REALTOR

 

Purpose
Responsibility
Ethics
Marketing
Advantage
Selecting a Realtor
Summary

 

PURPOSE – A Realtor’s main purpose is to assist the public in buying or selling of residential or commercial property.  But this is definitely not what a Realtor stands for.  They have a list of functions that they provide to help the public.  Our intention here is to explain how they help the homebuyer and what they do to provide services to them.

So what is a Realtor?  This is a very important question because not all agents are Realtors.  Only active members of the National Association of Realtors are considered Realtors.  These members subscribe and are required to adhere to a strict code of ethics and professionalism with the primary responsibility of protecting the public when they purchase real property.

 

RESPONSIBILITY – First and foremost, the Realtors responsibility is to ethically and legally deal with the public at large.  A Real Estate Agent should be continuously aware of his fiduciary responsibility to the client.  "Fiduciary" simply means handling funds on behalf of another.

When we talk about responsibility, the homebuyer should understand that it takes both parties to make it work.  The homebuyer has a responsibility to communicate with the Realtor the type of property they wish and the amenities they require.  At this point the Realtor should indicate that it is prudent to be pre-approved by a Lender or Mortgage Broker.  This will help both parties to understand what is realistic in searching for a property.

The Realtor has a responsibility to the homebuyer to:
• Listen carefully to the client's needs and concerns.
• Provide current information on market conditions that is understandable and helpful to the homebuyer.
• Provide straightforward advice, service and conditions appropriate to the Realtors professional responsibilities regarding the purchase of a home.
• Write/review a contract and guide the homebuyer and seller through the specifics of each clause.  This is where the writing needs to be very specific with who is doing what during the purchase.
• Protect and represent the interests of the homebuyer while under a contract.  They assure all parties are treated with fairness and respect regarding any transaction.

 

ETHICS – The National Association of Realtors places a code of ethics on every Realtor. 

The Code of Ethics includes:
• Be honest with all parties in the transaction – not just with you, but also with the other Realtors involved and his/her clients.
• Put the homebuyers interests ahead of his/her own, at all times.
• Disclose all pertinent facts regarding the property and the transaction to both buyer and seller.
• Be truthful in all communications with the public.

Built into that fiduciary responsibility is the word, TRUST.  Trust is not only a word, but a privilege that allows them to offer their services to you.  You have placed a great deal of burden on them and they must meet it with open arms.  They are responsible to find information about properties without even being asked.

MARKETING – A skilled and knowledgeable Real Estate agent:

• Knows the market
• Understands home values in your selected area
• Will advise and research specific data that matters to you most.  For example, location, schools, recreational activities in the community, shopping, expressways, professional services, core data and statistics and more.

 

ADVANTAGE – A Realtor is there to assist you in making an informed decision.  Of course you may want to consider an agent’s background, and responsiveness to your questions before making your selection.  A Realtor is required to maintain their professionalism by upgrading their skills.

 

SELECTION OF A REALTOR – Selecting the right Real Estate agent will be absolutely necessary for a smooth transaction.  Check here (REAL map) to search for a Realtor in your area and see the positive opinions that have been posted.

 

SUMMARY – Whenever you are buying a home, it should be a positive experience and in undertaking this exercise, you should do some homework first.  There is a wealth of information available to you whether you are a first time homebuyer or not.  It makes the process more understandable, keeps you informed and allows you to make intelligent decisions.

PREMASS recommends that you work with a professional Real Estate Agent.  They will save you money and time.  Real Estate Agents with experience, education and results are usually the leaders in the industry.  Find a Professional Agent in your area and contact them for more information. 

Remember your Real Estate agent is a professionally trained person that you are engaging to help you make the right decisions. 

Be an informed homebuyer and Happy House Hunting.