Multi-Million Dollar Producer Title-What Does It Mean To A Seller?

By
Real Estate Agent with Integrity Real Estate Group

Do Realtor® Awards Mean Anything To A SellerOver the last few weeks my local Realtor® association has bombarded me with emails reminding me it's time to apply for the 2011 Awards and Recognition.  Thank you but I'll pass.  It's not because I haven't qualified for the Top Residential Producer Award from the Northern Virginia Association of Realtors® (NVAR) but because I don't think the phrase means anything to the average consumer when they see it on a business card.

First let's say that "Multi-Million Dollar Producer" and "Residential Top-Producer" in Northern Virgina are different meaning depending on what Realtor® association you belong to.

If you belong to NVAR to qualify for the "Multi-Million" award you must have sold at least $3 Million or 24 units and for "Top Producer" at least $6 Million or 48 units.  However drive just a little bit south to Prince William Association of Realtors® (PWAR) and the criteria for those awards changes. Members of PWAR only need to sell $1,750,000 for "Mutli-Million Producer" and for "Top Producer" the award level is $4,500,000.

Now what?  If an agent proudly walks in to your home and says I'm a member of the Multi-Million dollar club you don't know if that's for under $1.7M worth of sales over $3M.  And the next question is should you care?  Some folks are awarded lifetime achievement awards as "top producers" who haven't sold the minimum required to make a club in years.  Others like myself don't pay to put the title on our business cards.

What you should be concentrating on is the professionalism of the agent you are hiring to sell your home.  Do your homework.  Will they take the time to make your home stand out on the Internet, where 90% of buyers start their new home search.  Ask to see photos on their website, blog or in the MLS.  How do they look?  If they are dark and blurry quickly say NEXT.  Are they reachable during reasonable business hours?  Do they have a track record of success in today's difficult market? Ask to see their MLS sales record for the last year?  What's the list to sales price ratio of their sales in the last year?  Will they give you the number of a recent client so you can talk to them?

There's a big difference in having a professional Realtor® working with you to sell your home  and a Realtor® who wants to brag about the number of clubs they belong to or the number of designations after their name.



 

 

Posted by

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Home Selling
Location:
Virginia Fairfax County Lorton
Groups:
Addicted to Active Rain
CRS - Advantages
National Women's Council of Realtors - Not Just for Women!
RE/MAX Active Rain Bloggers
Tags:
realtor awards
woodbridge real estate
lake ridge real estate
northern virginia real estate
ft belvoir real estate

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
462,873
Ritu Desai
Samson Properties - Ashburn, VA
Virginia Realtor-Fairfax/Loudoun/PW-703-625-4949

Cindy, I didn't know PWAR has lower bench mark than NVAR. I look at this bit differently, for consumer it may be nothing but for a Realtor that is a mile stone accomplishment. I do apply and I am proud to be part of the club.

Jan 15, 2012 08:34 AM #19
Rainmaker
286,478
Charlie Dresen
Steamboat Sotheby's International Realty - Steamboat Springs, CO
Steamboat Springs, CO e-Pro

Great post Cindy. I agree with Bryant - sellers need to know how many homes they sold and just how effective they are. 

Jan 15, 2012 08:54 AM #20
Rainmaker
364,706
Kim Boekholder **Results Real Estate**
Results Real Estate 801.580.5624 - Sandy, UT
Broker, Selling Salt Lake Homes

Cindy, I agree that the professionalism of an agent is what counts not their "status"  In our area the multi million dollar sales person may mean they sold one home.  Now thats crazy.  I would want to know the agents sales volumn.   It can be very misleading to someone who doesn't know.   

Jan 15, 2012 09:17 AM #21
Rainmaker
1,099,337
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

Congratulations on the feature Cindy, I love your blog... One can have all the titles in the world but if the agent does not answer their phone, return messages then the title means nothing to that client who is not getting the service they deserve. 

Jan 15, 2012 09:27 AM #22
Rainmaker
893,858
Michael Setunsky
Michael's Commercial LLC - Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Cindy, I think consumers take the opposite approach and think you make that much money. Every agent seems to be number one in their area.

Jan 15, 2012 09:29 AM #23
Rainer
25,537
Bill Cullen
REMAX Absolute Realty Inc. - Ottawa, ON

I would say that the general public will not understand the  real meaning of mult million dollar producer", and in fact in this day and age of "Million Dollar Listing" television shows, it may get inadvertently associated with the excess and nonsense that these shows portray. In other words, some people already think that real estate agents make too much money, and this will only perpetuate the myth.

Jan 15, 2012 09:33 AM #24
Ambassador
476,471
Kristin Moran
Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX
San Antonio,TX - Real Estate - 210-313-7397

Just like designations with litlte letters by your name that consumers don't know what they mean either??!!  I don't think they care!

Jan 15, 2012 10:00 AM #25
Rainer
92,705
Shelda Hodges
SANDALS REALTY GROUP, INC - West Palm Beach, FL
PA CIAS CDPE CFS CSP ASD LDPD HAFA West Palm & Surrounding Areas

Cindy, great post. I think sometimes the names can work for you & sometimes against you. It depends. I am in Palm Beach County Florida and it certainly help to establish creditability.

Jan 15, 2012 10:04 AM #26
Ambassador
901,147
Margaret Woda
Long & Foster Real Estate, Inc., Crofton, MD 21114 - Crofton, MD
Maryland Real Estate & Military Relocation

I've always hated all these labels.  I think they're counter-productive because suspect fear they'll be putty in your hands, unable to exercise any control over their own real estate transaction.  There'fore, I have not used any of these labels and I don't use any professional designations for the same reason.  It's all about "know, like, and trust for consumers. PERIOD.

 

Jan 15, 2012 12:09 PM #27
Rainer
46,965
Jeanne Gregory
RE/MAX Southwest - Sugar Land, TX

I had to chuckle to myself the first time I realized that a "million dollar producer" would make somewhere around $30K.  After advertising, gas, taxes, broker splits, etc, they could have made more at McDonalds working part time. 

Jan 15, 2012 12:32 PM #28
Rainmaker
654,537
Evelyn Kennedy
Gallagher & Lindsey, Alameda, California - Alameda, CA
Alameda, Real Estate, Alameda, CA

Cindy:

Most people don't know what those awards mean and they don't care.  They want a Realtor who will help them sell or buy a property, they want someone they can trust and they want someone who knows what they are doing.

Jan 15, 2012 01:30 PM #29
Rainmaker
711,166
Sharon Parisi
Keller Williams Dallas Premier Realty - Dallas, TX
Dallas Homes

I agree with you, Cindy.  It is not about the hype.  It is about the knowledge, integrity and sills of a given Realtor.

Jan 15, 2012 02:35 PM #30
Rainer
239,473
Justin Dibbs
United Real Estate - Ashburn, VA
REALTOR® - Ashburn Virginia Homes for Sale

I've always gotten a good chuckle from the asscociation awards, lol.

Jan 15, 2012 04:38 PM #31
Ambassador
1,649,338
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
Perhaps a lot agents are being taking advantage by buyers because they can afford it...they are multimillionaires!
Jan 15, 2012 07:18 PM #32
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Marti-thanks for your insight. The only think our clients want is for us to successful help them.

Thanks Jill-I realize some people are addicted to awards but as long as we do what we were hired for our clients will be satisfied.

Linda-no they do not.  Sometimes I don't even know what they are.

Shelia-it chaps my hide too!  Having to pay an additional fee to my association to be able to say "top producer" on top of the dues I already pay is ridiculas.

Richard-when the values change from association to association and I'm sure across the country it dilutes the value even further.

Jan 16, 2012 08:25 AM #33
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jerry-I heard someone refer to the same situation and then we wonder why consumers consider that we are "overpaid". 

Eric-and of course in most areas the award criteria has changed over the years as well.  Making it even more suspect.

Mark-very well said. Have a great week.

Debbie-the value of saying it has been diluted by anyone who claims they are #1.  It could be for their neighborhood, their block or what?

Phil-absolutely.  I'm not bringing home 7 figures.

Jan 16, 2012 08:29 AM #34
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Bryan-in my association some of the longevity awards come from being consistent for a period of years in production levels.  Once you get the award you can put it on your business card forever whether you are still producing or not.

Cheryl-and that's only two associations.  Who knows what it might be for the Dulles Association or the Fredericksburg one.  Many agents sell across all the boundaries so I guess you could pick the lowest common denominator to join to win an award.

Lorraine & Loretta-true in some of our local areas as well.

Bryant-for your area it is very different than ours.  There are teams here that easily sell over 50 homes.  They did a few years ago change the team and individual criteria making it a bit more balanced.

 

Jan 16, 2012 09:15 AM #35
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jared-our clients only care about the service we provide to them not to the masses.

Joan-Congratulations on your success. 

Marc-in my area as you can imagine there are neighborhoods if you sold 1 house you'd be eligible for an award.

Ritu-Congratulations.  It is a worthwhile achievement but don't think it means anything on a business card to a consumer.

Kim-when I'm interviewed for a listing I bring a list of my sale from the previous year.  It's current and shows my skills in today's tough market.

Jan 17, 2012 06:35 AM #36
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Michael-I agree.  Multi-million dollar producer sounds as if that's take home pay. 

Bill-we have enough trouble making sure our industry is seen in a positive light and some of the TV shows aren't helping.

Kristin-there are so many designations that are offered by one off companies that it dilutes the designations approved by NAR.

Shelda-I had to go look up the designations you have after your name to see what most of them meant. 

Margaret-the only professional designation I use to any degree (and it's not on my business card) is CRS.

Jan 17, 2012 06:41 AM #37
Ambassador
1,818,127
Cindy Jones
Integrity Real Estate Group - Woodbridge, VA
Pentagon, Fort Belvoir & Quantico Real Estate News

Jeanne-that's true and sad at the same time.

Evelyn-I think you used the best word "trust"

Sharon-the hype around multi-million dollar producer had be excited my first year in real estate.  Then I realized it didn't mean anything to my clients.

Justin-what are the criteria for DAAR awards?

 

Fernando-that's why we can always cut our commission.  We make to much already...HA!

Jan 17, 2012 06:44 AM #38
Show All Comments
Ambassador
1,818,127

Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
Have A Northern Virginia Real Estate Question?
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information