In late August, the National Association of Realtors® announced the introduction of its Short Sales and Foreclosure Resources (SFR) Certification Program. According to the NAR press release, “The program includes training on how to manage short sale, foreclosure and real estate transactions, and provides resources to help Realtors® stay up-to-date with national and state-specific information.” as the market for these distressed properties evolves.”
But while this program is definitely a step in the right direction for the NAR, which seems to have finally realized (a year too late) that knowing how to successfully process short sales and foreclosures is essential for Realtors® looking to thrive in today’s world. Distressed Market: It appears to be a bit far from being the complete answer for a few key reasons.
First, while the program promises that the two core courses (members must complete one of the two to become certified) will be available in online versions in October and “by the end of 2009,” respectively, right now They are only offered in a one-day classroom format at very limited locations in 26 states (for example, the only course offered in California is on November 12 at the NAR Conference & Expo in San Diego). Since time is of the essence for Realtors® to gain the skills and information they need to successfully process short sales and foreclosures, this lack of convenient locations is a real detriment to the program.
Second, as I mentioned in my introduction, the program seems to be late, especially considering the fact that all the coursework required for certification is not yet available. In addition to the core courses not being available online until later this year, the online “webinars” Realtors® need for certification (three must be completed) also won’t be available until early October. All of this makes the NAR announcement a little less inspiring.
Finally, while the program appears to offer a good amount of education for Realtors® seeking short sales and foreclosure processing experience (or should I say it will, once courses and webinars are available), what it does not provide it’s a lot in the way of continuous updates on short sale and foreclosure laws and regulations, access to lender-specific requirements and paperwork, and tools to successfully market yourself to potential clients. While the program’s website states that it offers opportunities for Realtors® to “connect with [their] colleagues, reaching out to consumers and staying up-to-date on the latest news and events related to short sales and foreclosure transactions,” this is accomplished by joining the program’s Facebook page, hardly the kind of serious, professional support that would expect from the year of the NAR certification program.
Ultimately, while the program has its merits, it is clear that Realtors® who truly want to be successful in the short sale and foreclosure market will still require the help of outside sources who specialize in providing the knowledge and support what do you need. This includes regular updates on applicable laws and regulations, specific lender packages and current filing requirements, and marketing and filing tools to help sell yourself to customers. So, while adding “SFR Certified” to your resume will certainly help Realtors® looking to benefit from the myriad of short sale and foreclosure opportunities currently available, it appears that using an effective outside source will continue to be an option. need.