Does Competence Matter?
By Jim Palmer Jr.

Recently I asked one of my brokers if they trusted me.  “Of course I do,” was the quick reply, as they spoke about life in general and about my competency in a real estate transaction.  My next question took them off guard when I asked, “Would you trust me to do a root canal on your tooth?”  Their reply was an emphatic, “No!”  Of course the reason for that answer was because I lack the competency and tools to perform a root canal.  There may be some licensed dentists that may not be as trustworthy or adept as others, but even the worst of them would be better suited to perform oral surgery than I!

The point is that competence really matters and that goes for any field of expertise including real estate.  So why is it that the State Department of Licensing requires more education clock hours for a hair dresser than for a licensed real estate broker?  One bad hair cut will only set you back a few dollars and a few leers from peers, but a mistake in a real estate transaction could be devastating to your bank roll and future opportunities. 

License requirements for a new real estate broker in Washington State are 90 clock hours of instruction (pre-license) in specified topics and another 60 hours in the first two years following initial licensing.  Each and every two-year-cycle thereafter, brokers must prove a minimum of 30 clock hours of approved real estate courses.  That adds up to competency eventually, but in the beginning that does not sound like an adequate education to allow someone to handle the largest investment you will ever make in your life! If that is not enough to make you skeptical, consider that (with the current turnover of brokers in our region) 42% of all available brokers have only been licensed two years or less.

With that said, is there any reason to trust one of those “baby brokers”?  Of course there is!  They may have come from another occupation such as lending or construction or title work where they have much expertise in related topics.  Additionally the State requires brokers to be constantly monitored, supervised and trained by a Designated/Managing Broker who holds an elevated version of real estate license and has all of the responsibility for the transaction.  Typically such supervisors are extremely experienced, competent and effective in the real estate profession, and when you choose one of their brokers, you get both.