Short selling training in the US is best achieved by working with an expert, although courses and books can be helpful. Live courses are preferable, and inexpensive courses are offered by local schools. The CDPE designation is a valuable option. Finding a mentor through REIA or working with investors can also be beneficial. Successful short selling justifies the time and money spent on training.
The best short selling training in the US is achieved by working closely with an expert. There are many courses and books available on short selling and they shouldn’t be discounted as they are very helpful in learning the technicalities of this particular niche in real estate. However, there is no substitute for on-the-job training with a recognized short selling master.
The more you learn about the ins and outs and technicalities of short selling, of course, the better equipped you will be to get the most out of hands-on training with an expert. Online training opportunities are available, but live courses are generally preferable because you can discuss specific cases and ask questions. Inexpensive short selling training courses are often offered by local high schools or community colleges. These courses are often taught by real estate professionals who will incorporate local market information into their presentations, including things like what lenders do and don’t do well with short selling. An advantage of taking these courses is that later on, if you decide not to specialize in short selling, your out-of-pocket cost has been minimal.
A more formal option for real estate professionals is to pursue the Certified Distressed Property Expert (CDPE) professional designation, which is highly regarded in the real estate industry. The curriculum is standardized which is not always the case with other trainings. This ensures that all agents with the CDPE designation have mastered the same material. The CDPE designation is also a valuable marketing tool, highlighting your achievements in this area.
Courses taught independently by self-styled short selling gurus can be a random proposition. More popular with investors than real estate professionals, they are often taught from out of town. In some cases they will have such a breadth of knowledge and experience that their lack of familiarity with the local market is irrelevant. On the other hand, even if the instructors are top notch, these courses often cost much more than those available locally. Also, class times may sometimes be changed to accommodate instructor travel schedules.
If you are an investor, when you finish your course, consult your local real estate investment association (REIA); these organizations, present nationwide in the United States, often have directories listing member specialties. It will likely take some time and work to find a short selling expert who is willing to mentor you, and you may need to join the REIA to gain access to the member list, but it is more than worth it to long term. The internet is also a great tool for finding short selling experts in your area, as long as you avoid scammers.
A licensed real estate seller interested in short selling training is often already working with a broker and other professionals at an agency. If there is no CDPE-designated agent in the workplace, decide to become your agency’s short selling expert so that other agents can bring their short selling offers to you. Your broker may be willing to cover or split the cost of short selling training, especially if you are pursuing the CDPE designation.
Using the REIA approach as an authorized agent can help you find short selling experts in the ranks of investors when obtaining short selling listings. If they want to try and buy your listing as a short sale, you will receive valuable short selling training by working with them as closely as possible. Another option available to the authorized agent is to cooperate with CDPE-designated experts from other agencies when the opportunity arises.
Short selling has always been an option in the US housing market, even though it only became popular during the US housing crash of 2007-2010. These offers can be extremely frustrating and time-consuming, however, and many fail. Successful short selling, however, can be very productive for all involved, justifying the time and money spent on short selling training.
Smart Asset.
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