A real estate developer was asked once why he invested so heavily in property that he had no immediate plans to build on. “That’s easy,” he responded. “No one makes new dirt.”
No New Dirt
The answer may have been overly simplistic and half in jest, but maybe not that far from the truth. Invent a new gadget that becomes popular and rivals won’t need a platoon of experts with engineering degrees and Six Sigma certification to swoop in and manufacture something comparable to sell.
But after all these years no one has found a way to make new dirt yet. It’s one of the reasons why real estate agents prosper during sound economic times. New homes and commercial space certainly crop up when the economy is expanding, but demand has a way of increasing faster than supply for long stretches of time. It makes for a seller’s market and steady sales – and commissions – for real estate agents.
Nevertheless, prosperity doesn’t last forever, so that class of sellers needs a versatile box of tools with which to work the same way that a carpenter doesn’t get by with just one type of saw, a plumber with just one size of wrench or a library with just one shelf of books.
So, what certifications help in becoming a better Realtor? The National Association of Realtors (NAR) and its affiliates offer a number of designations and certifications that take agents beyond the sale of existing homes, long the bread and butter of the industry.
Three educational programs of particular interest to pursue at the moment are the RRC Residential Listing Specialist Certification, Accredited Buyer’s Representative and Seniors Real Estate Specialist.
Here’s the brief summary why these could be beneficial to agents:
The RRC Residential Listing Specialist Certification is geared toward proficiency in the strategies and tools used in listing residential inventory. It’s a skill most agents acquire on their own over time via trial and error, but learning the fundamentals in deeper detail and using them successfully drives faster, lucrative sales and enhance the agent’s reputation.
An Accredited Buyer’s Representative designation is the ultimate hedge in the industry when you think about it since there can’t be a successful seller without a successful buyer. It’s a logical role for an agent already versed in the art of the sale but trying to navigate slower economic times. After all, buyers want their own advocate to assure the best possible deal.
We live in a graying society, which is why certification as a Seniors Real Estate Specialist is becoming increasingly desirable. Empty-nesters have always looked to downsize later in life, and there are now more homeowners than ever in the over-50 age group. They may have oe move left in life and need an agent to help them get it right.
All are potentially valuable offerings facilitated by the industry leader. But there are other skills to be mastered that would have to be considered equally valuable.
Continuing to hone negotiation skills certainly qualifies as essential. Sellers want to receive more money and buyers want to spend less. Somewhere in between lies the price where both are satisfied – and the agent gets paid.
Embracing technology also qualifies as a necessity in the 21st century
Knowing where to find data relevant to the industry in general and the local market specifically – and then putting the data to good use -- is a must to compete in an era is which 5-year-olds routinely play on iPads, 10-year-olds carry smart phones and adults form opinions based on your computer literacy.
There’s also a less conventional path toward improvement to consider: Six Sigma certification. Defining the objective by identifying the problem, measuring opportunities and analyzing performance form the foundation upon which Six Sigma is built. The product of the process – originally the darling of manufacturing but later embraced in construction, finance, health care and many other industries – is value creation by means of process improvement.
Sales and marketing are business processes. As such, they can be improved by defining, measuring and analyzing. If done correctly, the process yields more properties to be sold at better prices because of a larger volume of qualified leads.
