The Importance of Hiring a REALTOR®: Understanding Who They ‘R’ and What They Do
Real estate transactions are likely the biggest and most significant financial decisions that you’ll make during your life. Whether you are buying your first home, selling a property, or you’ve been on both sides of the closing table, having a knowledgeable, professional resource on your side is critical. This is why hiring a REALTOR® is so important. Representing their clients and acting as a true fiduciary is what REALTORS® are trained to do, and it is all based on their Code of Ethics. While many people can pass a course in order to be eligible to sell real estate, the level of service that home buyers and sellers demand and deserve requires the commitment, experience, and expertise of an official REALTOR®, but what’s the difference?
The key difference in performance and ability that sets a REALTOR® apart is the NAR’s Code of Ethics. Every leading organization or group of professionals has a foundation that represents what they stand for. Without these foundations the legacy, integrity, advantage, competitive difference, and drive toward continued improvement is nearly impossible to have. For professional real estate agents, specifically REALTORS®, this foundation is the REALTOR® Code of Ethics.
The REALTOR® Code of Ethics provides the highest safety measures for protecting both buyers and sellers of real estate. Being bound by this code as a REALTOR® creates a distinct competitive advantage. The REALTOR® Code of Ethics features 17 articles containing detailed rules and standards of conduct. It is designed to ensure that REALTORS® will act accordingly in a number of scenarios and situations; protecting their clients with competency and integrity, and also protecting the esteemed reputation of the National Association of REALTORS®. The core of this code of ethics is to act in a way that protects all of the interests of whom a REALTOR® represents. The expectation is to use all available knowledge and experience and apply it to every transaction. Achieving the best possible results for a client is the focus of the REALTOR® Code of Ethics.
Beyond that guiding principle, the rest of the articles included in the Code are constructed to achieve the client’s goals. Overarching themes of honesty, cooperation, communication, and fairness are interwoven into the Code. The REALTOR® Code of Ethics is vitally important to real estate professionals, and especially to buyers and sellers of real estate as it provides the peace of mind that their best interests are at the root of every action.
Beyond the Code of Ethics comes the skill, talent, and expertise that REALTORS® possess and employ on behalf of their clients. These abilities, coupled with NAR’s strict Code of Ethics, means that you can have the peace of mind that your best interests and goals are at the forefront of every decision. While a REALTOR’S® fiduciary duty is the overarching benefit of your relationship, here are some more specific benefits of working with a REALTOR.
Contracts and Negotiations
Real estate transactions include complex and complicated legal processes. Having someone represent you that not only understands these processes, but that can inform, advise, and negotiate to ensure that your investment is as successful as possible.
Market Expertise and Consultation
If you’re shopping for a new house, your job is to know what you want. Your REALTOR’S® job is to know where to find it. If you’re selling your home, it is their job to get you the best price possible in a timely manner. Both sides of this transaction are improved when you have someone on your side that understands the market. There are a lot of other factors that go into the purchase or sale of home other than the number of bedrooms and total square feet. Being familiar with property tax regulations, school districts, nearby amenities, and many other elements all provide a much clearer picture for you as a client.
Real Estate Regulations
Staying current on changing real estate laws can be a full-time job in itself. If you are moving from state-to-state or simply across town, there can be a wide array of laws and regulations that you need to be aware of. This is your REALTOR’S® job. They are well-versed, and immersed in real estate regulations and will be aware of any and all pertinent information for your transaction.
This blog has been updated for accuracy and relevance from the original post.
