Do we as agents put ourselves at risk by marketing ourselves as something we may not be?

I had an interesting conversation with a broker and an attorney recently that has sparked my curiosity.  We see marketing everyday where we as agents tout ourselves as experts or specialists, whether that is a waterfront specialist, a condo specialist or an expert in short sales, REO etc.

At what point are we just puffing or exagerating when we are not an expert?  What makes us an expert in a particular field? education, experience, or both?

This comes on the heels of a Short Sale Expert or Distressed Property expert discussion that I had with a broker whose office sent all of their agents to get their CDPE designation.  There is a handful at most of those 100+ agents that got their designation that have actually closed a short sale, the rest have not.  The agents in that office that are closing short sales do not, ironically enough, advertise their "expert" designation while a large percentage of the agents that have never actually even worked a short sale are advertising themselves as experts who can stop foreclosure.

Where do we as agents draw the line at false advertising?  At what point are we in violation of the code of ethics?  Does an agent who actually is NOT an expert at short sales open themselves up to liability by marketing themselves as an "expert"  

For the record, this is NOT a bashing of CDPE or any other designation, I LOVE education and think that any form of education that we can get is vital.

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Jeff, Great post, as usual. I was encouraged at RE/MAX to get the CDPE designation. Although I fully inderstand that I am no "expert" that is the name of the designation and I am glad to have it (I wish it was called something else). The marketing materials from CDPE are excellent. Because of the designation I have Chase conference calling me with borrowers on the line that need my help. I also have DTS (a third party contracted by BofA) giving me leads directly because of the designation. I tell my clients and leads that I am no expert, that at one time I thought I knew everything, but now I have been humbled to the point of not knowing it all. I have learned more here at SSSS than from the CDPE online class and will continue to learn from anywhere I can. I love this business and will continue to PRACTICE my trade. Whether we call ourselves experts or superstars we have no control as to the name of the group or designation. As to the liability, that scares me.

 

Erik Reilly

Lic Broker Assoc

CDPE ePro

www.CANCELourFORECLOSURE.com

Expert is only a word and it is up to the person or group hearing the word to determine what that word really means,    Food for thought, put two EXPERTS together and ask them a question about a subject that is constantly changing and they will not be in agreement so which is the expert and which is NOT. My understanding is an Expert by my defintion is one that has gain more knowledge by studies, trainning,or experience and is able to take the basic knowledge and implement it with some success beyond the average person .  Lets not forget that the financial EXPERTS got us in to this mess with their loan types that were avaliable to everybody and anybody. Only thinking out loud.     

@Obed, Not to hijack the post but WE all know it was way more than just financial EXPERTS that "Got us into this mess".

It was GREED on EVERYBODY'S part!! The financial institutions, wall st, investors, mortgage brokers, AGENTS and also HOMEBUYERS!!

I'm sure we can start a whole new discussion topic on this alone.

Amen!

Jeff,

I've wondered about this very topic myself. I have had no education to designate myself as a "short sale expert" but have been involved in many short sale transactions. I even worried if I should've signed up for this group. Glad I'm here. :D

I've had cross sales with other agents who touted their "short sale expertise" only to find they didn't know what they were doing and delayed an already LONG transaction even further. 

It is very frustrating for the consumer and even myself, to go into a Short Sale transaction and find that the proper steps have NOT been completed or even attempted, ie; applying for a short sale or contacting the bank to let them know the house is even on the market. 

I don't consider myself an expert as every deal seems to bring its own surprises and banks change their policies on a whim. I would be curious to know what answers you receive from those out there fighting the good fight every day. 

 

In John Maxwells book "Developing the Leader Within"  he says there are 5 levels of leadership....the lowest level is "title" only....

A leader is only a leader if they are "leading others"...A Leader must have followers....People are drawn to true leaders...in contrast....comparing short sales Realtors, Seller's and Buyer's

People who need a Short Sale "expert"  will naturally gravitate toward those who have  successfully closed Short Sales....(I did complete the CDPE course..and found it helpful).....but let "other's call me the expert".....and you know that people perceive you as an expert when they refer you to their friends in need.   When you get short sale listings by referral...you have reached another level of Leadership!

 

I like your response :)

Heading off the the metro of MN area tommorrow to meet with the Arizona Group 46:10 and hone my skills in Short Sales. I have been through and completed 3 Short Sale courses thus far , am in a 2x weekly coaching program and am constantly studying to keep up with new changes and learn from others' experiences on this site and others.

I do put myself down as specializing in Short Sales- that is not my entire RE business but is the bulk of it. 

Do I know it all- absolutely not! 

Do I know more about ss than most in my area- yes.

A few agents in my office are now taking on ss business and have no clue what they are doing. Everyone starts somewhere, but with all the available training, that is the first place to start. I am looking forward to the advance training on this site later this year.

Tell Fred and Kevin I said hello!

Good post Jeff. I feel that if you tout yourself as an Expert or Specialist you'd better have the education and experience to demonstrate such and be able to back it up. If you claim to be an Expert in any area and you do not have the experience or knowledge then at a minimum, you're violating your own law of good conscious.

I believe that advertising ourselves as experts is misleading to clients and potential clients. 

 

Specialist fits better if, for this phase in our careers, our primary focus is on short sales.

 

I have resorted to explaining to my clients that there are no "experts," or "guru's" when it comes to short sales. Those promoting themselves are, I presume not intentionally, lying. Or, they are given to self-adulation.

When it comes to short sales there are agents who hate them and stay away from them; there are agents who just deal with them and have no desire to figure out how to improve their skills; then, there are students. I prefer to consider myself a student of short selling homes as there is no way I can ever master of them.

Exaggeration has been at the heart of real estate advertising for decades.  It makes perfect sense to me that people tout their expertise in an area in which they have none.  This has been tolerated by brokerages forever.    Until brokerages actually monitor the advertising put out there by their agents, I don't see this changing. 

Consumers are easily led astray and it will probably take a big lawsuit to change the misleading advertising.

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