Real estate is cyclical, and many Realtors who take a long view of the market consider a slow time the breather they need to prepare for the next boom market. If they have extra time, they spend it developing a niche, getting educated, cultivating referrals and adding new dimensions to their business.

1. Develop a market niche

In today’s world of specialized knowledge, education and training programs help you become an expert in a particular market niche, such as land transactions, resorts, international buyers and seniors. Charles Dinsmore, broker-associate, RE/MAX Partners, Fort Lauderdale, recently became a Certified International Properties Specialist (CIPS). As he says, “You need to understand the different cultures and be able to explain how U.S. real estate works.” More about niche markets (http://media.floridarealtors.org/greattimetobuy/SuccessStrategies/Opp-article-1.asp).

2. Gain a competitive edge

When clients prepare to buy or sell a property, they compare skills, knowledge and credentials in choosing a Realtor®. That gives an edge to a knowledgeable professional with an appropriate designation. “Education is the way to go,” says Fred L. Colvard, broker, Waterfront Specialists Inc., Marathon, who earned CRS (Certified Residential Specialist) and CRB (Certified Real Estate Brokerage Manager) designations. “This shows our customers that I am always looking for updated ways to assist them with new methods and knowledge. It assures them that I am not an order taker and that I am a professional.” 

Nearly one-third of Realtors nationwide have at least one designation. Learn more about the business characteristics of Florida Realtors by reading the 2007 Member Profile  (http://www.floridarealtors.org/LegislativeCenter/Research/index.cfm).

3. Cultivate new referral sources

Because of the high level of migration in and out of Florida, referrals form an important source of income for many real estate professionals. And having the right credentials plays a role when making decisions about client referrals. “For me obtaining my Certified Residential Specialist designation has made a world of difference,” says Barbara Brady, Coldwell Banker Residential, Orlando. ”The quality and the number of referrals have increased, and it’s much easier to complete them.”

4. Add new dimensions to your business

Taking classes and earning a designation lays the groundwork to expand a real estate business and future career opportunities. Mike Prilliman, broker/owner, Mike Prilliman Realty Inc. in Zephyrhills, says, “In a small town like this, it makes sense to diversify the business, so we do it all: property management, appraisals, commercial real estate and residential real estate.”

 5. Serve clients more effectively

A knowledgeable Realtor who has completed education programs and earned strong credentials is better equipped to serve buyers, sellers and investors. “The more you know, the more you can provide to your customers,” says Alan Riley, broker, RE/MAX Affiliates, Seminole. “Use your time to improve your knowledge and get ready for the next real estate cycle.”

2008 FLORIDA ASSOCIATION OF REALTORS®