Why you should use a REALTOR® when buying or selling a home

Fen Adcock, 2003 President
Durham Regional Association of REALTORS®

For many people, a home is one of the largest and most important investments they will make 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? It would be unwise to consider a real estate transaction without the professional assistance of a REALTOR®.

Selling Your Home

When you are ready to put your property on the market, REALTORS® have the expertise to help you determine a list price that will limit market time with a goal of maximizing profitability. Knowledge of the local marketplace enables your REALTOR® to assist in the salability of your property by comparing it to competing properties and offering suggestions to further enhance the desirability of your home. In a recent survey of Buyers and Sellers the median price of an agent-assisted home sale was 27% more than one sold FSBO (For Sale by Owner).

In marketing your home, one of a REALTOR'S® greatest assets is the Multiple Listing Service (MLS) as a source of accurate, up-to-date information on local real estate markets. REALTORS® have exclusive access to the Multiple Listing Service which benefits Sellers by exposing their property to other real estate agents and the most potential Buyers. In addition to the MLS, your REALTOR® can coordinate the best possible advertising strategy to present your home to the public. REALTORS® use the Internet to provide multiple website access for marketing homes such as realtor.com, company sites and real estate magazine sites.

REALTORS® are committed to protecting the safety and security of their clients. Prospective buyers are generally pre-screened before they are accompanied through your property, which ensures that your home is being shown only to seriously interested parties. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position.

Buying A Home

When you are ready to purchase a home, one of the first things to consider is your buying power (what you can afford). A REALTOR® can assist you with understanding different financing options and identifying qualified lenders with the most competitive rates and terms available. REALTORS® provide a wealth of experience and knowledge about all aspects of the housing market, including a firm understanding of the legalities involved in purchasing a home. The 2002 NATIONAL ASSOCIATION OF REALTORS® Profile of Home Buyers and Sellers shows that homebuyers typically rely on a real estate professional to sort through the myriad of information available about homes and the home sales transaction, and value a real estate agent's help in negotiating for the best possible deal.

While information about homes is easily accessible through the Internet, the specific information about neighborhoods and current market conditions are only available through the professionals that make it their business to gather that information. Two out of three home buyers reported that the most important service provided by a real estate agent is helping buyers find the right home. Your REALTOR® can be a valuable resource for information on schools, shopping, transit, employment opportunities, etc. With the qualities of your dream house established, your REALTOR® can utilize the MLS and various other resources to narrow your search to only those houses that meet your criteria.

What is a REALTOR®

NOT all real estate licensees are REALTORS®. A REALTOR® is a member of the National Association of REALTORS®, a professional real estate trade association dedicated to the highest ethical standards. The foundation of a member's professionalism is their voluntary commitment to abide by a strict Code of Ethics. REALTORS® pledge to be honest with all parties, to protect and promote their clients' interests, and to keep abreast of changes in real estate through continuing education and interaction with other real estate professionals. The Code of Ethics of the National Association of REALTORS® is the promise to the public that when dealing with a real estate agent that is a REALTOR®, they can expect honest and ethical treatment in all transaction-related matters. Only REALTORS® pledge to abide by the Association's Code of Ethics and only REALTORS® are held accountable for their ethical behavior. They proudly display the REALTOR® "R" logo on their business cards, signs and marketing materials. Since 1913, the Code of Ethics has stood for the honor, integrity, competency and professionalism of REALTORS® and the REALTOR® organization.

Owning a home has long been one of this country's most cherished dreams. And REALTORS® have long been a partner in the process. According to independent Riter Research Inc., from 1999 to 2002, the percentage of consumers who believe there's benefit to working with a REALTOR®, as opposed to just a real estate licensee, has risen from 42 percent to 61 percent. Whether you're buying or selling a home - it pays to work with a REALTOR®. Look for the REALTOR® logo when choosing your real estate agent.

Source: National Association of REALTORS®