BY HEINO MOLLS
London, Ont. Realtor Bill Hyman is exploring the idea of a new designation for senior real estate professionals who may wish to exchange their experience for reduced working time, and reduced fees.
The idea stemmed from Hyman's own circumstance of being a Realtor at retirement age, but not wanting to leave the real estate community completely.
“I'm convinced that I am not the only Realtor who has reduced their business activity but is still pleased to facilitate a transaction from time to time,” Hyman says. He says senior Realtors can also provide valuable mentoring to new people entering the industry. “Sharing our experiences can be meaningful for young Realtors, especially those who may become discouraged at the outset of their real estate careers.”
The challenge for a senior Realtor who is not active in soliciting business and has reduced their income, is to continue to pay full fees. Hyman's idea is to identify these Realtors, provide them with a designation, and allow them to pay reduced fees.
“As I see it, it's win win for all concerned,” says Hyman, “Any Realtor who dramatically reduces their work load is probably going to drop away from the business altogether. There is simply no point in paying the full fees necessary to remain in the industry if they do not even cover the limited activity I plan to be doing. However, if a new designation for senior Realtors was created, organized real estate would benefit from at least some payment of fees, even if they are reduced, and the real estate community would benefit from senior members who share experiences with new real estate practitioners.”
A working title for the new designation is Century Realtor. This comes from a criteria first suggested by Hyman representing a combination or age and experience totaling 100. For example, a Realtor who is 70 years old may have more than 30 years’ experience in real estate.
Hyman has formed a committee within the London and St. Thomas Real Estate Board. They will be reporting their findings to the board of directors for review.
In the interim, Hyman is searching for Realtors outside his board's jurisdiction for input on forming the designation on a national scale. Bill Hyman can be reached at (519) 681‑7171, or [email protected]