A realtor is a real estate agent who has chosen to be a member of the National Association of Realtors (NAR). Realtors must adhere to the NAR Code of Ethics, which sets them apart from other agents.
Licensed real estate agents and brokers can be Realtors, but not all are. What separates Realtors from other agents is their commitment to NAR’s strict Code of Ethics. For professional assistance, contact Trophy Point Realty Group.
Realtors help their clients navigate the home buying process and make an informed purchase. Their duties and responsibilities include finding homes that meet buyers’ criteria, writing and submitting offers on behalf of their clients, negotiating with sellers, and providing advice about the homebuying process.
Realtors often start their day by responding to emails and calls from prospective clients. They may also spend time promoting their business and networking on social media. They may also schedule appointments with homebuyers to show them properties.
Then, they help buyers determine their budget and search for homes that fit within it. This involves assessing a variety of factors, including the neighborhood, nearby transit, school districts, amenities, and home type. Using online tools like StreetEasy’s data dashboard can help agents narrow down the selection of properties.
Once the buyers find a property they like, the agent will advise them on how much to offer and provide information about comparable sales in the area. They can also help them negotiate with the seller, including advising on whether to accept a counteroffer and drafting up contracts for the sale.
Then, once an offer is accepted, the Realtor can recommend other professionals to assist with the transaction, such as mortgage brokers, real estate attorneys, and settlement companies. They will also oversee the home inspection and closing procedures. In addition, they keep their clients updated on the status of their transactions. This enables them to remain calm and confident throughout the process, which can be emotional at times. A good realtor will also be able to answer any questions that their clients might have and explain complex legal and technical terms. The National Association of Realtors has a Code of Ethics that guides its members in their interactions with customers and colleagues. It outlines their responsibility to elevate standards of practice and ensure ethical treatment for all parties involved in a real estate transaction.
Helping Sellers
Home sellers often rely on a real estate agent to help them sell their property. These licensed professionals can offer a wide range of services that make the selling process more straightforward and less stressful. Some of the most important tasks that Realtors perform for home sellers include providing essential advice on preparing a house to sell, listing and marketing properties, and overseeing the negotiation, inspection, and closing procedures.
When a home seller lists their property with a Realtor, they typically pay a commission to the agent. This fee is usually a percentage of the final sales price of the home. However, some agents also choose to work on a flat-fee basis or negotiate commission rates with their clients.
A Realtor can help a home seller prepare to sell by suggesting changes or improvements that will increase the property’s marketability. This may be as simple as a fresh coat of paint or removing clutter to make the home more appealing, or it could involve bigger projects such as renovating a kitchen or bathroom. A Realtor will be familiar with the latest trends in home design and can recommend reliable contractors.
The most important task that a Realtor can carry out for a home seller is pricing their property correctly. This is a delicate balance, as overpricing a property can deter potential buyers and cause it to sit on the market for too long. An experienced Realtor will know the local market and will have access to real estate data, including recent comparable sales, to help them determine a fair asking price for a home.
During the home sale process, a Realtor can help a client negotiate with a prospective buyer, advise them on financing options, and recommend other professionals such as mortgage brokers, real estate attorneys, and settlement companies. They can also assist with home inspections and appraisal issues.
During the home buying process, a Realtor can help a prospective buyer by finding properties that meet their needs and helping them get preapproved for a mortgage loan. They can also show them homes that are within their budget, and they can advise them on the home-buying process, including completing a purchase agreement and closing procedures.
Helping Renters
Realtors help renters in many of the same ways they help buyers and sellers. Leasing agents market vacant homes or apartments and conduct property showings to find qualified tenants for landlords. They may also help with the application process by running credit checks and other information requests on prospective renters. Some leasing agents also handle maintenance requests and act as a liaison between the tenant and the landlord, explains Warburg Realty’s Stuart Selig.
In a competitive rental market, a real estate agent can save tenants time by finding homes and apartments that meet their specific criteria. They can also assist with the rental application, which includes completing forms and gathering documentation, such as a bank statement, W-2 form and employment letter. They can also help negotiate terms, such as rent concessions or reduced amenity fees, says Selig.
If a home is listed for sale, a leasing agent can also assist by advertising the property in the local media and on real estate websites. They can also network with other real estate agents to find potential buyers who might be interested in purchasing the home. This is called “cross-marketing” and can be a great way to find a buyer for a home.
While it is possible to find realtors who specialize in renting properties, you’ll likely have a better chance of connecting with an experienced agent by asking family members and friends who’ve bought or sold homes for their recommendations. You should also ask your realtors about whether they rent properties, and if not, ask them if they have colleagues who do.
Beware of rental scams, which can be very common in some cities. For example, you may be asked to pay a deposit without seeing the property, or you might be required to supply a lot of personal information to an untrustworthy management company. Your real estate agent will be able to identify red flags and help you avoid being taken advantage of. They can also alert you to upcoming listings that meet your criteria. This is especially important in a highly competitive market.
Helping You Find a Home
Realtors use their market knowledge and experience to help buyers find the right home for their needs. They can help buyers understand how much they can afford in the current market, find homes that match their criteria and set up viewings. Realtors also have access to the Multiple Listing Service, which gives them more information about properties than homebuyers can get by using real estate websites or apps.
A top realtor will also vet potential buyers to make sure they’re serious about buying. This includes checking their credit reports, verifying employment and income, and speaking to financial lenders. They can also advise buyers on what contingencies to include in the contract, such as a home inspection or an appraisal.
Once a buyer finds a property they like, the realtor will guide them through the negotiation process. The agent will know the fair price based on what other homes have sold for in the neighborhood, and they’ll work hard to negotiate that price. They may also arrange for a title search and other due diligence, such as checking whether the seller has the legal right to sell the property.
When the deal is done, the realtor will prepare the sales contract for the buyer and seller to sign. They’ll also help their clients understand their responsibilities and any penalties for breaking the terms of the contract, such as paying a security deposit or moving out early.
The good news is that if you’re working with a top realtor, the process should go smoothly and quickly. But if problems arise, you’ll need someone to call for help. A realtor who’s experienced can navigate tricky situations and come up with solutions on the fly.
While there are plenty of people who call themselves realtors, not all have the skills and resources to do this important job well. A good Realtor will be honest with you and put your interests ahead of their own. They’ll keep you updated about what’s happening, but they won’t overwhelm you with unimportant details or information. A realtor who knows the business inside and out can help you buy or sell your property with confidence.