My Charleston South Carolina Real Estate Blog

Written by Mirela Monte  Owner & BIC of Buyers Choice Realty

"I garnered my GRI in my first year of Real Estate. I wanted to know as much as possible, as quickly as possible. I was in class for three weeks (it’s shorter now), took a few tests, and voila: I had those three magic letters after my name, which served me quite well for the rest of my career.

This year I attained my ABR designation and I am taking classes for my ALC (Accredited Land Consultant) designation, which I will finish next year.

The coveted CRS designation is also on the horizon for 2008.

Why not? Statistically speaking, every designation you garner nets you quite a generous “salary increase”. Knowledge is power, and in this, or any market, that is the most important component. Knowing how to successfully navigate the seas of a volatile Real Estate market is quite an asset, don’t you agree?

I’ve compiled a list of worthy designations, you know the ones you actually have to work in order to obtain. The easiest one, the ABR is a good one to start with, GRI is a great one to graduate from, and the CRS seems to be the Mac Daddy of Residential Real Estate. If you work with land, you owe it to yourself and your clients to garner the ALC designation.

If you are thinking of selling commercial real estate, the coveted CCIM label is the ultimate designation for the inveterate professional. There are only a handful of those agents in any given market. The last time I priced it – in 1988 !!! – it was about $ 20,000 and it entailed traveling to several places around the country and staying for training a week at a time. The exams are real tough, I hear (thus the small number of CCIM’s).

Let me know which ones you are working on and why.

CRS There are over one million REALTORS® in business today. So if you want to find that one-in-a-million REALTOR®, start with the over 37,000 who hold the Certified Residential Specialist Designation. CRS is the symbol of excellence in residential real estate. Our members have proven they have the experience, training and commitment to be among the best in their profession. Find out how you can become a CRS http://www.crs.com/

CCIM A Certified Commercial Investment Member (CCIM) is a recognized expert in the disciplines of commercial and investment real estate. A CCIM is an invaluable resource to the commercial real estate owner, investor, and user, and is among an elite corps of more than 9,000 professionals who hold the CCIM designation across North America and more than 30 countries. Nearly 10,000 additional professionals are pursuing the CCIM designation. http://www.ccim.com/about/ccim.html

ABR The Accredited Buyer Representative (ABR®) designation is the benchmark of excellence in buyer representation. This coveted designation is awarded to real estate practitioners by the Real Estate Buyer's Agent Council ("REBAC") of the National Association of REALTORS® who meet the specified educational and practical experience criteria.

ALC Accredited Land Consultants are the recognized Land REALTOR® experts. The designation is awarded by the Board of Directors to members who have completed a comprehensive program of education and service to the Realtors Land Institute. http://www.rliland.com/AboutTheAlcDesignation.html

GRI The Graduate REALTOR® Institute (GRI) symbol is the mark of a real estate professional who has made a commitment to providing a superior level of professional services by earning the GRI designation. REALTORS® with the GRI designation are highly trained in many areas of real estate to better serve and protect their clients. Learn about other benefits of earning the GRI designation. http://www.realtor.org/griclear.nsf/pages/futdesigmain?opendocument "

January, 2007:  I brought a seller an offer of $ 175,000 on his condo.  In spite of my best efforts, he turned down the offer.   The condo is now marked down to $ 139,900, and it is still lingering on the market with no offers, in spite of my best marketing efforts.  He missed the boat...

September, 2007:  Past clients of mine who had their condo listed with a family friend for $ 279,900 for six months, came back to me and asked what I could sell it for.  I told them I could get them $ 210,000.  They said they needed a drink, but signed the listing anyway.  I got the job done within a few weeks.  Their neighbors, who had an identical unit on the market for $ 259,900 at the time, have now reduced to $ 189,900 and they still can't sell it. 

There is a lesson to be learnt here:  Discount now and sell, or sell later for a lot less...  I am now on a major price reduction campaign that goes like this:  take the lowest priced unit in that development and price your listing 3-5% lower and advertise, advertise, advertise! 

Whenever I present a low offer, I caution my sellers to give it a great deal of consideration.  Don't look at it as an insulting offer!  The fact that we even have an offer is actually a big compliment!  This may be the best offer we'll get in years!  I ask my sellers: "If you don't accept this offer today, how long can you afford to carry your property for?  What happens if you don't have another offer like this for the next few years?  Can you financially handle that?"  If the answer is no, they better take this one and bring money to closing!