Do I need a REALTOR?
Monday, November 29, 2021
REALTORS provide you with invaluable services when buying or selling a home.

 

Make the right choice—work with a REALTOR. Only real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS (NAR) can call themselves REALTORS. All REALTORS adhere to NAR's strict Code of Ethics, which is based on professionalism and protection of the public. That's why all real estate licensees are NOT the same.

 

Sellers

REALTORS provide sellers invaluable services, and there are many reasons to work with one. A REALTOR:

  • Can give you up-to-date information about the market, prices, financing, terms and conditions of competing properties.
  • Will market your property to other real estate agents and to the public.
  • Will know when, where and how to best market your property.
  • Can help you objectively evaluate every buyer’s proposal without compromising your marketing position.
  • Can help close the sale of your home.


Buyers

REALTORS provide critical assistance with the home buying process. A REALTOR:

  • Has many resources to assist you in your home search.
  • Can provide objective information about each property.
  • Can help you negotiate.
  • Can help you determine your buying power.
  • Provides guidance during the evaluation of the property.
  • Can guide you through the closing process and make sure everything flows together smoothly.

  
Listing Licensee: Do You Need One? 
Consider these points when deciding whether or not to work with a listing licensee to sell your home. If you're buying a home, think about working with a buyer's licensee..

If You Work with a Licensee
  • You sign a listing contract, which is a legally binding agreement that typically gives the licensee the exclusive right to sell your property within a certain period of time (usually 60 to 90 days).
  • The licensee researches the market in order to determine your home's market value and reach a sales price in consultation with you.
  • The licensee prepares a written marketing plan that includes a schedule for listing, showing, and advertising your property.
  • The licensee advises you on how best to prepare your home for sale and helps arrange for pre-sale tasks such as a home inspection.
  • The licensee transmits any offers to you, negotiates the purchase based on your recommendations, and moves all the paperwork through the transaction.
  • You pay for the listing licensee's services,  as a percentage commission (usually 4 to 6 percent)  as specified in your listing contract. The buyer's licensee is paid out of that fee.

If You Work Alone
  • You are in charge of the transaction, including marketing your property, negotiating the purchase, and handling the paperwork. Educate yourself on relevant federal laws and state regulations governing real estate sales.
  • You do your own market research (including possibly hiring an appraiser) to determine your home's value.
  • You create your own marketing plan and decide how you will handle inquiries from prospective buyers or their licensees.
  • You decide how to prepare your home for sale, including arranging for pre-sale repairs, inspections, or other necessary services.
  • You field all buyer inquiries, show the house yourself, handle all negotiations, and move the paperwork through the transaction.
  • You pay for the buyer's licensee's services, unless the buyer is also working alone or has hired the licensee for a set fee. You may also pay for services you require during the transaction, such as legal advice or help negotiating the contract. Discount brokers offer individual services for flat rates.