire based on that person just
showing up at their door and offer their services and then are disappointed when they lose their money and
don't get service!
My sister just lost a $15,000,000 million dollar account to a company who never provided a single item to the customer based
on a price quote! The customer will lose as the new provider doesn't have the staff, product, or production facility with expertise in providing such services;
but in the meantime who knows the long term effect on the previous provider and the staff!
Sonny
Well, Bill. Sadly, I'm not surprised, although I wish your report said something different.
Those numbers don't mean anything. If 95% of the 62% of home owners are happy with their experience wiith the REALTOR of choice then who cares how many agent interviews they do?
Of course, I just made up the 95% but what difference does it make if the the cited article doesn't address the percentages?
There is a big difference between an accountant and a CPA. No difference between a REALTOR and a Real Estate Agent and that goes for almost all the silly two day courses that give you a silly designation. the 99% of the public are correct. IMHO
Thanks for posting the study from the Texas Realtor Magazine.
I think the consumers don't pick based on Designations because it is not that important to them or they don't understand what the acronyms mean. Our fault as NAR members or what?
I'm not really surprised by the results concerning realtor designations. The public has never been made aware of what any of the designations mean. All they see are a bunch of letters beside an agents name. I have always felt that the NAR does a very poor job of educating the public on this issue!
I was surprised to see that 62% of sellers only interview one realtor though!
Hi Bill~ I find it amazing that most sellers only interview one agent when it comes to selling their home! I think the studies have shown that most people use the very first agent they talk to (or meet) also!
I guess I need to go to my website and add a section explaining designations and the difference between a REALTOR(R) and a plain old agent...
Bill, Was there anything in there indicating the relative value of the pollees homes? I suspect that for a certain price range most people DO believe one agent is the same as any other ... but, for more expensive properties I think personal branding HAS taken hold ... I know of agents that specialize in golf course properties, historical properties, etc. -- and believe those sellers polled would return a different set of numbers.
And folks, I think people put more credence into boy scout merit badges than they do your ceritifications. Why? because they understand what it takes to EARN a merit badge and perceive (rightly or wrongly) that your designations are not earned, but purchased. Going to a 1 to 2-day seminar that you paid for and coming home an "expert" in something just doesn't cut it with them. I believe your industry is going to have to do waaay more education about the (innumerable) certifications before they have any real traction with consumers.
The designations -- while the education is excellent in most cases -- mean nothing. If you take designation classes, do it to become more knowledgeable, not to get more respect.
Unfortunately many many (most?) consumers think we are all interchangeable. One realtor is as good as the next one, right?
The designations -- while the education is excellent in most cases -- mean nothing. If you take designation classes, do it to become more knowledgeable, not to get more respect.
Unfortunately many many (most?) consumers think we are all interchangeable. One realtor is as good as the next one, right?
One thing that I have clung to in this business is that I have grown my business on personal referrals that have been acquired through years of relationship building. Therefore, I hope that my reputation and the relationships that I have built allow me to be the ONLY agent a client interviews! :)
On the other side, I enjoy being one of many that a total stranger interviews. I like the challenge.
Happy Easter.
I am sure this would change to all different variations in different markets but it is clear that some methods are dying, i.e. walk ins. I think many will pick if they see alot of your signs as well. At the end of the day we have to do what works for us in our market.
Interesting post and interesting information. I think that the majority of people will list or buy their homes with the last realtor they spoke with. Designations or not. This actually validates what I thought was my private theory. That is why we must stay in contacta with our pool of customers and sphere of influence all the time.
Interesting post and interesting information. I think that the majority of people will list or buy their homes with the last realtor they spoke with. Designations or not. This actually validates what I thought was my private theory. That is why we must stay in contacta with our pool of customers and sphere of influence all the time.
Interesting stats, thanks for posting them.
Maybe the agents with designations need to do a better job of explaining why these designations matter to the client and not just try and wear them like a badge.
All of you had enormously interesting and insightful comments.
I think my main gripe is that the only education anyone has to have to compete with me is a real estate license....a license, at least in Texas, that was given without testing the applicant's competence at handling transactions.
In my own case, just as an example, I have been a broker for many years and have handled thousands of real estate transactions -- residential and commercial. My formal education in real estate and finance alone would probably over shadow a good portion of those who have licenses and are my competition.
But the public has been taught to believe that being an agent with a franchise company and a license, whether the agent has ever sold one house, is on an equal basis with those of us who have successful careers as professional real estate agents/brokers.
I think that NAR is more than happy to take our money for designations but does nothing to promote them to the general public.
I would like to see Realtors join together and DEMAND that the NAR and local boards supply each member with a full set of financials, one that even breaks down executive salaries and does a thorough analysis of income and expenses.
I'll guarantee you there is a HUGE amount of fluff in there and ill-spent money. It is the perfect set-up, though. The officers and directors rotate in and out and are not required to get a handle on what the hired management is doing.
I made an effort to see the financials of the Metrotex Association (Dallas-Ft. Worth area). They were so vague in catagories and subsidary accounts that they virtually revealed nothing of consequence....except that there was somewhere between $500,000 and $1,000,000 sitting in an account to offset unidentified emergencies.
Bill, these statistics are interesting and to some degree surprising.
I hear from prospective buyers and landowners that one of the first things they do before contacting an agent is to google them and check out their website and blog. In rural land many agents are way behind the curve in advertising online, so it easier to stand out from the crowd. Having a strong-online presence is important!
Bill: As long as I'm the one chosen whatever process they enacted to choose me was completely sound!
Most people just want to work with someone they know and trust. Start working real hard to know everyone, and earn their trust.
Thanks for the information!
It's incumbent upon all of us to prevent residential real estate sales from becoming a homogeneous product. Differentiation is the key and consumer education is even more crucial. Unfortunately, a few rotten apples spoil the batch and these "whores for the business" that take any listing at any price sabotage the well-intentioned efforts of educated sellers agents who understand market trends and pricing.
I have a compensation strategy in place for agents who take listings that they can't sell or market properly. It's called a "claw back". I wonder how many other broker/owners out there hold their agent's feet to the fire.
The designation not being important does not surprise me at all. What would you rather have an agent that is college educated and clearly shows a business acumen or someone who has a lot of designations but clearly lacks everyday "smarts"? It is a no-brainer to me. It is surprising though how little sellers pay attention to qualifications and more towards a personality.
The industry designations are an alphabet soup of meaningless characters that 99.9% of the public doesn't even have the interest in asking about. Nor do the designations actually mean that the agent that utilizes them offers anything more meaningful than any other agent. Even the "xxx Million Dollar Club" designations are effectively worthless and useless when it comes to evaluating the capabilities of an agent. It seems that there are a lot of agents that would rather spend time "buying designations" as it is easier than going out and drumming up business.
Vito Boscaino
Managing Partner
North High Realty, LLC
Dublin, OH
http://www.ServingColumbus.com
I agree that it is a shame that sellers choose their Agent based on personality without checking to see if they even know what they are doing. Regardless of whether or not they pay attention to my designations, it makes me feel better knowing that I've taken the classes that increase my knowledge - I know I'll be better equipped to help them, even if they don't.
Isn't this amazing ? I do believe that the market you are in makes a difference as far as how buyers/sellers select agents. true, many work w/the first one they meet,,,,,if that agent presents him/herself as knowledgeable,, but many here do work by referral, and the higher in homes, do work with the designations/or Franchise.. We have to make the first impression a great one !!
Marlene S. Giles
I'm with Novak, of course - I usually am. That 62% who think we are all the same is right, from their first impression of us. After all, most realtors come across nicely on the first meeting, and have a similar spiel, so maybe differentiation is less important than being invited to play in the squad. which bring me back to the maxim, who you know (as in how many) is more important than what you know.
Good, glad that's settled, because having survived the South Carolina licensing course, I'm really not up for ANY more real estate training. At least for now. Now, since I come to the table with a substantive staging and property marketing credential, maybe I can ride that for a while? What do you think? I know my broker is very keen on GRI at the very least and lots more to boot.
Thank you for the enlightening post. I've always felt that the designations were for the benefit of having received the knowledge, rather than to submit them to the world as proof that you know what you're doing. I've never had a single client or potential client ask me what designations I have. Lately, it seems like the only criteria people want in our area is for sellers to be told their property is worth more than it is, and buyers to be told they are getting the deal of the century.
Hard to believe those statistics, Bill. Shocking, I agree...
I agree with Ruthmarie, and Bill above. The only people impressed by the designations are the ones that have them. I had thought about going to some of these courses to get designations, but when I looked at the cost, then at the titles of the classes, I came to the conclusion that, like Ruthmarie noted, it was a cash cow for someone. None of my clients ever asked if I had any designations. The public doesn't know what these mean, and apparently they don't care.
This news seems as if it has been recycled for the past 10 years, nothing has changed. But why would you think an agent taking all the classes and paying for designations would be a better agent? The material taught in those classes is usually outdated, and has little to do with techniques to market property. Either a person is motivated or they are not. They are either good at planning or they never will be. It's the same in every business. There are distinct leaders and people who have a job only for the income. I would choose an agent like I would choose any other person for a management position. Look for someone who expects to see change and has plans to deal with a changing market. Any agent can take an order, throw it on the MLS and hope it sells.
Name 3 points you learned in any class that helps you prepare for a changing market. Planning is in your genes, refined by experience.
Great info. No normal human knows what GRI etc. means. It means something to buyer's agents...it says that you may not have to do the job for both sides as is often the case with real estate "hobby" agents. Relationships and referrals and just plain being there and being knowledgeable can get you the job. Unfortunately, the public does not hold agents in high regard...we are viewed as a commodity. That is the fault of our profession.
We recently spoke about these stats at a sales meeting and they are interesting and surprising. Thanks for sharing.
I guess the designation will do one thing for sure : boost the agent's morale and confidence whether it's weighed by the seller or not. Great article though! thank you for sharing.
Bill,
Interesting results. I think most people hear about how easy it is to become a real estate agent and there are so many agents, that they don't believe there's much to it. Most agents are schooled after the pass the state exam, learning the other more practical and more specific laws and procedures. So maybe that has some bearing.
Interesting stats.
Good morning, I am very proud of having my GRI and I weave it in to every presentation. When explained I see in most peoples expression an appreciation of the fact that I have it. I think even my subconscious attitude is different because of it. Am amazed at the amount of people only interviewing one agent!
The industry designations are an alphabet soup of meaningless characters that 99.9% of the public doesn't even have the interest in asking about. Nor do the designations actually mean that the agent that utilizes them offers anything more meaningful than any other agent. Even the "xxx Million Dollar Club" designations are effectively worthless and useless when it comes to evaluating the capabilities of an agent. It seems that there are a lot of agents that would rather spend time "buying designations" as it is easier than going out and drumming up business.
Vito Boscaino
Managing Partner
North High Realty, LLC
Dublin, OH
http://www.ServingColumbus.com
I've been a Realtor since 2001- and noticed early on that most buyers and sellers do not differentiate from one agent to the next in terms of company or designations. In their eyes, we are all pretty much the same. It's my belief that if you simply answer your phone, have excellent communication skills, and can convey to them that you understand their needs (by listening), you have already won half the battle. This is my 9th year, and do not hold any designations, and probably won't.
I agree with Ruthmarie Hicks(#21). I cannot state it better!
Sellers need to put more weight into their decision as to who they will trust to sell their most valuable possession. Why do they leave it to chance?? I don't think they realize how costly it can be if they waste precious time on an agent who is inexperienced or unethical or just plain unmotivated!
I really don't think the designations mean very much at all to the average seller. And some of them, even though I am a Realtor, even I do not know what they mean.
I think the most important are the GRI and the CRS... although I have heard some folks joke about the "other" meaning of CRS... as far as Can't Remember 'Stuff.'
With being on Active Rain for over two years... the CDPE designation is one I see often... and because of the marketing being done... I am familiar with it, although I do not have that designation.
The newer SFR designation... I had no idea what it meant, until I researched it. Even now, I could not tell you what the letters stood for unless I looked it up.
@ Russell # 16: I read your comment, and your remark about your CLHMS... and that you find that helpful with other brokers. I have no clue what CLHMS means. I was curious, of course, and went to your Active Rain profile, and although the letters appear after your name... there is NO place in the information (that I could se) where it was explained what it meant. So... what is it, please ?
The reason why these accreditations dont mean anything is that the real estate industry has been injected with everyone and his dog. Its so easy to get a lic these days and therefore you have people who are gas station attendace who are hold a lic. Second the interenet is doing must of the work for the Agent. The real estate agent industry use to be professional. Now its like running a sun tanning booth. I think the futre of the reale state agent will be 99 percent computerised and comission will end up being very low. They just dont do much these days.
It is amazing, isn't it? I think that you trust the one you are familiar with, no matter who they are..... In general, the public wants to like you, and then know what you are doing for their bottom line.....
the 62% who "interview" one agent are probably largely repeat customers. Then there's a % who were referred directly to 1 agent by someone they trust. If you work those 2 angles - past clients and sphere, then you don't need any designations.
If you want your designations to stand out, you have to show the client how they are of value. Folks know what a CPA is, and an MBA, even an MD. Maybe a DDS. Beyond that, it's just an acronym to them that means nothing.
Hi Bill
Interesting stat
Shows our associations is not selling itself very well. Makes me wonder what we are paying for
Bill,
People do not understand all the designations that the majority of agents have. It is easy to recognize a CPA. because we know what that means, which is rigorous testing and a prestigious designation. Sellers are not aware of the value of the various designations!Thanks for the post.
I read that our buyers and sellers do not for the most part even know what the designations mean and they do not see the value unless we explain it to them. I think maybe we (our Real Estate community) hold more value to these than our clients.
We need to do a better telling them why it matters.
Only 1% cared about designations, but I wonder how many looked at "brand"?
I'm in the process of leaving a KW office to become an independent because I have learned that buyers and sellers don't care about a nationally recognized logo. They want their agents to simply get the job done.
John
Steve summed it up: "Most people just want to work with someone they know and trust." It is as simple as that. It is all about getting their home sold and not about agent designations.
Bill: You mentioned that "GRI ought to be a required designation for anyone who has been a Realtor for, say, five years or more"
I believe it should be part of pre-licensing, before they turn us loose on the public. I took my GRI in my first year and it taught me VOLUMES that pre-licensing didn't touch.
The responsiblity falls upon Realtors not upon the public to educate themselves as well as their clients. I tend to lean in favor of classifications, because they do show a desire to better oneself. Education is important, whether or not your Clients recognize your designation or not, you are better off having it than not. My thoughts on the whole thing is we are not, no matter how much we would like to believe we are, like lawyers and CPAs. There is no comparison in the amount of schooling and testing between Real Estate agents and lawyers and CPAs. Doubt there ever will be until accredited colleges/universities begins a bachelors program for Residential Real Estate. Still, I wonder how many people just interview one lawyer/CPA before making a decision. I bet the results would not be to dissimilar. That said, work hard, stay up with current trends and events and pass along useful knowledge to your contacts and you will be ahead of most and building trust in our profession.
Bill, Great post. These stats are interesting, but not particularly surprising. I agree that the public has no idea what these designations are, and what they mean. They are just letters after a name. And, there are too many of them, and no doubt there will be more in the future. Unfortunately, the fact that 62% list with the first agent leads me to believe that they think all agents are created equal and that, as we know, couldn't be further from the truth. When John Q. Public receives bad service from that one agent, he will tarnish the reputation of the others in the business, because he thinks they are all the same. And, that is sad for the rest of us.
Bill, Hi, this is not surprising at all. We all know that the most of an Agent's business comes from their Spheres of Influence and Referrals from their SOI. That explains that only one Agent being interviewed to exclusion of all else.
It was good to see that so many Sellers (22%) were interested in the price that would make their home sell versus just the Agent that gave them the highest price. I love what that says about the growing intelligence of the conumers.
Regarding the designations, consider this, if you were moving to another city and your family or friend in that city gave you a strong recommendation of an Agent. Would you talk to that Agent? Set aside the idea of your interviewing an Agent with designations, all else being equal you and I would choose the strongly recommended one. Granted we would interview both but we would not be surprised if the strongly recommended one was a better candidate. We all would choose experience over education. I can think of one very clear example of a very well educated individual in a very powerful position that I wish had a lot more experience.
Bill, Hi, this is not surprising at all. We all know that the most of an Agent's business comes from their Spheres of Influence and Referrals from their SOI. That explains that only one Agent being interviewed to exclusion of all else.
It was good to see that so many Sellers (22%) were interested in the price that would make their home sell versus just the Agent that gave them the highest price. I love what that says about the growing intelligence of the conumers.
Regarding the designations, consider this, if you were moving to another city and your family or friend in that city gave you a strong recommendation of an Agent. Would you talk to that Agent? Set aside the idea of your interviewing an Agent with designations, all else being equal you and I would choose the strongly recommended one. Granted we would interview both but we would not be surprised if the strongly recommended one was a better candidate. We all would choose experience over education. I can think of one very clear example of a very well educated individual in a very powerful position that I wish had a lot more experience.
Bill, Hi, this is not surprising at all. We all know that the most of an Agent's business comes from their Spheres of Influence and Referrals from their SOI. That explains that only one Agent being interviewed to exclusion of all else.
It was good to see that so many Sellers (22%) were interested in the price that would make their home sell versus just the Agent that gave them the highest price. I love what that says about the growing intelligence of the conumers.
Regarding the designations, consider this, if you were moving to another city and your family or friend in that city gave you a strong recommendation of an Agent. Would you talk to that Agent? Set aside the idea of your interviewing an Agent with designations, all else being equal you and I would choose the strongly recommended one. Granted we would interview both but we would not be surprised if the strongly recommended one was a better candidate. We all would choose experience over education. I can think of one very clear example of a very well educated individual in a very powerful position that I wish had a lot more experience.
Unfortunately, I am not shocked at all. My 21+ years in real estate has shown me that the public thinks we are all alike.
Exellent post, my friend. I would expect nothing less from a true leader of our industry.
Good post. But I agree with many of the answers on here, I don't there is any other industry where the average Joe thinks he knows more than the professionals in real estate and mortgages. I do think many of the designations don't mean anything to a borrower/buyer, as some people have 5 or 6 of these pasted on their email signature. I am in the mortgage side of things and have been doing this 10 years, I have no idea what more than half the real estate designations means..imagine what your buyers etc thinks? But if you stick to referrals as your core business, then all of the designations will not mean as much anyway, because you will always be referred on your trust and skillsets.
Michael
Good post. But I agree with many of the answers on here, I don't there is any other industry where the average Joe thinks he knows more than the professionals in real estate and mortgages. I do think many of the designations don't mean anything to a borrower/buyer, as some people have 5 or 6 of these pasted on their email signature. I am in the mortgage side of things and have been doing this 10 years, I have no idea what more than half the real estate designations means..imagine what your buyers etc thinks? But if you stick to referrals as your core business, then all of the designations will not mean as much anyway, because you will always be referred on your trust and skillsets.
Michael
interesting stats. I wonder how this applies to the rest of the country.
Hi Bill, some interesting stats, I am wondering about the 62% that interview only one agent. Coud that be because most of the agents that fall into this category are selected due to word of mouth which is where we would all like to be; probably so. The discussion on the designations is interesting.
When I made the switch from being a REALTOR to a Real Estate Agent nobody cared! As for all the alphabet after a name - even I don't know what most of them nor do I care.
I've never thought designations on a Realtor's card meant much either. Experience weighs more heavily thatn classroom work. CPA is a different thing altogether. Much higher standard of practice controlled by the state. As for Realtors, you can get 3 initials for being able to stand on your head and spit wooden nickels.
Why interview only one agent? They have probably checked a few out online and have no interest is sitting through interviews, when they feel we are all about the same anyway.
Bill, I've got some thoughts about designations, but there's not enough room here, so here's the link:
Designations can become a humongous, absurd rip-off.
I've always wondered whether or not some designations violate RESPA.
Was there any indication about how many used agents by referral, or, because they have used the same one before, perhaps for the purchase of their home?
Hi, Bill:
It is hugely disappointing to discover that one spent time and money acquiring these designations, not to mention the recurring annual membership fees. There is no much point in just acknowledging this sad fact an waste time lamenting. We are much better off laying out an action plan: What can we do to improve this and to ensure that our designations do matter and pay off. Here's my 2 cents on what could be done:
1. Develop a practice to refer buyers and sellers to designees only;
2. Require of NAR and all recognized by NAR associations to put our annual fees to work and spent our money in creating consumer awareness.
Kate Smith, Realtor®, ABR, CRS, E-Pro, TRC
Guess there's truth to the old adage "They don't care how much you know until they know how much you care."
I think this makes perfect sense. We do a terrible job explaining to Realtors what the designations mean, let alone the public. I also think that as long as an agent presents themselves well and knows what they are talking about....they will get the listing, no one likes to meet with "salespeople" if they don't have to.
Nothing here surprises me.
I'm with Katerina. I rarely lose a listing presentation and often have had a Seller fly into town (high percentage of second home owners in my target market) having already chosen me. But I believe that's because in today's world, just as 90% of Buyers begin their search on line, 90% of Sellers probably have been researching the market on line before calling an agent. I got one listing because the husband wanted to go with the guy who had failed to sell their house through two previous listing attempts, and the wife said to him, "go Google." He typed in the phrase he thought a prospective buyer would use to find their property and on the first page of results 80% had something to do with me. In no small part to having learned the "long tail" marketing practice here on ActiveRain!
Aloha
Beth
Nobody knows what they stand for and there are to many of them.
You should just have one, Like CPA and have NAR make a big deal of it.
then people would start asking for Realtors with that kind of credential.
Have a Good One!
Bill,
I believe a lot of consumers might not always be able to clearly explain what they are looking for but definitely recognize it when they see it. Whether it's a Buyer seeking a home or a Seller seeking an agent.
Steve
Regarding designations, the only one I really wanted was the CRS, because of the extra weight it conveys regarding experience. I closed on a home in March for $1.5 million - the buyers found me online after googling "CRS Winnetka realtor."
Wow, I love Jim Dowd's response, "they don't know how much you know until they know how much you care." After all, this business is all about personal communication and connection....and, at least where I am, putting in your time - and more if possible - on floor time. Thank you.
I suspect that there is a large amount of the public that does not know the difference between a Realtor and and Real Estate Agent. They view all of us as Realtors.
Wow, I love Jim Dowd's response, "they don't know how much you know until they know how much you care." After all, this business is all about personal communication and connection....and, at least where I am, putting in your time - and more if possible - on floor time. Thank you.
If my CPA went to a two-day class and came back saying that he now understands the Schedule E, I'd be terrified.
If CPA's had 10 acronyms, it wouldn't say that they are smart, it would highlight that being a CPA doesn't mean that much.
It would have been interesting to see how many of those one agents that the 62% picked were agents that were referred to the sellers by someone they know, trust and respect. I bet the number would be significant. JMHO
Hello Bill, I wonder is these facts are regional. Because in the Boston homes market designations go a long way. peope ask about them all the time. There is also alot more competition, I think most of the people meet atlease three agents before listing.
We have so many designations, we can't keep them straight? Why/How should the public?
The public will be impressed by (and then demand) that we have designations when we have fewer of them and when the ones that remain are MUCH harder to obtain.
To compare ANY of our designations with CPA or LLB is merely laughable.
Accountants can get away with advertising that they are a CPA, but many still spell it out as Certified Public Accountant.
Why do most agents use "GRI" or "CRS" instead of spelling those out? The public has no idea what they represent. Of course, if they really understood how easy a lot of our designations are to obtain, they wouldn't be impresssed anyway.
The 62% that only interviewed 1 agent were most likely agents who were referred by someone they know. Referral is typically the best way to get customers.
As for the designations, I have a lot of them. Although I believe they do bring me more business, I've always thought that they make more of an impression on my colleagues than they do on the general public. Also some relocation and REO listings do want to know your designations when picking an agent to work with.
How often does a brand-new real estate agent have to admit, "I can't do that, I don't have the designation?" NEVER - the designations have no real meaning except that people paid thousands of dollars and sat through hundreds of hours of classes for some, and for others it only takes one or two days. I've had accountants tell me I need a CPA. I've had accountants tell me I need a tax accountant or someone who specializes in rental properties. But every newbie agent hits the streets 'ready' and more than willing to do anything. And we've all been there.
I once read years ago a statistic by CAR that 85% of Buyers will work with the very 1st agent that engages them. I'm pretty sure that this is why an Open House is so effective.
If most agents don't know what the designations stand for ...how could the public?
Which is why marketing and exposure for your company is so important. You want to be the first agent that seller talks to!
I think the first in the door (interview) will get the listing if they knock their socks off with their presentation. Same goes for the floor time agent or the designation. I believe that if the agent knows what they're talking about and the seller hears it ...is what sells the seller on the agent. No amount of designations will get the listing if they have not utilized it and put all they learned into practice.
There are many reasons...and many theories. Bottom line, we do our best to serve our clients and the industry.
To compare ANY of our Realtor designations with CPA, JD or MD is laughable. Get Real.
If my CPA or Lawyer went to a two-day class and came back saying that he now understands the Schedule E or the Federal Tax Code 342/M/2341: I'd run, not walk out the door.
Most of the educated public thinks very little of Realtors. They picture the typical Realtor as working a part time job, going to starbucks all morning, driving too nice a car and making six percent for doing something anyone could do.
Hence designations are like putting lipstick on a pig.
As a group it is always a race to the marketing bottom. How many short sale experts do you know? What makes a short sale expert?
Joshua #100, there are programs out there in some areas, for example, Houston Community College (Houston TX) has an Associate of Arts degree in Real Estate, but unfortunately there are few Universities through out the contry that offer a Bachelors.
Kate #115, why would I want to refer only to people who have my designation? I have the ABR (relatively useless), there are many people who hold it and are members of our state chapter that i personally know who have no significant idea how to represent a buyer in todays economy. To refer people to someone only because of the characters behind their names is a disservice to our clients. If I do a referral to you I will already have researched you and made a decision of your capabilities before we speak. I have a fiduciary responsibility to my clients to refer them to the best agent that I can find.
Floor time is unproductive use of your time, working your sphere, your marketing (such as Activerain) will give you a better return on your investment of time.
Designations make the holder feel good, they rarely make you money.
Suprising but I really do think it is more the medium price range and the knowledge of the person needing these services. Some are more savy about real estate than others. Never the less, a little mind blowing.
Come on guys, how can we expect the public to take our designations seriously?? You pay a few hundred dollars and sit through a class for a couple of days. The public is too smart to think that carries merit. Thanks for the great article Bill!
In today's market people want to know one thing...Can you sell my home? Period. You better be prepared to say "Yes" and then perform.
Very interesting! And I just completed my e-pro class... who knew it did'nt matter to my clients. Oh, well, it matters to me! Kathy
Bill, I'm not surprised. This has been the way consumers shop for their real estate agent for decades, and we're not about to change it. What we can do is continue to educate the public about selecting their next agent, and continue to do the best professional job we can do with all our clients. All Realtors are not the same.
I recommend that agents get their broker license before striving to obtain designations such as GRI, CRS....I have gotten listings because the sellers recognized the difference between broker and sales agent. Also, it might help if we write out Certified Residential Specialist and Graduate Realtor Institute, etc. instead of using the initials.
I agree with Jen above and several of the other blog contributers above. The designations are only important to the Realtor who earns one.
I can say in our business, we find sellers interviewing as many as 4, 5 and 6 Realtors before choosing one. But, we are in a metropolitan area which may have an impact on our findings.
In our interviews we have found this:
3 Factors Impacting The Seller's Decision Who To Choose As Their Listing Agent
1) The company's location in proximity to the subject home (service area)
2) The marketing plan provided by the Realtor (on line exposure)
3) If they felt a connection with the Realtor (communication)
Stephanie Somers
No surprises here for me. I was only a Realtor my first 6 months in the business. Designations are useless. They pick us because of what they already know about us, or because we were there at the right time, or, in the rare case that they interviewed other agents, whomever they liked or were more impressed with.
Absolutely amazing that people are this clueless
I'm not particularly shocked by this. I'm more interested in what these statistics tell me (and of course they may vary in each of our own market areas).
I'm sure I will think about this more and additional learning will sink in...
I learn something every day from the board...
All the best,
Billy
Per Randall in # 135 and Jennifer in # 139: I agree ! It IS kind of silly that SO many Realtors treat these designations as if they were college degrees. After all... they ARE initials that appear after one's name.
Two days in a class, you get some initials, put them after your name, and then expect the public to genuflect. I am sorry, but I have met some pretty goofy Realtors who had various designations... whom I myself would NEVER trust with the responsibility of selling MY home.
Now... don't take this wrongly. There ARE many Realtors with various designations who are excellent Realtors... and excellent at what they do. It is just that to expect to be "elevated" in the public's eye because of a two day class... is more than a bit presumptuous.
Great information. Do you think the real estate industry is out of touch with the typical seller?
Boulder City Steve
Wow! That is interesting....maybe one reason for the lack of "weight" to designations is because they have no idea what they mean? That might be a place where Boards could spend a little time in educating the public.
One of my biggest contentions has been NAR's inability to communicate to the world the value of a REALTOR and its designations. The ads they have put out are terrible, infrequent and contain no real content. I think therein lies one of several things that we can do to turn that around. Another is the licensing laws in most of our states. The fact that anyone can pass a test, get a license and call them selves a broker and handle someones transaction their first month in the business with no experience whatsoever is kind of an autrocity and does us all a disservice. Heck, beofre I was licensed on my first home purchase my agents were clueless and I had no Idea how clueless untill years later.
Even when the sellers tell me I'm the only one they're interviewing, I explain that I want to give them pretty much the same info I'd give someone who hadn't already decided on me, because if it doesn't sell as quickly as we hope, I don't want them to be wishing they hadn't "just chosen a friend." - I want them to make a business decision even if that means talking to others in addition to me.
Also, when they are telling their friends about me, they'll do a better job of that if they can say more than "she's our friend," or "she sold the homes of several of our friends." I also try to give them something that's easy to forward to their friends about what I've done in that first week, etc. And of course the signature has how to contact me.
Although our designations don't carry nearly the weight, rightfully, as CPA, MD & JD, etc., they still show some degree of professionalism. Main value is still probably in referrals.
I've posted about the designations, especially the "Green". Nobody want's green agents. They want green homes.
The designations are a fantastic marketing ploy by NAR to generate a lot more cash for the organization. And the only place they have value is in professional RE circles and cocktail parties. It gives us the opportunity to say "Mine is bigger than yours!".
: )
Way to go NAR!
Real estate agents and Members of Congress have a lot in common.
The public thinks the whole Congress stinks to high heaven but that their own Member is the sole exception to that general rule.
Most people pick an agent for personal qualities (that they aleady know or that they hear by referral). They want their agent to be an exception to what they think is the general rule.
Bill,
In my humble opinion the power of any degree or designation is their value to gain you an introduction. If the holder of that document doesn't deliver-the-goods there is no value.
Steve
Here in MA, where licensing is relatively easy, experience is more useful than designations. Many "designations" are bought by taking a class, not because a deal was completed.
I have to agree with the rest, our NAR has dilluted the meaning of designations. All it takes is money and a few hours behind a computer screen or a couple of days in class and you get to add a title to your name. A few require that you actually have some experience. I have also wondered when you are signing up for different places on web marketing and it ask for your designations, why is Broker not listed as one, it takes more to accomplish that than it does any of the other designations.
Great information & interesting stats & feedback. The one question I have, which you said you didn't know, is how large of a database contacted & the margin of error. I also question a lot of the various stat tables in that they don't also ask how they chose their last agent (personally known, relative, personal referral, interview, etc. & what made them choose them). A lot of the surveys loose their intent by making them too simplistic and as most of us know it is never a cut & dry issue why one is chosen over another.
I agree with most here that depending on your area designations have no value. Personally I have never had a prospective seller or buyer ask if I was a Realtor ("thought all agents were Realtors") or what designation I held; they wanted to know how many houses of this age & style I have sold in this area. As for selling land the sellers almost always ask one question they say is important: Can you read a plat & do I have to provide you with one? When asked why (after listing signed) they say it goes to experience and comfort level.
Here in NC we don't have Sales agents; all are designated as Brokers. Our commission phased out sales agents based on their surveys that said the general public didn't differentiate between the two and to take some of the liability off Broker-In-Charges. This is an example of public awareness causing a change in policy. This is what the NAR & the various organizations have to do; they have to spend some of that dues they collect & inform the public what the designations mean & how they benefit the consumer. Ad campaigns aimed at Realtors doesn't help in getting the public to understand what value they get from designated vs undesignated agents.
I have only the e-pro designation. There are so many realtors who don't have technology skills and I do have them, so I got the designation to point that out. It seems like a designation that the general population will understand and- I only have to pay once for it. It's probably the only designation I will ever get.
I sgree with #157. So many first-time home buyers are unaware of the difference between an agent and a broker, so I'm not surprised that designations were not a determining factor.
Our Board took your suggestion and education is now included in dues. Of course, they raised the dues to do this.
I have a few designations of my own, but I'm not surprised to hear this information. My business is mostly referrals and short sales.
...may this be the fire to get all Realtors and Real Estate Agents and Agents off of their buts!! It is high time you ask of them (Brokers,NAR) what it is that you will do for ME ? My GOD man here is MI. it is pay this get that join this go to his class get more .....To ALL BROKERS ,,we get it you will make me BROKER and that is no JOKE!!!!
Yes, I am not surprised at these findings. Nice blog. thanks for sharing!
I used to feel the same way....that the courses were meatless. Recently I took the SFR class, and did the 3 hours of online time and feel it was well worth the time. This information was timely and significant to organizing thoughts, resources and baseline information regarding the short sale process. It was BEFORE HAFA, so I wish there was more HAFA meat to chew on...but thats okay...I have resources I read and listen to daily...about an 1.5 hours a day.
Additionally, in washington we have a license Transitions course that has some meat, and a refresher about license law and requirements. Our bi-annual mandantory Current Issues in Washington class ALSO had more meat than in years past.
There is a little more meat lately and its toughening up some, frankly I'd like to see them tougher yet.
Intersting post/stats. I've been a CRS for many years and have received many agent referrals via the CRS directory, that I would not have received otherwise, as well as have placed referrals. The public does not know intuitively what our designations mean or what they all stand for. We used to educate our potential clients about the CRS designation and it ocassionally had some bearing on their agent selection. However, that doesn't seem to be the case anymore. As more and more agents have earned the designation we tend to all look alike again to the consumer. I have received more monetary benefit from my membership in Professional Realty Council, than in all the designations put together. And since the membership is limited and qualification restricted and not everyone can join, it does mean something. And, it does speak to want the consumer is looking for in an agent.
it's always been a source of puzzlement to me that many folks simply hire which ever agent is standing in front of them when they decide to buy or sell. it's not a very business like practice but it has been going on since i started in the trade.
until there is a meaningful education and experience element to getting a real estate sales license the public will continue to give licenses, and designations, the respect that a 2.5 week correspondence course deserves.
as it is everyone knows someone with a license and most of them are not fit to sell shoes. i wish it were not true that the NAR will grant membership to anyone with a sales license and a check for $400 or so. until the NAR makes membership something earned, not purchased, they will be little more than the smiling face of a trade that has no educational or professional bona-fides. bummer.
that said the designations are a clue to us in the trade that the agent takes the business, and their career, seriously...they spent the time and money to continue their education. if the courses are not rigorous enough that's for us to change. if i had to choose between an agent with designations and one w/o...i'll opt for the educated one...however feeble the educaton.
Most people know what CPA means - but very few know what GRI or CBA means. Perhaps educating the public is a project that NRA and the local Boards should undertake.
However, we all know a few "educated idiots," so I understand why designations don't hold a lot of weight with consumers. It isn't the education you have, but how you as person conduct business that really counts. That's why referrals are like gold.
The 3% who walk in or call an office sure tells the tale of how the Internet has taken over marketing. Back in the 80's all of our business came that way.
I keep telling all you folks - your website needs to show why you're the agent to choose. Right now too few of them demonstrate the difference between one agent and another... and that could be a big part of the problem.
And then there's the Masters of Real Estate designation - If you want a masters degree (and many Realtors have them) then go get one that means something. I subscribe to the less is more theory when it comes to designations. Too much overlap and not enough substance.
How difficult are the open book "quizzes" that you need to pass in order to get those designations? Here in Silicon Valley people beat their brains out for MANY YEARS for some really hard-core degrees. I don't blame them for not being too impressed by these 2 DAY course designations.
Bill,
Such a great post and sensible (at least I agree with some of them) comments. I totally agree that we have:
I have been a proud member of CRS since my early years, having gone for the designation as soon as I qualified. That was after taking all the GRI course. Now those two programs really taught me something! Though I cannot imagine they are in the same league as CPA!
The others that I have taken (SRES, ABR) were not worth the time or the money to belong to! I wrote a letter to NAR and REBAC about ABR dues and what a ripoff I thought that was when I did not renew. I even wrote a post on A/R.
The other issues ... like someone said: it's the only job I've ever had where everyone else seems to know better than I! So sad but so true!
Very interesting statistics. Thanks for sharing. I agree with Ruthmarie # 21 on the designations. If one is going to use the designations I think it would be better to pick 2 or 3 of the best and spell them out instead of using the acronyms.
I also agree with Ruthmarie. I know exactly what the designations stand for and how they are earned. And, you couldn't convince me that they are worth a hill of beans when picking an agent. The insinuation that one person is better qualified than the another just because they sat through a 2-day course and paid dues is ridiculous.
The only thing I find the least bit surprising is the 22% number. I would have thought that to be much higher.
I worked for years without being Realtor and felt I was as experienced and knowedgeable as any other licensee in our market. More so than many! I am now a Realtor mainly for the exposure on Realtor.com. I have no designations and don't believe it makes a difference in our area.
I am surprised that people didn't interview more agents. When they do, and I get the listing, I know I did my job right.
The 62% statistic was very interesting. It underscores the importance of being first through the door.
The 1% who thought professional designations were important: Well, I expected it to be low but not that low. It does not really shock me though. I think a lot of letters after our name give some the impression of inward, industry focus instead of client focus.
Great stat, but remember, this IS a sales business. You can have all the designations and letters in the world after your name, but if you cannot sell, it doesn't do you or your client any good. The 62% stat is not surprising at all and I am sure that is could even be higher. What it really shows, is that you had better be the first agent in the door and clearly indicates what kind of marketing exposure is needed to be in the sellers mind when that time comes. Look at all the top listers and sellers and you will see what they have in common.
The designations are great for us to learn more about and become more educated in the nuances of our trade, but nothing can take the place of an experienced agent that is competent with great people skills. We as agents know when we meet that person on the other side of the transaction and it makes both of our jobs easier.
Too many designations for one thing make it hard to create value in the eyes of of a consumer. Accountants have one designation, making it easy to understand. An agent has to show their value to each person they speak to, a constant battle in our profession.
Can we really compare the value to the consumer between a GRI, etc., and a "CPA" or "LLD" when one takes a few weeks, no real test and the others require additional years of study and a rigorous test?
We can't elevate the value of Realtor sponsored designations with professional level degrees.
Designations are good for you the individual...The Realtors organization has become a monopoly and its original intent is gone as with the MLS..the general public does not care about your designations. I have a masters degree...the general public could care less as does the real estate commission...we need to get back to basics...no extra bells and whistles..if you as an individual who would like extra classes...get them at college level...have them count toward a degree...do not have the Realtors organization sponsor it...that is not what the Realtors objective should be...we need to relook at the objectives of the Realtors organizations and MLS systems...
This doesn't surprise me at all.
Real estate is very complicated, yet the Internet is telling the consumer that they can do their own research, sell their own property, that agents are just looking out for ##1, etc.
Sellers will gravitate to friends or relatives for recommendations, or go into an office where "everyone should know the business".
What are they supposed to do, by the way?????
And when that doesn't work, then what?????
Granted, I have only been in the business for 5 years. But the only place I have ever been asked about designations was on my company website (or some other website designed to promote Realtors) or on the order form for business cards etc. Never by a consumer. Now they may be making that comparison between me and any other Realtors they are considering and I just don't know it.
What do you do when you are looking to refer someone to another agent? Personally I do not look for designations. I look for someone that has several listings, or appears on a generic search for the referring area. To me these agents are proactive about getting their name out in front of the public and appear to be WORKING. Then I call them and find out about their schedule and ability to give immediate assistance to my client. I think the only difference most consumers have from thier approach to find an agent from mine is that I am upfront from the beginning as to what my client will be looking for and whehter they are prequalified or not.
Bill,
I suspect the people who only talked to one agent knew that agent already or got their name as a referral and already knew they were going to list with that agent.
The fact that they don't care about designations more does not surprise me either. Even Realtors don't know what half of them mean, unless they have that designation themselves.
Bill
Those stats are quite similar to studies and surveys done here in Canada. It is amazing that someone would entrust 100's of thousands of dollars to someone without doing some home work.
Ty
I had a conversation with a client awhile back, and she thought the designations meant the Agent was going to charge more.
I'm only in the business a few years. I provide excellent service to my clients. I have only lived in this area a few years, as well, and my SOI is not as large as those who have been in the business for twenty years or lived in that community their whole lives. So I'm actually encouraged by the fact that if I can be the first one in the door, I have a 2 in 3 chance of getting the listing. I can't compete with someone who has been in the business for 40 years. I don't expect to do that but I still want to be in this business and have a fighting chance based on this survey.
I believe that the professional designations are not was well recognized except in our industry, so that's why they have little value. I think that if the designations were spelled out more often, they would carry more weight in influencing a seller of their value.
Karen Palmer, Sales Manager
Bill,
Are you really shocked? Or does this study just confirm deep held suspicions?
I'm not shocked! Why would I be? The public interviewed has to be made up of the same people who get more excited about going to a football game than they do about going to worship, the same people who support paying some athlete millions while opposing increases in taxes needed to pay school teachers more [or Firemen, or Policemen], the same people who pay outlandish prices for season tickets to a sporting event while being incensed about your commission, and the same people who vote for a politician for the most shallow of reasons while finding fault with their minister for the tie he wore last Sunday.
You've noticed that shallow reasoning permiates every aspect of our society. I bet you spend untold hours trying to explain very fundamental aspects of marketing--why they should get rid of all the junk before putting their house on the market, for example. People know these things about themselves, and that is a major contributor to their turning to an experienced REALTOR® when they buy or sell. It may only be a perception of experience, but we do want to be the one so perceived. "Dress for success"--you've heard that one many times since 1964.
Often, I struggle with Clients indecision, absence of analytical skills, and inclination to major in the minors. Do you find yourself scratching your head, and wondering "Did I miss something?"
Well, I've got to hustle--my chances are better if I'm first to speak with the neighbor about listing his house. You know some other agent is trying to get to him first--you've seen the statistics.
Loving my work, and those I work with...
Fred, excellent observations. Thanks for posting them.
Bill
We sure are a narcissistic bunch always comparing ourselves to Doctors,Lawyers Accountants ect and Bill you condone Fred calling our clients[family,friends must be included also] shallow idiots basically is bordering on psychopathic characteristics:)[I like to whine and bitch for my own entertainment also]
"Self-importance is man's greatest enemy. What weakens him is feeling offended by the deeds and misdeeds of his fellow men. Self-importance requires that one spend most of one's life offended by something or someone"
"Self Denial is mans greatest affliction"
It is not Rocket science to understand the 62% number it is obvious to anyone in the business that is even a tiny bit observant.
As to designations anyone can buy them, they are cheap[but the pins are shiny] and experience,research,competence and giving a sh.. will stomp them. What next should we compare a GSR TO A PHD?
PhilMcGreevy
These statistics are really not surprising. I believe the problem starts long before we get to education for designations. Here in the state of Missouri it only takes 40-classroom hours to qualify to take an exam for a saleperson's license. A large majority of the prospective agents fail the license test - some several times. After they finally manage to get through testing they are herded into large firms and through basic classes like cattle or they sign on with a small firm and get no education at all. A large majority of them list the homes of or sell a house to a few relative or friends. After screwing up those transactions and often putting a better agent on the other side in the position of doing both jobs just to get to closing they hang around for a while doing floor duty. When the don't get enough business to fall on them from the efforts of better agents they finally quit. Unfortunately more such drones take their place.
It is interesting to start conversations about real estate in large groups. I have found almost everyone either has had a license themselves or knows someone close who has. When people find themselves displaced or dissatisfied with their current job they suddenly decide to become a "real estate mogul." If we want to be viewed as professionals we must raise the bar. 40-classroom hours of education does not a professional make. For the love of Pete, even a hairdresser has more training that the average real estate agent! I would like to know how many agents take classes because they want to learn rather than to get CE or a new lapel pin and some letters after their name.
Unfortunately, this low enty portal makes a great cash cow for the local, state and national associations. The cow pays off again when people are convinced getting a designation will make them a success. Many of the designation classes offer useful information but they are not going to make you money unless you apply the information rather than just sporting the letters.
Once of the (few) designations that appears to be gaining traction (at least here in Houston) is the QSC, which is a quality based certification, certifying the agent has received training, AND is rated at the close of each transaction (earning 1 to 5 stars). Most consumers respect "publishing" the stats and the remarks/ratings are made public and are part of the agent's profile on our MLS. I also think a growing portion of the public has the expectancy to "look up" the effectiveness of an agent and this gives them to venue to do that ..... short of going to a social networking site and asking ..."Is this person any good?" Consumers have the oppty to SEE the ratings and the written remarks gathered by a third party at the close of each transaction. Pls google to find out more info about how this works if you are interested.
This isn't really surprising. I find that most of the non-realtor public haven't the foggiest notion of what we do, how we provide value or what the difference might be between one realtor and another. They don't realize the compexity of a real estate transaction and the things that can possibly go wrong. If we've done a good job for them, they probably won't be any the wiser after closing. That's just the way it is.
We realtors need to get over our egos and focus on doing a great job for the folks we serve. If you have a bunch of letters behind your name, you can take comfort in knowing that the investment helped you do a better job for them. They'll be more impressed by that anyway.
Bill, here's another statistic I read a year or so ago from NAR. 76% of Sellers work with the FIRST Realtor they contact.
According to the many stagers' posts here on Active Rain, many are saying that more and more clients are choosing their Real Estate Agents by referral from their stagers. The client searches online for a stager, and the stager in turn recommends the agent.
~ Lin
I'd love to see a statistical study of Realtors receiving statistics.
"Here is the data for what will win you more business and grow you income"....seems like 50% of the gang would want to petition NAR to "correct" the consumers. Why not just adjust your marketing to where the consumers already are?
--
As for the "they need to interview multiple people" crowd: Wow. The highest paid non-sales business in the world.
No. I already invested my time efficiently. I read your blog. I read your bio. I still invited you into my home. Get over your ego. I don't want to see your laminated presentation even if you like it. I get it. That's why you're in my home.
I'm going to pay you a lot of money to SELL my home. Take the listing. Now. I won't ask twice and if you make me interview someone else, I won't call you back later. I was looking for a salesperson and I was going to pay you and your counterparty $25,000 to sell my home. Please don't make me beg.
TO ALL:
There's some good stuff here. I hope you read all of the comments and that you added your thoughts. So far more than 5,000 have read the blog piece and look at the number who have weighed in with their opinions.
Judith talks about the QSC designation. I've never even heard of that one, but she says it's big in Houston.
Chris Richter's given us an interesting narrative.
Lin, a stager, says lots of potential sellers are contacting a stager to get their home ready, and then that the stager is referring the client to his/her favorite Realtor. (I wouldn't send any of my referrals to a stager who was showing favoritism like that. Stagers should be neutral on that subject,)
And my own take is this one: "Professional" designations can be loaded after your name so that they appear on MLS, etc. Actual COLLEGE degrees and other pertinent licenses can't be. For an example, let's say you're a CPA...can't add that designation. Let's say you're an attorney...can't add that designation. Let's say you have an MBA or PhD or MD...can't add those initials.
Bill.. I *FULLY* agree with the 22% of those polled were only interested in what competitive price they could get for their home. What they don't understand is that overpricing will cause the house to sit there. Maybe these sellers deserve the "pot luck" realtor they choose.
what about a designation referencing how many referrals you have been given? That is a real
measure of your overall professionalism
I'm attaching a link to Houston's Public MLS site that tells you more about the Client Experience Rating program ...how it works, etc. The initial designation for Realtors was QSC (Quality Service Certification, I believe) and HAR polls showed this resonanted with consumers in Houston so much that this expanded program was integrated into our online MLS. CLICK HERE to learn more about this program in Houston. By integrated, I mean HAR.com has made it EASY for consumers to find an agent with this desigation and VIEW THE CRITERIA OF THEIR RATING ... transaction by transaction.
Also, CLICK HERE to see that our consumers can search for an agent by designation, if they so desire --- and also you'll notice at the top of that selection box is a link that says: "Click here to view designation details" and if you click on it ... it reveals a pretty good explanation of each accreditation.
GOTTA LOVE THAT HAR.COM --- Houston Association of Realtors !! Go Team!
Bill -- You said, "Lin, a stager, says lots of potential sellers are contacting a stager to get their home ready, and then that the stager is referring the client to his/her favorite Realtor. (I wouldn't send any of my referrals to a stager who was showing favoritism like that. Stagers should be neutral on that subject,)"
I'm guessing you don't have a clue how dismissive and rude this comment can appear. Also.... you injected "favoritism" into her comment. She did not say it. What she did do is offer a different facet on our discussion --- that now referrals seem to be coming to realtors from the service side ... not the other way around. Which you ignored. I gotta tell you .... sometimes agents live in "Realtor World" and have their car so firmly parked on "It's-all-about-me-street" that they are missing changing events turning down their street and up their driveway.
She wasn't asked, not did she expand on her method of referrals. Me? I'll tell you ... I'm frequently asked and I usually TRY to give at least 3 names and emphasize they need to interview each one because above all else --- they need to be comfortable with how they "feel" with their agent.
Back to the point you missed --- YES the stats you cited are clearly indicating that agents are increasingly considered a commodity by consumers -- there is not a perceived quantitiative difference from one to another (and the cyptic acronymic initials behind your names are not proving helpful, either).
If you are in a commodity market you have 2 choices -- compete on price or compete on service. Cutting your commission is competing on price .. is that appealing to you? Offering new services ...gee... like STAGING will differentiate you in the marketplace. Lin said she noticed she's getting traction .. and other stagers say they're seeing it too -- you dismissed that comment ... but you know, the crux of the matter may not be whether you'll ever refer her ... but will she refer you? Did you think about that?
JUDITH -
When you're my age (just shy of 70) and you've been successfully in the real estate business for almost 46 years, I think you have dispensation from God in heaven to have opinions that you don't need to spend a bunch of time justifying, qualifying, quantifying or apologizing for.
So I stand by what I wrote.
I'm not going to send my clients to any vendor who is consciously recommending to their clients that they use a particular agent === including me. Those people need to be neutral. To make my point more definitive, if I were using an escrow officer at a title company, and I learned that that escrow officer were referring people to her/his favorite Realtor, I'd not use that person anymore either.
I don't think I opined on anything other than that.
However, I will add that we have a stager in our area who apparently also holds some sort of real estate license, whether salesperson or broker. He runs radio ads where he claims that by using his service, including his sales people, a seller can be assurred that he will sell his house faster and for x% more than had they not used his service.
Of course his statements are unethical and unprovable. I'm surprised that someone hasn't filed an ethics violation against him. Some more opportunities for the Association of Realtors to show and prove its impotency.
Phil,
I never called anyone an idiot...go back an read my comments again. Tell me one thing that is NOT TRUE! That is 60+ years of observation. If it is psychopathic...it is not of my making. Do you think it is reasonable to pay an athlete hundreds of times more than a fireman? Have you always had clients absorb everything you say to them, and accept it as gospel? Are you not amused by people who are more wrapped up in "Survivor" than in the plight of of a homeless family? Did you watch Art Linkletter's "People are Funny" segment on "Children?"
If we can't be amused by, and point out the inconsistencies of people, life will be boring. Jeff Foxworthy, Larry the Cable Guy, Bill Cosby, and Red Skelton all have/do make a living on these same observations. Sometimes we just have to tell it like it is... Many of those of whom I speak will tell you, "Yep, that's me."
I make no apologies for telling it like it is.
Fred Cope
Bill, I apologize because my comment seems to have upset you. I never said "favorite," however, and I respectfully ask that you re-read what I did say:
"According to the many stagers' posts here on Active Rain, many are saying that more and more clients are choosing their Real Estate Agents by referral from their stagers. The client searches online for a stager, and the stager in turn recommends the agent."
My original comment was intended to inform any agent who was not already aware of this, that there is another way whereby sellers are picking their agents: through their stagers!
Never did I mean to imply that there can be only one "favorite" agent recommended to a client, however that may be what some do. A stager may recommend one, two, or more agents, however he or she will certainly not want to refer his or her client to anyone with less than a stellar reputation, because the quality of the services performed by any referred agent is a reflection on the stager. Agents, like stagers, are human and therefor come in all abilities and with all levels of performance. Stagers experience how it is to work with many agents. Referring one or more agents who have been good to work with in the past is a logical outcome and is to be expected!
~ Lin
Fred, just one question. Don't you make more than a fireman as well?
I wonder if there is an AR for athletes and they talk about how overpaid you are :)
Hi Fred,
I did put a 'smiley face' after my statement and admitted I am entertained by similar observations from my own perceptions BUT I also find my own self importance and lack of humility just as funny and a weakness in itself.[There wasn't one thing you said I have not said or thought myself at one time or another]
You did write this;
"You've noticed that shallow reasoning permiates every aspect of our society. I bet you spend untold hours trying to explain very fundamental aspects of marketing"
"Often, I struggle with Clients indecision, absence of analytical skills, and inclination to major in the minors."
ect.
Maybe I should have said you insinuated? Shallow, ignorant, indifferent and or oblivious to reality:)
PHIL
I don't find the study too surprising. The public thinks the letters behind our names are alphabet soup - only other real estate professionals know what they mean. I find that the fact that I'm an attorney helps people to trust my skills, but that's because the public knows I worked very hard for 3 years in school to get that degree, then pass the bar, then keep an active license.
I also have my GRI and CLHMS, and I finished those designations to learn and to hopefully attract more clients. Not ONCE has anyone ever asked about these desingations! But almost every person says, "Oh, you're a lawyer!" The public just doesn't know or care about real estate designations.
Hi Chris,
Chris, I do not make more than a fireman, but I don't think a fireman makes near enough for what he does each day he goes to work. He literally lays his life on the line for stranges!
Have you ever had an opportunity to go to a fire hall and spend time with these guys? They are amazing pieces of God's handiwork. I've seen them stop what they are doing to give a child undivided attention, turn and help a stranded motorist, cook a meal that rivals "grandma's", and drop everything when the horn sounds--race out the door and not know what awaits... They deserve to make more than I do!!! I feel the same about our military, our policemen, and our school teachers. Honestly, I don't live for money, and I don't measure a man's worth by the size of his wallet.
As for the professional athlete, he pays more in taxes than I make--he spends more in tips than I make--I don't begrudge him one penny. My point wasn't about what someone makes--it was about where people place their priorities. A few years back, a tornado hit the east side of Nashville [not the high-rent district by any means], and Tennessee Titans, Eddie George, Steve McNair, et al were out helping people remove the debris... When Katrina hit New Orleans, Steve McNair ponied up a lot of money and influence to get help to those folks... I liked their priorities...our city loves those guys. Having said that, I don't think a guy running up and down a field, throwing a ball, or knocking someone to the ground is worth millions to me. Pay him if you want to.
Only in America, "land of the Free and the Brave" do people have more invested in a designer purse or a set of mag wheels than they have in their savings account. Now tell me what designation covers that. The one that comes to my mind is "Duh!"
I just hope when I'm in trouble that someone with "EMT", or "COP" is there doing what they do best. To me, they earn my "MVP."
Have a great day, and thanks for the input.
Hey Phil,
I appreciate your taking time to respond. There is a lot of truth in what you say, and your response reflects the same amusement I have in people. I'm sort of like the guy who smacks his hand to his head and says, "I could have had a V-8!" Many times in my life, I've looked back at something I've said or done, and marveled at either (1) it's a wonder I'm still alive, or (2) "What was I thinking?", or (3) "I don't believe I just did that!" That is all I was intending in my comments about people who hire the first realty agent they meet--it doesn't surprise me, but it doesn't serve them well.
Phil, as my children grew, I often told them of the familiar refrain: "Don't do as I do, do as I say." I tried to point out to them that I had made some stupid decisions--generally from not taking time to weigh my options. Now, as a Senior, I see so much more than once I did. Like what you said about perceptions, I'm often reminded of the words of Robert Burns, when he said, "O the gift he gee, to see ourselves as others see us..."
Do you remember the story of Jacob & Esau? Esaus sold his birthright for a bowl of porrage. That is my genuine fear for our generation, and those that come after: lack of discipline, lack of patience, lack of planning...see where my thoughts go?
I love people, I hurt for those that suffer from their own foolishness, and hiring the first agent is merely a symptom of this terminal illness. I take pride and joy in the success of others--I find no pleasure in their failures, their struggles. I think it is one of the strong pulls that Active Rain has--people HERE DO CARE, and try to HELP! You didn't let my remarks go because you cared, and thought I harboured ill toward those of whom I spoke. No, it is Alarm...
Respectfully,
Fred Cope
I believe that NAR, MAR and the local MLS systems create no value and frankly do nothing but restrict trade and make you pay fees to help support their running non-profit organizations that for years have done nothing more than waste millions on their "annointed" web sites, etc. Remember how they made us all use IPIX at the very beginning?
One of the main problems is that if a person is a people person, a good salesperson, they sell a lot of homes. Legally we can lend legal advice, we can't give accounting advice, we can't give any advice that they can rely on, or we shouldn't anyway or often times we get sued because we try to help out and it backfires.
How do you teach selling and being a servant / people person? I don't care how many letters you put behind someone's name, I don't have but just a couple minor designations, I'm in the commercial sales business and I've sold much more than most of the CCIM's and SIOR's despite their "education" and "fraternal" relationships.
The reason 62% of people choose the first person they meet is because that first person is a GOOD SALESPERSON. What is wrong with that? Of course you'll always have a poor choice that way once in a while, but by in large, good salespeople sell themselves.
Do we now want to try to get the MLS systems, REALTORS and our entire group of associations to start talking bad about people that they meet for the first time and try to get them to not hire that people person but hire someone with "designations" behind their name? Most people with designations spend more time trying to tell customers what they know instead of who they know and how they can communication and work with a team to accomplish their goals.
A big differnce between us and CPA's and Attorneys etc. is that we really don't need to know much to SELL. We need to know lots of people, meet many more, and have a team of professionals, starting with a good title officer, attorney, accountant, inspectors, environmental people etc. that we can bring in and answer the tough questions, review what we are doing and stop trying to learn everything and spend more time working on meeting people and putting more deals together.
Once we have a good team in place that is willing to help and guide you and you treat them well by paying them a part of your commission instead of going to a month long class to learn what that CPA or attorney or whatever else we need advice for! NETWORK! MEET PEOPLE. DON'T CLAIM TO KNOW ANYTHING BUT HOW TO MEET AND GET ALONG WITH PEOPLE and tell them you have great team of professionals that help you with the difficult or hidden things and go meet more people!
Yes its sad when realtors do something wrong or get somebody in trouble or do a bad job. This mainly happens to people that don't have a team to handle that for them so they have time to sell. I literally tell people sometimes that I don't know anything as a joke, which they don't believe, because my actions and experience and the number of deals I've put together and the things I've seen in real estate have made me know a lot. Even though I do, I still say I don't.
It reminds me of long ago when I sold new cars at a large Chevy dealership. The first few months I made a killing. Top salesman of the dealership first month out of the blocks. They I thought I needed to understand the business more, how I was doing it, why my manager told me the deal to present to the prospect, what the bottom line invoice was and what I would make at certain numbers, etc. Within 6 months I was at the bottom because I was so smart. The problem? I tried to know to much and forgot about depending upon my team....manager, F&I person, receptionist, everyone involved in the sales experience to do their part.
So, the moral of the story is don't try to learn too much in this business and often times the best salespeople either have that personality and connections to put a good team around them, and some just don't and never will no matter how many designations they have.
The last thing we should start to do is make the attempt at monopolizing this business and testricting trade therein by trying to say people need to deal with those with more designations. Just be yourself, depend upon a great team, including your broker, and go get em!
Great stuff! The info you generated seems to be what is coming!
I would think the 62% was including friends, family and referrals.
Interesting. I always thought the same of all our designations that we spew. It is good for further education, etc. and serving our clients better but drop all the initials. Evidently John Q Public doesn't care. The 'crap shoot' on floor duty sounds scary but it happens everyday doesn't it? Where's the blogging statistics?
The only reason to advertise the initials is to get other realtors to consider you for a referral. General public doesn't know or care about it.
Great post. I'm rather new to the real estate business and have been trying to decide which designations would be best for me.
Gary --
Welcome!
I suspect that most agents with or without their own designations would say that the GRI would be the first one to pick. Unless my memory is going south, it's the granddaddy of Realtor designations; therefore the one most widely recognized as well as the one that gives Realtors the broadest education.
Good luck!
Having spent a lot of time and money going after designations I would say they don't mean much in sum but used as individual marketing pieces they are beneficial. However, I have been to some of these designation classes that it is obvious they mean nothing because they teach nothing.
Should the NAR promote our designations to the public. Sure why not. Ask a CPA a tax question and most, if being honest, don't have a clue about it because they don't specialize in tax, however, the public perception is the desigantion gives them the knowledge.
Eric, good thoughts. However, with so many new people in the business -- those who haven't been around more than 5 years, I wonder how there is enough business for them to get by? After all, repeat business should be almost nonexistent for them.
Thanks to all of you who contrubuted your thoughts.
What is interesting to me is how the public has been bamboozled into thinking that our profession requires so little expertise that a sales person's license and a famous franchise that lets you rent a resk pretty much levels the playing field with those of us who have successfully been in this business for years.
Most of the public could care less about our designations. They also seem to think that the company makes a difference.They really just fall for the best sales pitch.
Tigard, I pretty much see it as you do.
Dallas real estate legend, Ebby Halliday, is nearing 100-years old. She still goes to work every day, and is a great contributor to the success of her business, even though she's approaching a zillion. We've been friends for nearly 50 years, and I am a GREAT admirer of hers.
However, isn't it rather paradoxical that a prospective buyer or seller will pick an agent, regardless of their personal knowledge and expertise, because his/her license is sponsored by the Ebby broker (who, by the way, isn't Ebby Halliday at all, but someone who works for her)?
In real life, people should totally ignore the Name on the Door, and pick their agent based on his/her experience, expertise and the measures of his/her past successes.
In my example, Ebby Halliday is never going to make any contribution whatsoever to assuring that your agent is adequately qualified to represent you. Even further down this chain are Re/Max, Keller-Williams and the like, who, in the main, primarily rent office space to agents.
Wow, don't tell my local association that designations don't matter! They would curl into a fetal position and cry themselves to sleep. I don't have any designations, and have done very well for myself in Real Estate. However, my local board makes out like you'll never sell a house if you don't have 15 letters listed after your name on your business card. Hogwash!
Matt -- I'm in that group of people who think education is way up there on the Top List.
That being said, it is totally suspect to me that the NAR doesn't require any additional education or training past state licensing and a course and update in Realtor Ethics.
So in my view, if they thought it were important 1) it would be a requirement and 2) part of the members' dues.
That brings me to believe that the courses for designations, etc. are nothing more than profit centers for those that teach and award them.
If you're doing well in your business, it would be difficult to offer valid rational as to why you need one or more designations.
Thank you for the post---some pretty intersting statistics. The one that caught my attention was how few people walk in or call an office to list their home. Makes me wonder why am I taking floor duty?
Linda, floor duty lost almost 100% of its value when agents began putting riders on the signs that gave their direct phone number. It used to be OK to put a rider listing the agent's name, but the office phone number was the only one that could be shown.
Consequently, when people responded to the sign, and the listing agent wasn't available, the floor duty agent would take and develop the call.
I have always thought this change to be very short sighted on the part of management. Successful floor duty is important to the development of new agents.