In the competitive market of commercial real estate, having a designation after your name seems almost commonplace. But what do these letters mean, what does it take to get them and are they worth it?
Designation: CCIM – Certified Commercial Investment Member
What does it mean?
According to the CCIM Institute, a CCIM is considered to be a recognized expert in the commercial and investment real estate industry. This includes brokers, leasing professionals, investment counselors, asset managers, appraisers, corporate real estate executives, property managers, developers, institutional investors, commercial lenders, attorneys, bankers, and other allied professionals.
A CCIM is part of a global commercial real estate network with members across North America and more than 30 countries. The experts who possess the CCIM designation can serve as a resource for commercial real estate owners, investors and others.
A spokesperson for the CCIM Institute says that more than 15,000 commercial real estate professionals have earned the designation to date and 5,500 professionals are pursuing their CCIM designation.
Local Upstate members?
There are more than 200 CCIM professionals in South Carolina and approximately 60 members in the Upstate.
What does it take to get?
A CCIM lapel pin is earned by completion of a curriculum that covers essential CCIM skill sets including ethics, interest-based negotiation, financial analysis, market analysis, user decision analysis and investment analysis for commercial investment in real estate.
CCIMs have also completed a portfolio demonstrating the depth of their commercial real estate experience.
Finally, they have demonstrated their proficiency in the CCIM skill sets by successfully completing a comprehensive examination.
What is the cost?
There are different levels of membership. For an Institution membership, which is for those pursuing the CCIM designation, there is a $595 application fee. Courses are required and run from $1,000 to $1,500.
There is a $275 examination fee and a one-time initiation fee of $1200. Annual dues are $595.
Is it worth it?
Yes, says Ted Lyerly, 2014 president of the South Carolina chapter. “You can gain the latest commercial real estate investment analysis education available, and it serves as a networking forum to generate additional business,” he says. Lyerly says it also helps agents distinguish themselves among the other commercial real estate brokers as someone with experience and knowledge as well as provides access to cutting-edge technology for gathering market information on sites such as demographics and competitive business locations.
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Designation: CRE – Counselor of Real Estate
What does it mean?
The Counselor of Real Estate is a member of The Counselors of Real Estate, an international group of recognized professionals who provide advice on real property and land-related matters. There are only 1,100 practitioners throughout the world who carry the CRE designation. Membership is by invitation only.
Alice Muncaster, director of marketing and communications for The Counselors of Real Estate, says that most members are not brokers, which is different from some of the other CRE organizations. CRE members come from a wide variety of specialties in different aspects of commercial real estate. “It’s a very diverse group of people that are deeply experienced in what they do,” she says.
Local Upstate members?
There are 1,100 members worldwide. In the Upstate, members include Terrence Farris and Steve Navarro.
What does it take to get?
Prospective CRE members can either apply or be recommended but must have been in real estate for at least 10 years. Applicants must demonstrate values of integrity, trust and a high level of ethics. Members must provide counseling services within their specialty.
What is the cost?
CRE has a one-time initiation fee of $2,500 and an annual fee of $1,750. There are three conferences each year: two in the U.S. and one international.
Is it worth it?
Muncaster says the organization is really more of a community, and the main benefit is that members get “access to people like themselves, which lead to different levels of conversation than they may find elsewhere.”
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Designation: SIOR – Society of Industrial and Office Realtors
What does it mean?
The Society of Industrial and Office Realtors (SIOR) maintains “a designation for those industrial and office real estate brokers who meet the prerequisites for memberships,” says Executive Vice President Richard Hollander. Members must meet pre-education, experience, annual transaction volume, recommendations, a high level of integrity and code of ethics requirements to become a member.
Hollander says that the organization’s members are the top 20 percent of industrial and office realtors worldwide. SIOR has more than 3,000 members in 34 countries and is in 680 markets. The organization was founded in 1941 and recently has been growing internationally, expanding into Europe, Asia and Latin America.
Local Upstate members?
There are 72 members in South Carolina. Upstate members include Elizabeth Belenchia, Robert Benedict, Kevin Bentley, P. Randall Bentley, Ford Borders, Bill Burgess, Terrence Farris, J. Earle Furman, Hunter Garrett, Jonathan Good, Charles Gouch, Michael Greer, Grice Hunt, Scott Jones, John Perry Major, Robert Shaw, Stephen Smith, Tom Springer, Givens Stewart, Stuart Wyeth and Brian Young.
What does it take to get?
Prospective members can go online to sior.com to fill out an application. Applicants must also have recommendations from current SIOR members. Applications are reviewed by the local chapter, which also conducts an ethics review.
What is the cost?
There is an application fee of $175. If accepted, there is a one-time initiation fee of $725 which includes cost of the first conference. First-year dues are prorated. Active members have an annual fee of $1,280 per year. SIOR holds two conferences per year, in the spring and fall.
Is it worth it?
Relationships developed have led to lifelong friendships, says Hollander. There is also “an enormous amount of referral business” generated by the connections made through the organization.
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Designation: ALC – Accredited Land Consultant
What does it mean?
The Realtors Land Institute offers an Accredited Land Consultant (ALC) designation to “the most accomplished and the most experienced in the business,” says Kate Noble, communications and membership development specialist with the Realtors Land Institute. Noble says the organization has a strenuous education program and accredited members must have a proven track record of performance and commitment to the profession.
RLI has approximately 1,000 members, with 415 of those accredited land consultants. Members range from land specialists involved in brokerage, sales, consulting, appraisal, development, site selection, marketing, and management of a large range of land property, such as agricultural land, ranches, recreational land, hunting property, timberland, underdeveloped tracts of land, and special purpose properties.
Local Upstate members?
Upstate members include Bob King, Matthew Holiday, Rob Metcalf, Rod Rogers and Steven Smith.
What does it take to get?
There are three required courses that total 56 hours, says Noble. Applicants are also required to take 48 elective course hours. RLI also offers a fast-track program for those with other designations or a degree in real estate that eliminates the elective coursework.
In order to apply for a designation, applicants must be a member in good standing for at least six months.
What is the cost?
For new members there is an application fee of $75. Annual dues are $445. Course fees vary and the exam fee is $100. There is a one-time initiation fee of $350 once designation requirements are met. The organization holds an annual conference each year – in 2014, it will be held in Charleston, S.C.
Is it worth it?
Noble says that networking is the biggest benefit, citing an example of two ALC candidates in Colorado who just closed a $17 million deal through RLI member referrals. “The connections are invaluable,” she says.
