I read on REO Insider today that they are joining Real Estate Educate Inc, to form Open Door Institute. they are creating this to "focus on setting meaningful industry standards and providing networking opportunities for real estate professionals conducting business within the REO industry." the article also says that PMH Financial and other lenders and servicer are already supporting the new institute.I am wonder if this is another designation or mandatory courses for PMH and others that we will have to pay in order to continue doing business with them.I am getting frustrated with all these new designations, classes, platforms, fees, etc that we have to put up with to be in business. I am not naive and I know that we have to invest in order to be profitably but I feel that we everybody is bleeding us and no one is standing up and be our voices, I pay for all these platforms, certifications, designations, classes, registration fees, referral fees, etc. and I also pay MLS, CE, license fees, insurance, local boards and NAR.I know some of them are a necessity, but NAR needs to step up and start representing the thousands of default agents. They need to come with a recognizable designation and not that remedial short sale class SFR, I have that designation, and create one that all lenders and servicers can recognize, I know that will put several of these institutes and universities out of business, but if they can be certified to teach that one standard certification they can continue to exist.NAR and the local boards need to accept our education in the default industry as a CE for licensing. Like I said I know I have to invest in my business and myself with education, I love education I was a former teacher and I recognize the importance of it, but I don't want to pay and take the same class over and over with a different name and get a different designation or training for a particular client.I know we all compete for the same clients and to get business but it is time for all of us to unite to stop the money bleeding. we need to demand NAR to listen to us.This forum has 3,000+ agents, Five Star, REOMAC etc, always have thousands of agents, I know there are thousands of agents doing short sales and REO and we need to unite to protect our interest, at the end of the day, the seller wins because they get rid of a problem and clean their books, that gives them the possibility to make more money, the servicer get pay and they make money look for their clients and increase their business or in the short sale case, they get to save their dignity and their credit. Buyers gain because they get a property for less than market value and can enjoy the equity, etc. WE are probably the one that gain less from a transaction, and at the end the ones that pay more.Lets do the math, add all the fees we pay, all the money we invest in our business, CE, technology, etc. lets divide that by the transactions and that is the cost per transaction. with all this new fees, platforms, classes, etc, my cost per transaction is increasing every year. I hope this year my ROI at least stays the same of it goes up. Also it is interesting to get the average time per transaction and divide your net income by the hours you work to get an idea of our hourly wage.Well I am talking to much, lets see what your point of view is on this.
Interesting point of view George, I like it, but how would that change with licensing, mls, and the other things that we need to do our business where NAR has its hands.
I hear in the past there were realtors and realists, and I know some guys who have the later designation. It is my understanding that it was about race back in the segregation dates.
Now I don't know much about NRBA and if that is something they are supposed to be doing, but I agree with you, maybe we should start our own national association or default industry agents and try to make some changes to the industry in a positive way.
NAR is in the business of selling us products, like training, good or bad that is just the way it is. They don't put important things up to a vote to the members they just ram the stuff through. They sorta remind me of Congress. If they ever get the Trademark taken from them they are out of Business. One day someone will challange Realtor for being like Kleenex and the trademark will be gone and we will get more trade groups. Maybe that would be a good thing, most large trades have more than one Trade Group.. take Doctors for instance.
Great post. However, I suspect that NAR's position would be that no one is forcing us to work in the default market. That, if we feel we're being taken advantage of, we should just say no. Lenders and servicers who are partnered with companies who confer these designations or require us to use a for-pay platform (possibly receiving a financial benefit), would not cease requiring them even if NAR did come up with a "Gold Standard" default designation. Unless there was something in it for them.
I can't afford to pay out any more for designations, fees, platforms. Certainly not in this market where our commissions are low to begin with due to the falling value of homes and then are being slashed further by the banks. Jose, I did do the math on one of my deals last year and it was so depressing, I never did it again. It came to $11.00 a day! I think that's third world wages; I think I am volunteering my time.
Comments
I hear in the past there were realtors and realists, and I know some guys who have the later designation. It is my understanding that it was about race back in the segregation dates.
Now I don't know much about NRBA and if that is something they are supposed to be doing, but I agree with you, maybe we should start our own national association or default industry agents and try to make some changes to the industry in a positive way.