In the last issue of the OKCMAR quarterly newsmagazine there was a feature regarding the seven essentials to REALTOR business success. If you are not regularly receiving the newsmagazine please contact Leslie Miller at lmiller@okcmar.org. One of the key steps is devoting at least 10% of your time to education relevant to increasing your expertise and your book of business.
I strongly urge all of you to start your 2010 with a tweaked business plan relevant to the economy and the changes in the market. One practice at OKCMAR, which has always surprised me, is the emphasis put on CE. CE is important and a necessary component of licensure. However, CE is designed to help you maintain your body of knowledge not necessarily expand it. When the OKCMAR professional development department (through its school and professional standards) looks to education, we are looking beyond the necessity of retaining one's license to the development of your business and business practices. CE can fulfill a small portion of this business building block if one utilizes tech courses as electives and takes Hot Topics throughout the year. However, to excel in this business (like any other) one must invest in their business.
NAR and many well-known coaches emphasize that a REALTOR should devote 10% of one's time in professional development and specifically recommend designations. While designations are humorously referred to as Alphabet Soup they have been statistically proven to increase annual income by as much as 50% over REALTORS without designations. The average designation course costs $295. NAR reports the average annual REALTOR income is $34,000 per year that means investing less than 1% of your business revenues in order to increase revenues.
The REALTOR industry is quite unique in that the seller carries the inventory not the REALTOR. In most small businesses carrying and maintaining inventory is a huge annual and ongoing business expense. When these business people look to increase their business and revenues it is typically through investing in additional inventory. I would suggest that your education, your knowledge and your expertise is in fact your inventory and those looking to secure their market share should consider investing in their inventory.
This year OKCMAR has committed, through its strategic plan to offer 3 designations locally. Designations are costly to put on but the board believes in investing in its membership. The first designation course will be the SRS, or Sellers Representative Specialist. For more information on this course visit the sellers representative council. This course will be held March 1st and 2nd and taught by the enormously popular, Adorna Carroll. To learn more about Adorna and her no-nonsense yet very entertaining approach visit Dynamic Directions.
OKCMAR also looks to offer both the GREEN designation and the ABR (Accredited Buyers Representative) this year. In addition to committing to your education don't forget the primary block of your real estate success: Your REALTOR membership and MLS subscription. Your leadership has worked diligently to reduce these costs for you and also to limit billing periods in order to relieve you of a "Constant Burden". In 2010 your REALTOR dues are due January 20th MLS fees will be due March 31st and September 30th. There only three times per year when you will be asked to pay for the services and products that support your business. Start 2010 right by ensuring you have adequate funds to keep your services uninterrupted.
If you utilize MLS discounts your total MLS fees for the year $486, Supra Key Fees $270 and your state, local and national dues $379. Your total investment in your business and all the tools and services of the MLS and the state, local and national associations is $1135 per year. Consider setting aside $100 per month in a special fund or account to assure you can meet this obligation.
Imagine $100 per month covers your basic requirements for retaining your license through free CE, markets your properties to over 4000 MLS subscribers and powers websites all over the world, brings you news and information, legislative advocacy, the state offers free legal assistance and affordable health care coverage, MLSOK offers a showing service, virtual tour creation, and online free forms and document manager. Imagine you were in any other kind of self-employed business- how far could you get with a $100 monthly investment? How much inventory could you buy? How much advertising could you purchase? How much legal counsel? What about technology- how much could you implement in your business? By banding together in an association each member receives approximately 8x the value of their investment in dues and fees. Start out 2010 right- invest in yourself and your business!
And please remember your OKCMAR staff is here to help. We want to know what assistance or education you believe would be valuable and offer it to you. As your CEO I always have an open door if you just want to discuss how you can best leverage your membership in the MLSOK and the associations in your business model. Have a very HAPPY & PROSPEROUS 2010!
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