According to the Danger Report released by the National Association of Realtors (NAR): The real estate industry is saddled with a large number of part-time, untrained, unethical, and/or incompetent agents. This knowledge gap threatens the credibility of the industry. The report concludes that the number one liability for the real estate industry is the hordes of untrained, unethical and or/incompetent agents.
Wow! By contrast, before becoming a real estate agent, I was in mortgage banking. I processed loans; I funded loans, and I approved them. I did everything and worked my way up the corporate ladder to Vice President. Tired of number crunching, in 1989 I decided to sell real estate with my mom, Joyce Serra. Much has changed since then. Certainly, technology has made my job easier and more efficient.
Training
When I first entered the real estate profession, I attended numerous training seminars, classes, and lectures. Brian Buffini and Joe Stumpf taught me the easiest way to grow my business was to look out for my client’s best interests. Satisfied clients create referrals, which are the heart and soul of any successful business. Unfortunately, there are other real estate trainers who espouse that we are lead-making machines. Prospecting is everything. Call people at home while they are eating dinner. It’s simply a numbers game. For example, any real estate agent who has been in the business for over a couple of years and needs to cold call has not mastered customer service.
Education
However, there are only three college level courses required to become a California real estate agent. If you pass these three courses and the test, you are on a very short journey to helping someone with one of the biggest financial decisions of their life. I believe new agents should be mentored by experienced Realtors. At least until they have completed at several closings. At the beginning of my career, I recall after each and every sale, I would learn at least one thing. Sadly inexperienced real estate agents often learn at the consumer’s expense.
Meanwhile, I applaud NAR for releasing the Danger Report. A solution can be found once a problem has been acknowledged.
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