Choosing the Right REALTOR^®

It's vital to understand how to choose the right Realtor®. Like selecting any service professional - from an accountant to your family doctor - it's important to do your homework before deciding on a real estate agent. Your home purchase or sale likely represents one of the most significant financial transactions of your life and you definitely want to find the right agent for you.

Why the Right REALTOR^® Matters

Upon beginning your search, you’ll find that many agents specialize in areas beyond general residential properties. You’ll find specialists in luxury homes, distressed properties, international transactions and more. Before you dive in, it’s important to determine whether you're dealing with a specific property type and/or a certain market segment – high-end homes, retirement communities, etc. This will help you from the start.

It’s equally important to find an agent who can get the job done. Although your uncle's friend may dabble in real estate, ask yourself if he's really the person most qualified to help you buy or sell your home. Personal referrals are great, but only if they're based on relevant criteria.

Abilities matter. Production matters. You want someone with experience, education, and a proven track record of successful closings. On all counts, RE/MAX Realty Affiliates is a solid place to start your search. Nobody in the world sells more real estate than RE/MAX and RE/MAX agents collectively hold more professional designations than agents at any other real estate brand.

Questions Every Buyer Should Ask

If you're a buyer, you're looking for someone who knows the market inside and out, someone who can help you find the right house and help you make it yours. Whether you create your list of candidates through referrals, online searching, or other means, you'll want to meet at least three candidates to see if they fit your needs. Let them tell you about themselves and find out what skills and abilities they'll bring to the table on your behalf.

Here are just a few questions to consider asking: 

• Can you tell me about your real estate experience?
• How familiar are you with the area where I want to live?
• Do you work part-time or full-time as an agent?
• Do you have additional training or advanced real estate education?
• What should I expect when working with you?
• What kind of information will you provide me on the homes and neighborhoods I’ll be looking at?
• Can you provide references from at least three buyers you’ve worked with in the past six months?
• How will current market conditions affect my home sale?
• What resources will you use to help me find the right home?
• How will you communicate with me throughout the process?

Questions Every Seller Should Ask

Before you sign a listing contract with an agent, interview at least two or three candidates and consider asking the following questions:

• Can you tell me about your real estate sales experience?
• How do you plan to market my property?
• Do you work part-time or full-time as an agent?
• What is the right price for this house? And how did you arrive at that figure?
• How long will it take to sell at this price? What are the average days on market for a house like mine?
• How will current market conditions affect my home sale?
• How much should I expect to pay in commission?
• What kind of communication and/or updates can I expect from you?
• Can you provide references from three sellers you’ve worked with in the past six months?
• What happens if my house doesn’t sell in the time we contract for?

RE/MAX BUYER TIP: Once you find an agent, communicate your price range from the start, along with the types of properties and neighborhoods you’d like to look at (and what you’d like to avoid). This will help your agent select properties that most closely match your preferences.

The Difference between a Real Estate Agent and a REALTOR^®

People use the terms REALTOR^® and real estate agent interchangeably, but that is incorrect. There are differences between REALTORS^® and real estate agents. They are not the same. Although both are licensed to sell real estate, the basic difference between a real estate agent and a REALTOR® is a REALTOR® is a member of the National Association of REALTORS^®. As such, the main difference that you hear a lot about -- but are likely confused about -- is that a REALTOR^® must subscribe to the REALTOR^® Code of Ethics. But what does this mean to a consumer?

The Code of Ethics is strictly enforced by local real estate boards. The Code contains 17 Articles and various underlying Standards of Practice. It's not just a bunch of rules that agents swear to uphold and adhere to. The Standards are much more restrictive and confining as to conduct than those state guidelines governing agents who simply hold a real estate license. While there is no evidence nor guarantee that all REALTORS® are morally or ethically better than unaffiliated real estate agents, it is an attempt by the industry to regulate and, as such, deserves recognition.

Here are 17 things that a REALTOR^® promises to do that non-affiliates do not:

#1) Pledge to put the interests of buyers and sellers ahead of their own and to treat all parties honestly.

#2) Shall refrain from exaggerating, misrepresenting or concealing material facts; and is obligated to investigate and disclose when situations reasonably warrant.

#3) Shall cooperate with other brokers / agents when it is in the best interests of the client to do so.

#4) Have a duty to disclose if they represent family members who own or are about to buy real estate, or if they themselves are a principal in a real estate transaction, that they are licensed to sell real estate.

#5) Shall not provide professional services in a transaction where the agent has a present or contemplated interest without disclosing that interest.

#6) Shall not collect any commissions without the seller's knowledge nor accept fees from a third-party without the seller's express consent.

#7) Shall refuse fees from more than one party without all parties' informed consent.

#8) Shall not co-mingle client funds with their own.

#9) Shall attempt to ensure that all written documents are easy to understand and will give everybody a copy of what they sign.

#10) Shall not discriminate in any fashion for any reason on the basis of race, color, religion, sex, handicap, familial status, or national origin.

#11) Expects agents to be competent, to conform to standards of practice and to refuse to provide services for which they are unqualified.

#12) Must engage in truth in advertising.

#13) Shall not practice law unless they are a lawyer.

#14) Shall cooperate if charges are brought against them and present all evidence requested.

#15) Agree not to bad mouth competition and agree not to file unfounded ethics complaints.

#16) Shall not solicit another REALTOR'S client nor interfere in a contractual relationship.

#17) Shall submit to arbitration to settle matters and not seek legal remedies in the judicial system.

Full disclosure: Michael Lange is a REALTOR®. 

The National Association of REALTORS® was founded in 1908 and has more than one million members.

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For Professional Service Every Time...

 Michael Lange
Broker/Realtor^®

    

 

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