Ever watch that TV show Holmes on Homes? I have to admit I have never seen it mainly because I am just not interested in most television shows, especially reality (there's a misnomer) shows. But I have seen bits and pieces, and it's pretty easy to gather that he goes around exposing shoddy workmanship. Talking about the poor job our contractor, lawyer, real estate agent, etc., did for us is pretty much a national pastime. Now I have a knack for getting myself in trouble...so why stop now. The truth is most of the time it's our own fault. We either went for the "best" deal out there, or we did not do our due diligence in hiring the person or firm.

So how can we ensure we don't end up accidentally hiring the wrong person? Well, it's pretty tough, and I can't help you to get a good plumber, but I can add a few things to help you  choose a good real estate agent, appraiser, or property manager. Look for a designation that means something. That's right, not a designation, a designation that means something.

The real estate industry has a ton of designations. I can take a two day course and be a designated something or other. I can go online and become a certified something or other. I can create my own designation if I want to. So how do we find a designation that means something? The best way I know of in Canada is to look for a designation from the Real Estate Institute of Canada or the Institute of Real Estate Management.

The Real Estate Institute of Canada (REIC) and the Institute of Real Estate Management (IREM) are the premier real estate related educational institutions in Canada. Their whole existence is geared towards the education and improvement of real estate professionals in Canada. Membership and related designations must be earned and maintained to be able to continue to use one's designation. To earn a meaningful designation usually takes a couple years; to keep it requires continued membership.

The organizations have annual conferences throughout Canada discussing ideas and issues of importance in today's real estate world. Designees can continue to grow and improve by attending conferences. They can also meet other professionals at conferences, increasing their referral bases. This way you can be assured of finding a true professional to handle your properties in other cities by calling an active REIC/IREM designee in your own city, who can then refer you to someone proficient in the other location.

Saving the best for last, both organizations insist upon highly ethical business practices. Both have their own codes of ethics that members must adhere to. These are in addition to any other codes that members may have through the licencing process. To achieve a designation, members must complete an ethics course in addition to the other educational requirements.

What are some of the designations to look for?

Real Estate

FRI, FRI(E), CLO, CMR, CRES, CLP

Property Management

ACoM, CPM, CMOC, ARM

Reserve Fund Planning

CRP, ARP

Finance

CRF, CRU

Appraisal

FRI (A)

I believe this is a pretty comprehensive list. I may have missed one or two, and if I did I apologize, send me a note and I will correct it.

So if you don't want to end up on a reality show, do your due diligence. Check out the people you plan to work with, and look for a REIC/IREM designation. In Canada, it's the mark of a true professional.