What is a REALTOR®?
REALTORS® are licensed real estate professionals who are members of the National Association of REALTORS®, the New York State Association of REALTORS® and their local board or association of REALTORS®. They must abide by a strict code of ethics, and their job is to ensure you get what you need throughout the entire home buying and selling process.
Home buyers benefit from using a REALTOR®
Buying a home is probably the biggest single investment you’ll ever make. When purchasing a home, it’s a good idea to surround yourself with knowledgeable people within the real estate industry, including a true professional—your local REALTOR®.
• A REALTOR® helps a buyer determine how much home they can actually afford. Often a REALTOR® can suggest additional ways to accrue the down payment and explain alternative financing methods.
• A REALTOR® has access to thousands of listings and can evaluate those listings in terms of affordability and suitability – size, style, features, location, etc. A REALTOR® will not waste time showing homes that do not meet their needs.
• A REALTOR® can supply information on real estate values, taxes, utility costs, municipal services and facilities, and may be aware of proposed zoning changes that could affect a consumer’s decision to buy.
• A REALTOR® can often suggest changes within an available home that could make it more suitable to a buyer’s needs.
• A REALTOR® has no emotional ties to available homes therefore he/she can point out advantages and disadvantages in an objective manner.
• When a REALTOR® is acting as a buyer’s agent, he/she will negotiate the most favorable price and terms on behalf of the buyer.
• A REALTOR® usually knows the local money market and can tell a buyer about financing options.
• A REALTOR® can explain the closing process in advance and tell a buyer if local law requires an attorney to be present. A REALTOR® can provide the buyer with a list of qualified attorneys if the buyer doesn’t have one.
Sellers benefit from using a REALTOR®
According to the National Association of REALTORS®, the median home price for sellers who use a licensed agent is 16 percent higher than a home sold directly by the owner. Selling a home is a complex transaction that takes time, effort and expertise.
• A REALTOR® can help set a realistic competitive price for the seller and figure the approximate net proceeds for the sale based on types of loans, the seller’s outstanding loan balance and closing costs.
• A REALTOR® is familiar with the local home loan market, knows if seller assistance is advisable and can help a seller decide the type of financing that’s best to expedite the sale.
• REALTORS® ensure potential buyers are “qualified” as to their affordable price range prior to showing them a seller’s home.
• A REALTOR® can list the seller’s home in a Multiple Listing Service (MLS) and can work with other REALTORS® to assure the seller a wider range of prospective buyers.
• A REALTOR® will advise prospects of all aspects and conditions of the seller’s home, even faults the seller doesn’t intend to fix. This will protect the seller from later objections.
• A REALTOR® handles most all aspects of the selling process including: phone inquiries, making appointments, open houses and showings, along with potential buyer follow-ups.
• A REALTOR® is a skilled salesperson who knows how to merchandise a seller’s home efficiently.
• If a REALTOR® is the seller’s agent, he/she maintains objectivity in responding to criticisms by the buyer and in presenting offers and counter-offers until an agreement is reached.
• A REALTOR® will familiarize the seller with the closing procedures in advance and often attend the event to explain any questions.
REALTORS® work for home buyers and sellers
Let your broker work for you. A qualified real estate professional can answer questions on price, terms, possession, etc., and maintain objectivity in resolving to buyer objections. REALTORS® bring buyers and seller together to negotiate an agreement satisfactory to both parties. Before the first showing and beyond the final sale, you’ll get the know-how and service you deserve when employing the services of a New York REALTOR®.
*Article courtesy of the New York State Associations of REALTORS®.