The Realtor® Commitment
The Realtor’s® personal and professional commitment is to ensure that a seller and buyer are brought together in an agreement that provides each with a “win” that is fair and equitable. The Realtor’s® motivation is easy to understand. For most full-service agents, they receive no compensation unless and until the sale closes. By contrast, there are firms that offer “limited services” in exchange for an up-front flat fee, or perhaps offer a menu of pay-as-you-go or “a la carte” options. Some even offer a sliding scale ranging from limited to full service. In these cases, the Realtor’s® compensation is based on these reduced service levels with the seller bearing full responsibility for all the other steps and procedures in the selling process. In short, the market place truism is that “you get what you pay for.”
Why Use A Realtor®?
Not every real estate agent or broker is a Realtor®. That term and the familiar Block “R” logo are trademarked by the National Association of Realtors® and can only be used by those who are Realtor® members through their local association of Realtors®.
While all Realtors® are state-issued licenses as agents or brokers, the major difference between a “real estate licensee” and a Realtor® is that Realtors® have taken an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Non-member licensees have taken no such oath and are not morally bound to the ethical practices and principles set forth in the Realtor® Code.
For that extra measure of peace of mind, ensure the individual seeking to represent you is both a real estate licensee and a Realtor®.
Duties of a Real Estate Agent
Real estate agents work with clients who are interested in buying and/or selling residential or commercial property. The job description for a Realtor will vary based on the type of work the individual performs. Some Realtors specialize in either listing or selling, while others choose to represent both buyers and sellers. Typically, real estate professionals focus their efforts on either the commercial or residential market, but some choose to handle both types of property.
Real Estate Agent Duties Related to Selling Real Property
Duties related to selling real estate agents are likely to perform include:
- Helping clients determine the value of property they want to sell
- Preparing market analysis statistics
- Providing tips to help sellers stage property so that it will appeal to buyers
- Advertising listed property to other Realtors and potential buyers
- Hosting "caravans" during which other real estate agents tour the property
- Hosting open house events
- Negotiating contracts with buyers and/or agents acting on their behalf
- Educating sellers about disclosure requirements
- Facilitating the closing process on behalf of clients
Realtor Tasks Related to Purchasing Real Estate
- Providing prospective clients with information that can help them identify areas to look for property
- Researching listings of property for sale
- Helping buyers identify properties that meet their needs
- Showing homes to clients
- Negotiating purchase agreements with sellers and/or their agents
- Verifying that appropriate facts about the property are disclosed to clients
- Coordinating various aspects of the closing process on behalf of clients