Buyers: What a REALTOR® Can Do for You
The REALTOR® you work with can be one of your most valuable resources in the home buying process. Unlike many real estate agents who are simply licensed by their state to do business, REALTORS® have taken additional steps to become members of the local board of REALTORS® and have agreed to act under and adhere to a strict Code of Ethics. Here is what a REALTOR® can do for you:
A REALTOR® can help you determine the price you can afford.
A REALTOR® can often suggest ways to accrue a down payment and explain alternative financing methods.
A REALTOR®, in addition to knowing the local money market, also can tell you what personal and financial data to bring when you apply for a loan.
A REALTOR® is already familiar with current real estate values, taxes, utility costs, municipal services and facilities, and may be aware of local zoning changes that could affect your decision to buy.
A REALTOR® can usually research your housing needs in advance through a Multiple Listing Service (MLS) - even if you are relocating from another city.
A REALTOR® can show you only those homes best suited to your needs: size, style, features, location, and accessibility to schools, transportation, shopping and other personal preferences.
A REALTOR® often can suggest simple, imaginative changes that make a home more suitable for you and that will improve its utility and value.
A REALTOR® is sensitive to the importance you place on this major purchase and commitment that you are about to make.
A REALTOR® can facilitate negotiation of a win-win agreement that will satisfy both you and the seller.
Why Use a REALTOR® When Selling a Home?
A real estate agent can help you understand everything you need to know about the home selling process.
Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS® (NAR) are properly called REALTORS®. They proudly display the REALTOR "®" trademark on their business cards and other marketing and sales literature.
REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.
Real estate transactions are one of the biggest financial dealings of most people’s lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are selling a home.
If you're still not convinced of the value of a REALTOR®, here are more reasons to use one:
1. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace as well as the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
2. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property.
3. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over half of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.
Your REALTOR® acts as the marketing coordinator, distributing information about your property to other real estate agents through a Multiple Listing Service (MLS) or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
4. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. NAR studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
5. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing – and a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
6. Your REALTOR® can help close the sale of your home. Issues may arise between the initial sales agreement and closing (also called settlement or escrow), for example, unexpected repairs might be required to obtain financing or a title problem is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing.
