SRES set to become official NAR designation

NEW ORLEANS – Nov. 10, 2006 – The Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of Realtors® (NAR) announced today that it has signed a letter of intent to purchase the Seniors Real Estate Specialist (SRES) program from Real Estate Business Services Inc., a wholly owned subsidiary of the California Association of Realtors, and begin conferring the SRES designation.

The planned purchase will make SRES part of the official NAR family of professional certifications and designations and put the SRES courses into REBAC’s effective course delivery system.

The SRES designation is available only to Realtors, and certifies that a Realtor is proficient in serving clients aged 50 and older. The move underscores the growing significance of the over-50 market.

“Older home buyers have special financial and lifestyle needs, and it helps to have a Realtor who understands the demands of this market segment,” says NAR President Thomas M. Stevens. “With the oldest of the baby boomers turning 60 this year, and given the importance of the emerging senior market nationwide, the number of Realtors® earning this designation is likely to increase dramatically over the next few years.”

The SRES designation was developed by the Senior Advantage Real Estate Council (SAREC), which was created in 1997 to focus on the needs of homebuyers and sellers aged 50 and over.

To earn the SRES designation, Realtors must complete a two-day course covering issues such as specialized housing options and asset protection. They can then carry the designation on a provisional basis for as long as one year, and they must execute three senior property transactions during that time.

“The SRES designation has surged in popularity in recent years,” says Gary Thomas, chairman of the board of SAREC. “Last year, the number of Realtors with the SRES designation was up 30 percent from 2004; and today, more than 15,000 Realtors have earned the designation.”

REBAC, an NAR subsidiary since 1996, was founded in 1988 to promote buyer representation skills and services. REBAC also awards the Accredited Buyer Representative designation to Realtors who have completed educational and experiential requirements.

© 2006 FLORIDA ASSOCIATION OF REALTORS®

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