You may have noticed that many ITRA Global members have post-nominal letters behind their names― but what do they mean? It is an acknowledgement of a certification or designation they have earned. Let’s take a quick look at some of the more common ones you will find in commercial real estate.
WBENC (Women’s Business Enterprise National Council) and WBENC-Certified WBE WBENC Certification applies to a business is at least 51% owned, controlled, operated, or managed by a woman. The individual must have unrestricted control of the business, demonstrate successful management of day-to-day operation, and have invested capital or expertise. Once certified, members have access to a vast and exclusive support system and targeted business opportunities, networking and mentorship opportunities, as well as increased visibility in corporate and government supply chains, education, and development programs.
WBENC-Certified WBE means that a business has gone through a stringent and rigorous certification process that verifies the business is owned, managed, and controlled by a woman or women. Once certified the business has access to WBENC Corporate Members and a number of federal, state and local government agencies.
The difference between the two is that a WBENC is a certification for an individual and offers the most opportunities, and a WBENC-Certified WBE is a certification for a business
CCIM (Certified Commercial Investment Member) CCIM is a designation that has been recognized for more than 50 years, and fewer than 10% of the industry professionals hold this title. A CCIM member has proven they are an expert in financial, market, investment analysis, and negotiation. To achieve this designation the individual must completed advanced coursework in financial and market analysis, pass a comprehensive exam, and be able to demonstrate extensive experience in the commercial real estate industry. The typical amount of time to earn the CCIM designation is one to three years. Designees must maintain their CCIM membership and are required to be members of the National Association of REALTORS.
SIOR (Society of Industrial and Office Realtors) The SIOR designation is earned by highly qualified commercial specialists in industrial and office markets. To qualify they must have a strong history of brokerage transactions, fee-based services, or executive management. The designation is broken down into six specialist categories: Industrial, Office, Industrial & Office, Sales Management, Executive Management, and Advisory Services. The qualification varies depending on the country you are in, but generally the individual must have at least 5 years of experience, meet a minimum of a pre-determined income or related experience, and provide a formal endorsement from two active designee members. Depending on the person’s level of commercial real estate experience, they must take a course and pass a final exam. Time required is 60-90 days plus 12 months to finish the education requirement (if applicable).
MCR (Master of Corporate Real Estate) Established in 1982 as a comprehensive career development program, CoreNet Global’s MCR designation is for professionals who are interested in learning about and demonstrating expertise in the study of workplace strategies. Candidates must have over five years of corporate real estate experience to qualify. The program requires completion of six multi-day seminars within a five-year period, as well as passing a cumulative MCR assessment (an individually developed analysis of a case study.) Continuing professional development is required to keep your designation.
CRE Counselor or Real Estate The CRE designation has been around since 1953. CRE members are recognized for their outstanding experience, expertise, and ethics. Anyone can apply for membership, but only those that are invited can join. After the candidate completes an extensive application, recommendations are solicited from those that know the candidates work and a personal interview is done by a current CRE member. Annual dues are required to keep the designation.
RICS (The Royal Institution of Chartered Surveyors) and MRICS (Member of the Royal Institution of Chartered Surveyors) RICS is headquartered in London but has regional offices throughout the world. It is a professional organization that promotes and enforces the highest international standards in the valuation, management, and development of land, real estate, construction, and infrastructure. Candidates can qualify based on academic or professional experience.
The MRICS designation is for chartered members who have met the educational requirements or have shown 10 years of relevant experience operating at an advanced level (seniority, specialization or in academia).
Please reach out to us at info@itraglobal.com if you are looking for an ITRA Global member with a specific designation or certification and we can introduce you.
