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Be Successful - Competency Areas You Should Master Body of Knowledge in Residential Real Estate Posted: 1996 ~ Reviewed 2005 |
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This is a statement of what the residential real estate practitioner needs to know
or be able to do in order to practice competently. The body of knowledge
below was developed by researching similar task analysis documents and
curricula of real estate educational programs (including university real
estate research centers). The NATIONAL ASSOCIATION OF REALTORS®
Education Committee appointed a group of REALTORS® to develop
a draft model based on this research. The model was sent by survey to
approximately 300 real estate practitioners and educators for
validation; below reflects the outcome of that validation survey. The COMPETENCY area is indicated in bold, the TASK area is immediately below the competency and the individual TASKS are bulleted. Have you mastered these competencies? If not, designations courses are geared to teach you how to perform all these tasks -- check them out. Sales Process Prospecting Identify spheres of influence Develop a referral network Telephone techniques Develop a farm or business base Use contact management databases Work with expired listings and FSBOs Marketing Hold an open house Develop and use a personal presentation program Show a property Establish property price Make a listing presentation Present offers Prepare a Comparative Market Analysis (CMA) Create advertising Create a direct mail campaign Develop a marketing plan for a property Handle competing offers Research a property Customer and Client Service Build trust with client Qualify buyers /sellers, (needs, wants, financial) Counsel seller / buyer on home buying process Communicate with seller and buyer Negotiation skills Transaction management, contract to closing Knowledge of home financing Legal and Regulatory Professional Standards Comply with NAR Code of Ethics Comply with NAR professional standards Understand arbitration and mediation process Understand and comply with state rules and regulations Fair Housing Understand and comply with fair housing laws Understand and comply with Voluntary Affirmative Marketing Agreement (VAMA) Understand and comply with Americans with Disabilities Act (ADA) Brokerage Relationships Understand and comply with the law of agency Explain agency relationships to a seller or buyer Understand employment agreements Understand and comply with antitrust law Recognize and disclose a closed business arrangement Contracts Understand and complete applicable contracts, agreements and forms Handle clauses and contingencies Understand and comply with applicable escrow and trust fund requirements Avoid unauthorized practice of law Environment Understand and comply with appropriate environmental laws Locate qualified environmental professionals Know consequences of failure to comply Technology Hardware Assess individual technological needs Select appropriate hardware Software Assess individual technological needs Select appropriate software Tools: Contact management, word processing, presentations, Multiple Listing Service (MLS), Comparative Marketing Analysis (CMA), database management, spread sheet, accounting, financial management, etc. Communications Assess individual communication system needs Select appropriate communications systems Tools: On-line systems, cellular phones, interactive television, e-mail, voice-mail, pagers, Internet, etc. Professional Development Business and Personal Management Develop goal setting and time management strategies Maintain a professional image Develop a personal business plan Develop a professional contacts network Develop problem solving skills Develop communication skills Develop negotiation and counseling skills Community involvement Continue life long learning source: NATIONAL ASSOCIATION OF REALTORS® |
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