Is the NAR’s SFR Certification a Case of Too Little, Too Late?

You may have seen that in late August, the National Association of Realtors® announced the introduction of their Short Sales and Foreclosure Resource Certification Program (SFR). According to the press release, “The program includes training on how to manage short-sale, foreclosure, and real-estate owned transactions, and provides resources to help Realtors® stay current on national and state-specific information as the market for these distressed properties evolves.”

Now, while this program is definitely a step in the right direction for the NAR–who finally seem to have realized (about a year late) that knowing how to successfully process short sales and foreclosures is essential for Realtors® who want to succeed in today’s distressed market–it seems to me that it falls a bit short of being the complete answer for a few reasons.

First of all, while the program promises that the two core courses (members must complete one of the two to be certified) will be available in online versions in October and, “at the end of 2009″ respectively, at this point they are only offered in a one-day classroom format in very limited locations in 26 states. For example, the only course being offered in California is on November 12 at the NAR Conference and Expo in San Diego. Seriously? Only ONE class on ONE DAY for the ENTIRE STATE? Come on! Since Realtors® are in desperate to get the skills and information they need to process short sales and foreclosures, this lack of convenient locations is a pretty serious downer.

Secondly, as I suggested in my introduction, the program seems kind of late in arriving–especially considering the fact that all the coursework required for certification still isn’t even available! In addition to the core courses not being available online until later this year, the online “webinars” Realtors® need for certification (they must complete three) won’t be available until early October either. All of this makes the NAR’s announcement even less inspiring.

Finally, while the program does seem to offer a fair amount of education for Realtors® looking for short sale and foreclosure processing expertise (or should I say will offer–once the courses and webinars are readily available), what it fails to provide is much in the way of continuous updates on short sale and foreclosure laws and regulations, access to each lender’s specific requirements and paperwork, and tools to successfully market themselves to potential clients. While the program’s website claims that it offers Realtors® opportunities to, “Network with [their] peers, reach consumers and stay up-to-date on the latest news and events related to short sales and foreclosure transactions,” this is accomplished by joining the program’s Facebook page–hardly the kind of serious, professional support you’d expect from an NAR certification program!

So, while the program does have it’s positives, it’s pretty clear that Realtors® who really want to have success in the short sale and foreclosure market will still want to use third-party sources like The Agent Center who specialize in providing the knowledge and support they need. This includes regular updates on applicable laws and regulations, specific lender packages and current submission requirements, and marketing and presentation tools to help sell themselves to clients.

It’s true that adding “SFR Certified” to their resume won’t hurt Realtors® looking to profit from the wealth of short sale and foreclosure opportunities currently available, but it looks like an effective third-party source is still going to be a necessity!

Christina Inman, the CEO of TheAgentCenter.com, has been a real estate industry specialist, author and broker for 17 years.