There are many hours of study behind the various combinations of letters that often follow a worthy Realtor’s name.
Sharon Steele, ABR, CRS, GRI, REEA, is immediate past president of the Providence Board of Realtors, president elect of the Rhode Island Association of Realtors, and sits on the National Committee of Professional Standards and Ethics. Steele would like to see more continuing education as mandatory for professionals in her industry.
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“We’re trying to increase the level of professionalism such that real estate is viewed as a profession,” she said.
Steele, who is president of the Sharon Steele Group, of Providence, explained the meaning of the letters after her name, and why they are in the order they are in.
“I put the one that is the newest designation first,” she said.
The newest one, ABR, stands for accredited buyer representative. According to Steele, there are 35,000 accredited buyer representatives in the United States, out of the 760,000 Realtors. And only 17 Realtors in Rhode Island, out of 3,000 are accredited buyer representatives.
What this designation means is that a Realtor can represent a buyer in a real estate transaction for a fee, just as a seller’s agent is hired to obtain the price and sale terms sought by the seller. To reach this level a Realtor must first be a certified buyer representative, CBR.
“There are core courses that are required,” said Steele. “Each one is at least two whole days, and you have to come up with eight courses. There is a huge curriculum and then an exam.”
“You also have to demonstrate a minimum number of transactions,” she said. “You have to produce at a certain level.”
One of Steele’s other designations is the certified residential specialist, CRS. This is a designation also held by Joanne Samborsky, a broker for Warwick-based Keller Williams Realty. Samborsky’s other designations include ABR, ABRM, CRP, GRI, LTG, and SRES.
She said she does not include all of these on her business card.
“A lot of people don’t know what the designations mean,” she said. “I just put some of it on there so people can appreciate the fact that I’ve taken the time and the trouble.”
The CRS designation is for Realtors specializing in listing properties, selling and investing, as well as mortgage financing and computer applications.
Samborsky said only 4 to 5 percent of Realtors nationwide hold the designation.
She also said that while it has been proven that Realtors who have secured these designations make more money, it costs a lot of money to maintain them.
“The courses are over $200 per course,” she said, “and with the CRS you take two to three courses, pay an application fee, and once you’re approved you have to retain the designation by paying annual dues.”
“I spend well over $1,000 a year just keeping these designations,” she said.
Jay Fluck, SIOR, executive vice president and partner of CB Richard Ellis, said his sole designation is rare. He said there are no more than 10 in Rhode Island.
The SIOR designation, which stands for Society of Industrial and Office Realtors, recognizes a specialization in commercial real estate. To earn this designation, members must complete two week-long educational courses, provide five years of documented full-time work experience and meet a specific dollar volume in sales and number of transactions annually, as set by the local SIOR chapter. Rhode Island is part of the Boston chapter of the SIOR.
Fluck said the benefits of having this designation outweigh any drawbacks such as annual dues, or convention costs.
“It carries a lot of weight in the industry,” he said. “There are companies that will only go to SIORs.”
“It’s worth joining for those who can take the time and effort to do it,” he said.
Sharon Kersh, RCE, executive vice president of the Greater Providence Board of Realtors said designations do not determine what constitutes a good Realtor, as much as adherence to the National Association of Realtors’ code of ethics.
“A good Realtor works diligently to get the best terms and conditions on behalf of their client,” she said.
Kersh did say, however, that each distinction is important and education is almost always beneficial for each Realtor.
“One [designation] is not more important than another,” she said, “each is separate and denotes a specific area of real estate study and expertise.”
