The term `Realtor' is not a generic term or word; it only has one meaning. It identifies real estate professionals who are members within USA or International members of the 'National Association of Realtors' (NAR) and subscribe to its strict code of ethics, which `India Institute Of Real Estate' through their bilateral agreement follow.

In the `Property Market' unlike the stock market and the insurance sector, our government saw no need for educated practioners. While the IRDA was formed to enforce a 100-hour training for insurance agents, no one has paid attention to one of the biggest industries - 'real estate'. This is where like-minded practioners had to come together and recommend a solution and the solution was `Education'. At India Institute Of Real Estate (IIRE), we managed to achieve a lot more than we set out to do. Instead of re-inventing the wheel we tied up with `The National Association Of Realtors - USA' (NAR) for an educational module and International Certification.

A diploma course was introduced on `Principles and Practices of Real Estate'. In order to receive the license to use the term `Realtor' and their logo etc one has to do the basic 100-hour course through IIRE and then through IIRE apply for the license and certification. IIRE has been in serious talks with management institutes in Mumbai and Pune to introduce these courses - the best part being that the inquiries were initiated by the management institutes.

For an existing practitioner, doing a basic 100-hour course shows commitment to his/her business and equips one with knowledge on broad property terms, law, grooming and marketing. As in any business or effort, results don't follow immediately. What sets one apart is the recognition as a `Qualified Professional'. It is like separating the men from the boys. The opportunity was and is still open for all practitioners. The only sad part is, like they say in the US, it's the cowboy mentality that stops existing players from equipping themselves with 'qualifications'.

On my recent trip to Spain for the executive committee meeting ICREA, I did my `Transnational Referral Certification' (TRC), which teaches you about your referral business opportunities and how do them. This is promoted by NAR and ICREA to increase networking with 'Qualified Professionals' around the globe through their website. There are various courses one can pursue once you have done the basic 100-hour course. Property Management course through Institute of Real Estate Management USA (IREM) is something one can do through correspondence and Certified Commercial Investment Manager (CCIM) is a specialised course for commercial property consultants, which needs a minimum quorum of 20 to invite guest lecturers from US. Other specialized courses can be done online.

I am not and never was in awe of any country, but `NAR' has set such amazing standards, being in existence for over 75 years with seven lakh members in US and approximately three lakh international members. The best part is that they are happy to share their secrets and offer constant help and support to improve networking. They have over 56 countries as their international members and I am proud to say IIRE is one them. Through `NAR', we got the opportunity to get on the Executive Committee of International Consortium Of Real Estate Associations' (ICREA). There are 27 countries as ICREA members and seven countries on the executive committee with India being an integral part of the same. All members of ICREA are 'Realtors'.

To sum it up, in order to bring in licensing and professionalism in the industry, like in any other profession, we need to educate the practitioner first, followed by educating the consumer on the advantages of using `Qualified Professionals'.
How a Qualified Professional Can Help
Assistance in finding you the ideal property in the shortest span Market Knowledge and Property Valuation Negotiating the financials of the transaction on your behalf and maintaining strict confidentiality With guidance from experts, assisting you with the legal formalities and income-tax related matters Conducting 'due diligence' for the smooth completion of the transaction Assisting you in payment of stamp duty and registration of your legal document Helping individuals and companies `relocate and expand' within India and internationally through their network
QuickBYTES
The term `Realtor' is not a generic term or word; it only has one meaning. It identifies real estate professionals who are members within USA or International members of the 'National Association of Realtors' In the `Property Market' unlike the stock market and the insurance sector, our government saw no need for educated practioners What sets one apart is the recognition as a Qualified Professional'. It is like separating the men from the boys