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Posted by: adminDESIGNATE YOURSELF
Looking for an outstanding representative for your next home purchase or sale?
The National Association of REALTORS® and its regional affiliates provide designations that denote specialized areas of real estate expertise. These designations, sometimes known best to consumers as the letters following a representative’s name, often separate the “wheat from chaff” in a field of thousands of agents. NAR also offers designations and certification programs to its members, including the following:
ABR (Accredited Buyer Representative)
This designation is awarded by the Real Estate Buyers Agent Council. The requirements include coursework and practical experience. The designation helps a consumer know that the REALTOR® he/she hires is committed to the highest standards of ethical practice. ABRs have the training and experience to help buyers through the entire transaction process from selecting a property through the close of escrow.
Why this designation adds value: Consumer demand for buyer representation has changed the relationship between buyers and real estate professionals. REBAC (Real Estate BUYER’S AGENT Council) awards the ABR (Accredited Buyer Representative) designation to REALTORS® who meet education and experience requirements to better prepare them to represent buyers. An ABR designation reinforces the importance of due diligence and helps any agent better serve a buyer with “caveat emptor” (buyer beware) from termites to mold, fissures and pool issues.
GRI (Graduate, REALTOR® Institute) - A REALTOR® with a GRI designation is trained in many areas including legal and regulatory issues, professional standards, the sales process and technology. A minimum of 90 hours of training is required to achieve this designation. The GRI symbol is reserved for a real estate professional that has made the commitment to provide a high level of professional service by securing a strong educational foundation. REALTORS® with the GRI designation are highly trained in many areas of real estate.
Why this designation adds value: In my opinion, all consumers should look for this designation as its primary objective is to equip sales professionals to better protect their clients.
e-PRO - e-PRO certification indicates that a REALTOR® has received training on Internet business principles and the technologies required throughout a real estate transaction. An e-PRO has successfully completed the e-PRO training program. Endorsed by the NAR, the e-PRO course teaches professionals the nuts and bolts of working with real estate online from websites, e-mail and online tools to what today’s consumer really wants.
Why this designation adds value: Since technology is on the rise and more buyers and sellers start shopping for their homes and agents online, I think it is very beneficial to REALTORS® to invest in this certification and for consumers to seek these skills out in their representatives. In fact, as technology leaps ahead, agents need to stay current simply to maintain solid service standards to clients.
CRS® (Certified Residential Specialist®) Agents can maximize their potential by earning the CRS® Designation and joining the organization.CRS® designees benefit from nationwide referral opportunities, a professional reputation and sales and marketing support. The CRS® designation is awarded to experienced REALTORS® who complete advanced training in listing and selling and meet rigorous production requirements.
Why this designation adds value: The CRS® is the highest designation awarded to sales associates in the residential sales field. It recognizes professional accomplishments in both experience and education. As competition for quality listings and qualified buyers increases, achieving this status sets an agent apart from the pack. As a consumer, it generally means that your agent is serious about the industry and has made a formal commitment to excellence.
As a consumer, you may benefit from the knowledge represented in those “letters” of designation in our industry. From my own experience over the past four years, I can share that the more I learned about real estate, the better I became at my career. I also became more valuable to my clients as I guided them through transactions. I include all of my designations on all of my marketing materials and educate my clients on what it takes to earn them. In doing this, my clients come to understand that in representing them I offer a competitive edge over a REALTOR® with less training and industry specific expertise.
In today’s market conditions, that is a nice edge to have.
Find the published copy in SEVRAR Magazine on Page 24-25 see below:
By Debra Allen, REALTOR®
Marketing Real Estate to a Multicultural Clientele
By Debra Allen, Realtor®, Gilbert, Ariz.
Real Estate professionals who adapt to the increase of cultural diversity in the market and who wisely plan to meet the needs of local multicultural and international clients gain a competitive edge and may increase business.
Expanded awareness of diversity may increase home ownership for under served and immigrant communities, particularly Hispanic-Americans, Asian-Americans, and African-Americans. Through education and outreach, real estate professionals may help to overcome the barriers to ownership for minority communities. Real estate professionals also may provide useful tools and resources such as education and home-buying seminars.
Right now, real estate professionals must improve communication skills with multicultural customers to better understand key demographics and traits of multicultural communities. Separately, training for real estate professionals may include escrow and lending procedures for international clients as well as TRC Certification (Trans National Referral Certification).
In 2006, first-time home buyers accounted for 3.23 million home sales. Marketing and selling practices may need to incorporate diversity and serve local, multicultural and international clients.
Real estate professionals need to be both aware of, and sensitive to, cultural differences within marketing and selling practices. Real estate professionals must consistently honor practices that make clients feel comfortable, informed, and valued. They must also identify the professional skills needed for a successful international practice.
According to a National Housing Report released in 2004 by Harvard University, “Immigrant minorities accounted for 27 percent of households in 2003, and will contribute at least two-thirds of net household growth in the coming decades.”
Further, by the year 2030, one out of four people will be of either Hispanic or Asian descent.
Baby Boomers have record income levels that expand their exposure to international markets. Unlike previous generations, they are not downsizing with regard to their homes, but are buying amenity-filled homes. In fact, they are driving a strong demand for second homes – not just in the U.S. – but abroad.
The obvious benefit for creating an international network is global exposure for any and all properties in a given market area.
According to the 2002 U.S. Census Bureau:
The Hispanic community is the fastest growing demographic group in the U.S. currently. During the 1990s, the overall population increase was 12.6 percent, while the nation’s Hispanic population grew 47 percent. Home ownership for Hispanic-Americans reached a new high of 46 percent in 2004.
The Asian-American population is expected to triple from 10.7 million in 2003 to 33.4 million by 2050. The 2002 median income of Asian households was $52,018 compared to $42,409 for all households. Asian and Pacific Islanders have the highest proportion of college graduates, with 47 percent of people over age 25 holding a bachelor’s degree or higher.
By the year 2030, one out of four people will be either Hispanic or Asian in ethnic makeup. Multicultural marketing recognizes a diverse market base, including ethnic and racial minorities.
Following are some tips when using a multicultural marketing approach:
Learn as much as possible about the traditions and beliefs of your targeted potential clients. Do not assume that all minorities are alike. There is considerable diversity within each ethnic segment based on country of origin, language, and social and cultural adaptation to the United States.
Things to look out for when working with multicultural clients:
· Be careful when translating English into foreign languages. Some idiomatic expressions cannot be translated word for word and retain the same meaning.
· Build a group of real estate professionals who speak the language of the ethnic group or groups that you seek to serve.
· Be sensitive about cultural slurs, stereotypes, clichés, and taboos. Understand the nuances in communication, dress, and family values.
· Be prepared to educate your audience.
· Get involved with ethnic communities and their events.
· Consider hiring a specialty advertising agency or marketing consultant to make the communities aware of any special services.
Basics for Multicultural Business Norms and Etiquette:
Learn at least a few phrases of the other’s language.
Show appreciation for the other’s customs, music, and art; do not criticize them.
Be sensitive and nonjudgmental on politics and religion; avoid discussing these topics if possible.
Build on the other’s cultural heritage to enhance communication, rather than trying to impose your own.
Extend respect to whomever the customer cares about: the elderly, children, family, the poor, and with whatever the customer identifies, such as religion.
Acknowledge mistakes and apologize when appropriate.
Talk less, listen more.
Do not ask about family unless they are present or the client mentions them first.
Recognize the need for formality and take more time in doing business than is your normal practice.
Be punctual, even if it is not customary for the person you are visiting. Many cultures regard lateness as a character flaw.
Take the blame for language difficulties.
Do not tell or make jokes; they have a high probability of being misunderstood.
Show deference to the elderly; stand when they enter, wait for them to speak or extend their hands in greeting.
Be patient and forgiving if a member of the opposite sex has trouble determining how to treat you. Remember that other cultures differ on the roles of men and women in business relationships and may have difficulty adjusting to expectations in the United States.
Skip the efforts to create an instant friendship.
Everyone agrees that we are in a buyer’s market, but many sales people are overlooking two of the fastest-growing demographics: immigrants, and Hispanics.
Immigrants represent 40 percent of new household formations from 2000 to 2005. In the 25-34 age group, 20 percent of the population is currently foreign born. 14 percent of current buyer’s are immigrants; they average a larger down payment of seven percent vs. the four percent down by native-born Americans. The Hispanic purchasing power is projected to equal the third largest economy in the hemisphere by 2010, of how 72 percent are U.S. citizens.
In good times and tough times, some principles hold true—you must build your business in a systematic way and stay competitive and always two steps ahead of everyone else.
This Article got published on national Real Estate portals click below to read more:
http://realtytimes.com/rtpages/20080213_multicultural.htm
http://rismedia.com/wp/2007-11-26/marketing-real-estate-to-a-multicultural-clientele/
