All real estate licensees are not the
same. Only real estate licensees who are members of the NATIONAL ASSOCIATION
OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR
"®" logo on the business card or 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 reports
that 84% of home buyers would use the same REALTOR® again.
Real estate transactions involve one
of the biggest financial investments most people experience in their lifetime.
Transactions today usually exceed $100,000. If you had a $100,000 income tax
problem, would you attempt to deal with it without the help of a CPA? If you
had a $100,000 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 foolish to consider a deal in real estate without the professional
assistance of a REALTOR®.
But if you're still not convinced of
the value of a REALTOR®, here are a dozen more reasons to use one:
1. Your REALTOR® can help you determine
your buying power -- that is, your financial reserves plus your borrowing
capacity. If you give a REALTOR®
some basic information about your available savings, income and current debt,
he or she can refer you to lenders best qualified to help you. Most lenders
-- banks and mortgage companies -- offer limited choices.
2. Your REALTOR® has many resources
to assist you in your home search. Sometimes the property you are seeking
is available but not actively advertised in the market, and it will take some
investigation by your agent to find all available properties.
3. Your REALTOR® can assist you
in the selection process by providing objective information about each property.
Agents who are REALTORS® have access to a variety of informational resources.
REALTORS® can provide local community information on utilities, zoning. schools,
etc. There are two things you'll want to know. First, will the property provide
the environment I want for a home or investment? Second, will the property have
resale value when I am ready to sell?
4. Your REALTOR® can help you negotiate.
There are myriad negotiating factors, including but not limited to price,
financing, terms, date of possession and often the inclusion or exclusion of
repairs and furnishings or equipment. The purchase agreement should provide
a period of time for you to complete appropriate inspections and investigations
of the property before you are bound to complete the purchase. Your agent can
advise you as to which investigations and inspections are recommended or required.
5. Your REALTOR® provides due diligence
during the evaluation of the property. Depending on the area and property,
this could include inspections for termites, dry rot, asbestos, faulty structure,
roof condition, septic tank and well tests, just to name a few. Your REALTOR®
can assist you in finding qualified responsible professionals to do most of
these investigations and provide you with written reports. You will also want
to see a preliminary report on the title of the property. Title indicates ownership
of property and can be mired in confusing status of past owners or rights of
access. The title to most properties will have some limitations; for example,
easements (access rights) for utilities. Your REALTOR®, title company or attorney
can help you resolve issues that might cause problems at a later date.
6. Your REALTOR® can help you in
understanding different financing options and in identifying qualified lenders.
7. Your REALTOR® can guide you through
the closing process and make sure everything flows together smoothly.
8. When selling your home, your REALTOR®
can give you up-to-date information on what is happening in the marketplace
and 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.
9. Your REALTOR® markets your property
to other real estate agents and the public. Often, your REALTOR® can recommend
repairs or cosmetic work that will significantly enhance the salability of your
property. Your REALTOR® markets your property to other real estate agents and
the public. In many markets across the country, over 50% 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, disbursing information
about your property to other real estate agents through a Multiple Listing Service
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.
10. Your REALTOR® will know when,
where and how to advertise your property. There is a misconception that
advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® 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.
11. 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 -- 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.
12. Your REALTOR® can help close
the sale of your home. Between the initial sales agreement and closing (or
settlement), questions may arise. For example, unexpected repairs are required
to obtain financing or a cloud in the title 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
(or settlement).
Courtesy of realtor.com
|