Last week we introduced you to the D.A.N.G.E.R report that was commissioned by the National Association of Realtors. If you missed last week's post you can find it here. This week we are going to be talking about one of the Dangers Impacting Agents and how we've used and are using the information on the D.A.N.G.E.R Report to help improve our clients' experience and our business. (the full 166 page D.A.N.G.E.R Report can be found here)
Dangers Impacting Agents: Masses of Marginal Agents Destroy Reputation
“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” - D.A.N.G.E.R Report p. 20-21
The biggest threat discussed in this section is low standards of education. According to the report, becoming a real estate agent on average nationwide only requires about 70 hours of instruction and there is one state that only requires 13 hours of instruction. Other professions require several hundred hours of instruction so with the bar being set so low for real estate this opens up the door for agents who are part-time, possibly unethical and don't have nearly enough experience as they should. Agents such as these help to create a not so positive image for the industry.
Luckily, we are in Colorado and our state requires 168 hours of qualifying education that is regulated by the Colorado Department of Regulatory Agencies or DORA. We are so happy that our state has a strict regulation on this because it means that Colorado agents have more hours under their belt prior to obtaining their license which is in the best interest of the consumer. We have personally experienced this higher level of education while working with many great real estate agents involved in our clients real estate transactions.
While our state has a higher requirement for the hours of qualifying education required, iHOMESCOLORADO wants to take it one step further. Because we strive to continually improve our clients' experiences with our team we put our agents through a rigorous 4 week on boarding (in addition to the training they need to complete for their license) which helps them understand the industry and how to protect our clients' best interests. Through this training we prepare them for long term success while understanding the legal ramifications of not following the regulations set forth by DORA. In addition to this, we train our team on how to treat our clients as people as opposed to transactions – this is crucial to us.
In a blog article by Bloomberg Business titled 'Why 6 Million Americans Would Rather Work Part Time' they wrote about the 20 million Americans who work part time for “non-economic reasons”. Two thirds of those work part time because of family obligations, school or are semi-retired but the other third (about 6 million Americans) work part time because they just want to make enough to pay their bills, don't want to commit to one employer or wish to pursue a passion. According to the Bloomberg Business article they interviewed a 27 year old graduate from the University of Missouri who has two masters degrees (one in journalism and the other in public health), and she explained in their interview that her parents dedicated themselves as loyal employees of their company and led stressful lives only to end up losing their long time jobs during the 2009 recession. She didn't want that for herself, instead, she wanted a healthy work-life balance. We absolutely respect her choice and point of view. We look for those people out there who are pursuing a passion to help people and we give them an opportunity to do it full time. How wonderful a feeling is it to be able to pursue a career where you can work doing what you are passionate about EVERY day and create your own success? You will never want to do it part time because it drives you. It is that drive, motivation, and passion that enables us to live up to our underlying mission “In it for you”. We also know there are many wonderful, qualified and competent agents out there (we've worked with them) and this segment is not at all to discredit them – it is to underline that we've given those part time passionate individuals and agents an opportunity to do it full time. As a result, this passion benefits our clients because they feel that positive energy and instinctively know they come first to us. Whenever, as a company, we make a decision we ask – does it benefit our client or us? If the answer is not “our client” then we don't follow through with that decision.