Word of The Week: REALTOR®
“Should I use a Realtor?” As a First Time Home Buyer, or any buyer/seller for that matter, you may have asked yourself this question before.
This Word of The Week examines both the definition of a Realtor, and how Realtors differ from a normal Real Estate Salesperson (Agent).
REALTOR®: A Real Estate Agent who holds an active membership with the local and national Association of Realtors.
Pretty simple definition, but not all Agents are Realtors. And here’s some of the differences which may protect you from using a regular Agent.
As a Realtor, I have taken an oath to uphold the Code of Ethics, and am legally obligated to treat all parties to a transaction with honestly. Now most people would think this is funny, since the general opinion among non-real estate professionals is that Real Estate Agents are “less than honest” to put it in a nice way. But in all seriousness, being a Realtor does have a heightened sense of responsibility and duty. Something that I know, I personally, don’t take lightly.
Advantages of using a Realtor as opposed to using a regular Real Estate Agent is that Realtors have not only a greater obligation of fair dealings, but also access to more tools and professional backing. The National Association of REALTORS® (NAR) is committed to educating its members and the general public on real estate practices and markets, so that you can make the best decision when buying or selling your home.
Another thing to note: when using a Buyer’s Agent or Broker, most commonly the seller has agreed to pay a certain commission amount to the Listing Agent or Broker for helping them to sell their home (typically 6-7% of the Sale Price). Within this 6-7%, about half of that amount is usually paid to the Buyer’s Agent or Broker upon the sale of the property. So if you’re worried about paying more money for a home just because you’re using an agent, don’t be fooled! Most Buyer’s Agents won’t make you pay anything up front (I sure don’t!) and only get paid by the seller once you close the sale. So what have you got to loose by using them to help search and make an offer?? Not much, in my opinion.
Let’s put this into perspective, for those of you still not convinced you should use a Buyer’s Agent.
Most Real Estate Sales are over $100,000 nowadays, right? Right. Ask yourself these questions:
- If you had a $100,000 income tax issue, would you attempt to learn the skills and rules about dealing with it instead of using a Certified Pubic Accountant?
- If you had a $100,000 legal issue, would you attempt to go to court and argue your case without using the services of an Legal Attorney?
If you answered “No” to these questions then you should absolutely say “Yes” to working with a Buyer’s Agent when buying your first home. Considering your options, your question should be, “Can I afford to NOT work with an agent?”
Your Realtor will:
- Help your Determine your Buying Power
- Provide you with resources to search for homes
- Provide you with objective information on properties
- Help you negotiate
- Assist you in evaluating the home
- Guide you through the Closing Process
- Be a resource for you after you’ve moved into your new home
I would love the opportunity to help you find the right place when you’re ready. If you’ve always wanted to learn more about the process or have questions, please don’t hesitate to give me a call or email.
952-607-1222
Related Posts
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment