Promotes Short Sale Education and CDPE Designation to Agents Nationwide
July 26, 2010 // Franchising.com // PARSIPPANY, N.J. and AUSTIN, TEXAS -- Century 21 Real Estate LLC, the franchisor of the world's largest residential real estate sales organization, today announced an agreement with the Distressed Property Institute, LLC to bring the industry-leading Certified Distressed Property Expert® (CDPE) designation training to its sales professionals.
"In today's market, home sellers need to talk to real estate professionals who understand the specifics of this challenging market," said Rick Davidson, president and CEO, Century 21 Real Estate LLC. "We are pleased to make the CDPE designation more widely available to our franchise system, enabling more of our sales professionals to provide effective and efficient service throughout the short sale process. The CDPE certification will enhance our agents' abilities to help distressed homeowners."
In a short sale transaction, homeowners avoid foreclosure by working with their lenders and selling their property for less than the mortgage amount owed.
Based in Austin, Texas, the Distressed Property Institute has trained more than 24,000 real estate professionals, making CDPE the fastest-growing, independent designation in real estate industry history. A survey of its membership revealed that CDPE-designated agents reported an average 49 percent decrease in short sale processing time since achieving the designation. In addition, these agents typically list seven-times, and close five-times as many properties as the average National Association of REALTORS® agent.
"CENTURY 21 is the most recognizable brand in the real estate industry with a significant and admirable commitment to continued agent education," Alex Charfen, co-founder and CEO of the Institute, said. "The steps taken by CENTURY 21 to provide the CDPE designation training reinforces that commitment, and will help their sales professionals thrive in this market."
According to the 2010 First Quarter National Delinquency Survey put out by the Mortgage Bankers Association, more than one in seven homeowners are not making mortgage payments. In addition, the report showed mortgage delinquencies increasing among prime mortgages, previously the safest mortgage product on the market.
Century 21 Real Estate LLC (century21.com) is the franchisor of the world's largest residential real estate sales organization, providing comprehensive training, management, administrative and marketing support for the CENTURY 21 System. The System is comprised of more than 7,700 independently owned and operated franchised broker offices and 117,000 sales associates in 68 countries and territories worldwide. Century 21 Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services.
The Distressed Property Institute trains real estate professionals to engage with and assist homeowners facing hardships. The Institute has developed a curriculum to provide the tools and knowledge to handle distressed properties, including short sales, deeds-in-lieu, mortgage modifications, forbearance, refinances, reinstatements and, if that fails, how to help homeowners through the foreclosure process. After completing a comprehensive on-site or online course, graduates are awarded the Certified Distressed Property Expert® Designation.
The CDPE Designation provides real estate industry professionals with detailed information on how to engage with and assist homeowners in distress. The CDPE designation has been endorsed by top U.S. brokerages and industry icons, including: Brian Buffini, founder of Buffini & Company; Howard Brinton, founder of STAR POWER® Systems; Joe Stumpf, founder and national spokesperson of By Referral Only®; Allen Chiang, Chairman of the Asian Real Estate Association of America (AREAA); and Tino Diaz, Chairman of the National Association of Hispanic Real Estate Professionals (NAHREP).