Whether you've been in the business for a day, or for decades, there comes a point where you realize you aren't the only game in town. In other words, you have a lot of competition. So how do you make yourself stand out among the growing number of professionals with similar aspirations?
Two words: Professional Development.
Although you may have already spent hours in a classroom, there are important reasons to return. The Real Estate Institute of Canada explains why.
Professional Development Makes You Less of a Fish Swimming Upstream.“In a crowded marketplace, fitting in is a failure. In a busy marketplace, not standing out is the same as being invisible.” – Seth Godin
Canada's housing boom in 2014 not only spurred record housing prices, it also charged interest in real estate professions across the industry. In the first half of the year alone there were 108,706 people selling real estate, according to CREA. That means there was one realtor for every 245 Canadians over the age of 19. If you're a real estate agent in Toronto, you know the competition is even more fierce: one agent per 140 people in the Greater Toronto area. Since then, the numbers have only inflated.
This means you need something to make you stand out among the many others competing in your field. Investing in professional development and earning a real estate designation is one important way to do this.
Lifelong Learning Lessens Your Risk of Liability.With an enormous amount of details to track, multiple clients to appease and valuable portfolios to oversee, real estate professionals are especially vulnerable when it comes to being sued. Failing to stay up-to-date on industry specific information can lead to a tarnished reputation, tremendous stress and financial ruin. While accidents can still happen, it's important for those in the industry to stay up-to-date on liability issues.
It Makes You a Better Professional.Nearly everyone can agree that they want the best - the best teacher, the best hair stylist, and the best person to handle their real estate. Just as in any career, continued education is the most effective way to reach this expectation. Position yourself as a quality professional and invest in your career.
You Will Earn More.As much as we want to help people, we all know that everyone needs to pay the bills. Completing professional development courses is the best way to enhance your skill set and acquire quality clients. In addition to upgrading your industry knowledge, you will learn how to sell your skills, market yourself, and network successfully. Gain real estate designations that not only look pretty in a frame but also look good to potential clients. According to data from the 2013 NAR survey, the average income of agents with certifications is at least 80 percent more than those without.
Instills Confidence and Trust.The more knowledgeable you are about your business, the more your clients will trust your judgment when it comes to making life-changing decisions. If clients are aware of your continuing education coursework, they'll feel more confident in your ability to lead them to positive outcomes.
Boost Professionalism.As mentioned earlier, there is an abundance of real estate professionals in Canada, and that number is only growing. That doesn't mean, however, that there is an abundance of good real estate professionals. High business ethics and professionalism can be the deciding factors when it comes to who a client chooses. A commitment to life long learning is an important way to maintain quality professionalism. Over half of the respondents to a NAR survey indicated that increased education requirements for realtors is a useful way to develop such professionalism.
Given the ever-changing dynamics of the real estate market, it's important for agents to constantly learn and grow. If you're interested in enhancing your skills and knowledge with a school you can trust, contact REIC today. We offer a variety of advanced courses and programs for every sector of the real estate industry.