What Does it Mean to Be a Realtor?

When it comes to buying and selling real estate, Savannah Realtors can be an invaluable asset. But what exactly does it mean to be a Realtor?

Realtor

It’s a trademarked term that identifies members of the National Association of Realtors who subscribe to their strict code of ethics. This means Realtors work hard to help their clients find and sell homes.

A Realtor is a licensed real estate agent or broker who is also a member of the National Association of Realtors. Realtors are bound by the NAR Code of Ethics to treat all parties fairly and honestly. Realtors specialize in different aspects of the home buying and selling process.

When you’re buying a home, your Realtor will help you find homes that fit within your budget and meet your needs. They will use their knowledge of the local market to help you decide what price to offer on a home and what terms to include in the contract. They will also be able to advise you on mortgage options, such as FHA and VA loans.

If you’re selling your home, a Realtor will advertise it and hold open houses for potential buyers. They will work with you to determine a list price for your home and suggest improvements or staging that will make it more attractive to buyers. They will also assist you with finding a buyer, negotiate the sale and oversee the closing process.

Both buyers and sellers can face challenges during a real estate transaction. If you’re a seller, you may have to deal with a buyer who backs out after signing the purchase agreement or who wants to negotiate the price of the home. If you’re a buyer, you may face issues like trouble getting preapproval for a mortgage or unexpected costs during the inspection process. A Realtor can help you navigate these situations by explaining the home-buying and home-selling processes and by providing resources for lenders, inspectors and lawyers.

A Realtor can save you time and money by guiding you through the home-buying or -selling process. They have access to the Multiple Listing Service, which gives them information on properties for sale in your area and can connect you with other agents working with buyers or sellers. They can also help you sift through potential homebuyers to find those that are qualified and ready to act quickly. They can also help you understand loan terms and mortgage rates, and they can recommend other professionals to assist you with the home-buying or -selling transaction (such as mortgage brokers, home inspectors, lawyers and title companies). NerdWallet recommends talking with several Realtors to find one who has experience in your local market and a personality that fits well with your own.

They Work with Buyers and Sellers

Real estate agents and Realtors work with home buyers and sellers. A Realtor is a licensed real estate agent and a member of the National Association of Realtors (NAR). Realtors are bound by a code of ethics and must adhere to state and federal laws governing the real estate business.

Realtors often specialize in particular types of real estate. An experienced agent can help you find a home that suits your needs, and help you negotiate the price. They can also recommend other professionals who can assist with the transaction, such as mortgage brokers, attorneys and title companies.

A Realtor must have a license to sell real estate, and typically works under a principal/designated broker. The broker is responsible for ensuring the Realtor follows all state and national real estate regulations. The principal/designated broker is also responsible for supervising the Realtor and making sure they follow NAR’s strict code of ethics.

NAR members can be real estate agents, associate brokers, property managers, real estate counselors and appraisers. In addition to having a real estate license, a Realtor must be a member of NAR in order to use the Realtor name and designation. A Realtor must pay annual membership dues and must agree to abide by NAR’s Code of Ethics.

Buyer’s agents represent home buyers, helping them through every step of the buying process. They can recommend home improvements or staging to boost the home’s value, and advise clients on how much to offer for a property. Seller’s agents can help their clients establish a selling price, market the property and show it to prospective buyers.

Many Realtors operate on a 100% commission basis, meaning they don’t get paid until the sale is complete. This can mean working long hours for months on end without a paycheck. Realtors must also cover various expenses associated with the business, such as advertising, office supplies, gas and time. Those who are successful at this career path do so because they enjoy the satisfaction of helping people achieve their real estate goals. While it’s not for everyone, it is a rewarding job that can provide financial stability and freedom for those who choose to pursue it.

They Help You Find a Home

Real estate agents help homebuyers find homes that meet their needs. They can help narrow down the search and set up showings for properties that fit the criteria, whether it’s proximity to public transportation, a certain school district or the number of bedrooms and bathrooms. They also know how much homes in the area sell for and can provide comparable data to help with the price negotiation process.

The agent can also make recommendations about the best type of home for the buyer’s budget, lifestyle and family situation. For example, a single person may not need as much space as a couple who plans to start a family soon. A good agent can reign in the homebuyer’s enthusiasm and focus their attention on homes that will actually work for them in the long term.

When the time comes to negotiate the purchase, the Realtor can guide the homebuyer through the process, from preparing an offer to reviewing and signing legal documents. And if a problem arises during the homebuying process, like a title issue, the agent can use their network to connect with other professionals who can help resolve it.

In addition to negotiating the purchase, the agent can also help with the home inspection and appraisal processes. If issues are uncovered, the agent can use their negotiating skills to help the homebuyer secure concessions from the seller.

A Realtor can recommend other professionals to assist with the homebuying or selling process, including mortgage lenders, attorneys and home inspectors. And if they’re experienced with your type of home, they can also refer you to home stagers and photographers who can help prepare the property for sale. And because buying or selling a home can be stressful, a good Realtor will also be there to provide support when needed. Whether it’s a pep talk, a reality check or just someone to listen.

They Help You Get a Loan

Realtors are often connected with local lenders, and they can help their clients find the best mortgage options. They can also help them get preapproved for a loan, which is an important first step in the home buying process. A preapproval will usually expire in 30 or 90 days, so it is important to get started as soon as possible.

Realtor-lender relationships are built on trust and communication. When a lender treats their realtor partners well, they are more likely to recommend them to their clients. To strengthen these relationships, mortgage professionals should reach out to their realtors with value-added marketing campaigns that are unique from their competitors.

For example, a lender could send out real estate tips to their realtor partners on social media or email. This helps them stand out from the competition and gives their realtors something to share with their followers. It is also a great way to show that the lender cares about their realtor partners.

Another way to build realtor-lender relationships is to cohost events with realtors. For example, a lender can host an online or in-person event for first-time home buyers or veteran home buyers. These events will not only boost the lender’s brand awareness, but they will also help their realtor partners generate new leads.

It is important for mortgage professionals to keep in mind that the housing market is a volatile one. This means that the realtor and their client may encounter challenges during the process. If these issues are not addressed promptly, they can lead to delays and potentially cause the transaction to fall through. A good mortgage professional will work closely with the realtor and their client to ensure that all deadlines are met.

To improve realtor-lender relationships, a lender should always be willing to meet their clients and potential customers face to face. This can make the homebuying process much smoother and more pleasant for everyone involved. A lender can also set themselves apart from their competition by offering a diverse range of products and services. This can give their clients more flexibility and allow them to choose the financing option that is right for them.