|
| |
This is a brief description of the service ...
New Jersey Realtors estate brokers / agents and further education
In addition to completing the educational requirements for a state real estate
license, most states issue real estate licenses for limited time periods and
require real estate professionals to complete a certain number of hours of
further education on an annual or biannual basis in order to renew their
licenses.
Required course hours range from 10 to 20 per license period. Typically, some
specific courses are required to be taken; these would include real estate law
updates.
NAR educational requirements and recognized designations
As adherents to NAR's Code of Ethics, Realtors are required to update their
acquaintance with the Code every 4 years by taking a course, available on-line
or "live".
However, Realtors, as members of NAR, also have the option of studying for
additional certifications in a variety of specialties, several of which are
backed by NAR with offerings of certification and update courses available
nationwide [6].
The most well known NAR sponsored designations are the following:
Accredited Buyer Representative (ABR). The Real Estate Buyers Agent Council has
over 40,000 members and is the largest association of real estate professionals
focusing on all aspects of buyer representation. Of the REBAC members, over
30,000 have completed REBAC’s two-day course and provided documentation of buyer
agency experience. Linked to the ABR is the ABRM, Accredited Buyer
Representative Manager (ABRM) for managers.
Accredited Land Consultant (ALC). ALC’s are the recognized experts in land
brokerage transactions of all kinds of specialized land services including farms
and ranches, raw land sales and development.
Certified Commercial Investment Member (CCIM). CCIMs are recognized experts in
commercial real estate brokerage, leasing, valuation and investment analysis.
There are more than 7,500 designees and an equal number of candidates
principally in North America, but also in Asia and Europe.
Certified Property Manager (CPM). Geared to real estate property management
specialists, designees handle all forms of management from residential to
commercial to industrial.
Certified Real Estate Brokerage Manager (CRB). The designation is awarded to
REALTORS® who have completed the Council's advanced educational and professional
requirements. CRB designees consistently increase their level of industry
knowledge, advance their earning and career potential, increase their firm’s
profitability and benefit from active involvement in our network of real estate
professionals.
Certified Residential Specialist (CRS). Designees, with 44,000 members - 4% of
NAR members - who average 43 transactions per year and earn four times as much
as the average Realtor, belong to the Council of Residential Specialists which
is the largest affiliate of NAR. They are involved in over 27% of all
transactions because the consumer prefers to work with a more knowledgeable and
seasoned brokers or agents. Requirements for this designation include a total of
at least 25 transactions (or specific $$ volume of sales) over a specific time
period, significant experience, as well as complete rigorous educational
requirements.
Certification for Internet Professionalism (e-PRO). An e-PRO is a Realtor who
has undergone a new training program presented entirely online in order to be
certified as Internet Professionals. NAR is the first major trade group to offer
certification for online professionalism which involves all aspects of doing
business on the internet.
Certified International Property Specialist (CIPS). Realtors with the CIPS
designation have both hands-on experience in international real estate
transactions, Whether traveling abroad to put transactions together, assisting
foreign investors, helping local buyers invest abroad, or serving an immigrant
niche in local markets. CIPS designees have also successfully completed an
intensive program of study focusing on critical aspects of transnational
transactions, including currency and exchange rate issues and cross-cultural
relationships, regional market conditions, investment performance, tax issues
and more. The CIPS network is comprised of 1,500 real estate professionals from
50 countries who deal in all types of real estate.
Counselor of Real Estate (CRE). A CRE designee is one of only 1,100
by-invitation-only members of an international group of professionals who
provide seasoned, objective advice on real property and land-related matters.
Graduate of the REALTORs’ Institute (GRI). The GRI designation is held by 19% of
Realtors and courses are offered through state Realtor Associations with 90
hours of coursework on marketing and servicing listed properties to real estate
law. In a 2003 survey, NAR has determined that GRIs earned over $33,200 more
annually than non-designees.
Real Estate Professional Assistant (REPA). Designed for administrative
assistants or employees of Realtors (who may or may not hold a real estate
license), a two-day certificate course provides an intensive introduction to the
real estate business and to the specific ways support staff can become valuable
assets to their employers.
Success rate
Contrary to the erroneous belief of the industry in the United States that the
business would bring in easy money (because it is relatively easy to enter and
often does not require a college degree), the real estate industry is highly
competitive and requires a lot of dedication. Compensation is based on a
percentage of sales, split between the buying and selling agent, and between the
agent and his/her real estate agency. Agents may be required to pay a "desk fee"
monthly for office costs, though other arrangements may be a split in percentage
rather than a monthly fee.
According to various trade journals such as Realty Times, the first year failure
rate is over 86%, and for those brokers or agents who have survived, over 70%
have an income less than $30,000. A National Association of Realtors survey
found a median income in 2004 of $37,600 for agents, and $52,800 for brokers,
though many top agents pull in six-figures. [7]. Even for those who have
survived for years, most earn a modest income comparable to that of the American
middle class. However, many agents work only on a part-time basis.
|
