Important CAROP Update on Membership Levels

Inviting applications for promotion

When the Canadian Association of Rent to Own Professionals was formed in the fall of 2012, the founding members thought it a good thing to set up several membership levels, reflecting the members’ history and success, as well as the length of their commitment to professional operation, as reflected in their CAROP membership.

This is common in professional associations.

Pretty new in this business themselves, those founding members (of which I am one) lacked broad knowledge of the industry in Canada. They simply wanted to be perceived as credible and wanted to separate themselves from the non-reputable types that had put a stain on the industry. They didn’t imagine companies the size of Home Owner Soon, Homeowners Now and Jaag Properties in this industry.

So, the different levels reflected pretty small expectations. For example, the top level, Diamond Membership, could be attained after only two full years in CAROP and successfully exiting ten deals.

Throughout the years, the Directors have considered amending the qualifications to more realistically reflect the industry, but the only amendment that was ever made was that all new members join at the bottom Bronze level. (Previously that level had been reserved for brand new members who were just beginning their operations; others could join at the Silver level.)

With this unresolved issue on their plates and pushed by some of the members to clarify the levels, the directors moved it up their agenda. They have now modified the criteria, and spelled out the guidelines for moving up the ranks.

The criteria for achieving a rank promotion remain three-fold: Length of tenure with CAROP, total number of rent-to-own deals entered, and total number of deals successfully completed. All three criteria must be met in order to level up.

The newly defined criteria are:

1. All new members in CAROP begin as Bronze Members.
2. Silver level membership can be achieved after a minimum of one year in CAROP, having entered at least 8 deals and successfully exited at least 1.
3. Gold level membership can be achieved after a minimum of three years in CAROP, having entered at least 25 deals and successfully exited at least 10.
4. Diamond level membership can be achieved after a minimum of five years in CAROP, having entered at least 125 deals and successfully exited at least 50.

Additionally:

• Anyone at a particular level is grandfathered into that level. No one goes backward;
• Advancement must be initiated by the operator; CAROP has no responsibility to promote members up the list if they don’t take the initiative;
• The onus is on the applicant to demonstrate proof of fulfilling the requirements;
• If a CAROP member leaves CAROP, then later returns, they do not start over but add together the two terms;
• The specific details will be noted on the members’ portion of the website, but only the three general criteria will be noted on the public pages.

We invite those who feel they qualify to move up from their current rank to apply for a promotion. Email CAROP caropinfo@gmail.com with Membership Promotion Application in the subject line and we will get the form out to you. The Membership Committee will review all applications and notify you of the decision and will publish promotions in a future newsletter.