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For most people, buying or selling a home is one of the largest and most important financial decisions made in a lifetime.
Given the magnitude of such a transaction, it is wise to
have a professional on your side — a Realtor. Often,
the
terms "agent, broker and Realtor" are used
interchangeably, but they
should not. They
have
different meanings.
Who is a Realtor?
Not all real estate agents and not all brokers are
Realtors. To represent someone buying or selling real
estate in California, an agent or broker must be licensed
by the state. Agents and brokers are required to meet
minimum standards by passing California state
real estate examinations.
After receiving a real estate license, many agents continue to qualify themselves further by joining the National Association of Realtors Inc., the world's largest professional trade association and the local association of Realtors. In the Coachella Valley, there are the California Desert Association of Realtors and the Palm Springs Association of Realtors.
As members of these related associations, a sales agent or broker may now call himself or herself a Realtor. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and the local associations that subscribe to the Association's strict code of ethics. This code, in many cases, goes beyond requirements of state law.
When agents and brokers become Realtors, they have access to and share information regarding homes they are marketing through the Multiple Listing Service (MLS). This is a computer database service listing all the properties available in the country, along with their characteristics, features, locations, who is listing and the prices. All who have access are able to show any home in the service, not just the ones for which they have a personal listing.
Is "For Sale By Owner" for You?
Selling or buying on your own is not an easy task. It requires a significant amount of time to study the process, understand the legal obligations, and do some of the complicated work that an agent or broker does. By working with a Realtor, you have a professional on your side who has access to the largest number of listings, and the largest number of available buyers, through the MLS. A Realtor is committed to serving you throughout the real estate process.
Evaluate Your Listing Agent
Once you have decided to use a Realtor for your transaction, you need to begin a search for the one who best fits your needs. Without obligation, you may invite a local Realtor to visit your home and give you a "listing presentation." Two or three presentations by different Realtors should give you an opportunity to choose one who fits your personality, one in whom you have a good measure of confidence, and with whom you feel comfortable.
A listing presentation should include the reasons that you should list your home for sale with them. The agent or broker should explain their role in the selling process.
Marks of a Real Estate Professional
A real estate professional is a member of the National Association of Realtors and the local association. The individual explains how he or she is representing you as a sellers' agent, and how he or she will handle buyers' agents and commissions. The professional gives you advice on how to best prepare your home for the market, and shares data on nearby homes that have sold (or failed to sell) in your area recently with a written comparative market analysis. Your Realtor researches your property in the public records and the MLS, is excited about your property, and listens attentively. Make sure he or she is professional, knowledgeable and instills confidence.
Ask Your Realtor
1. Will your home be listed in the MLS?
2. If your Realtor cooperates with buyers' brokers, what portion of the commission will your agent or broker share with a cooperating broker if they find a buyer for your home?
3. What type of advertisements will be placed for your home in local media or on the Internet? (Certain homes may even be advertised on a regional or national basis.)
4. How will they field calls about your home and qualify potential buyers to make sure they are financially qualified to purchase your property?
5. What disclosures should you be making to comply with California state law?
6. If home inspections reveal items that need to be taken care of before closing, or if situations arise that need the expertise of an attorney or an accountant, will your Realtor have access to trusted professionals they have worked with who can help with their specific expertise?
7. In addition, be sure your Realtor provides you with an estimate of closing costs and helps you prepare for a smooth closing of the transaction.
Your Realtor Works For You
Look to a Realtor to be thoroughly knowledgeable about the entire process of buying or selling a home. Select a professional who will guide you from preparation of the sales strategy and the property to the listing, showing, negotiating of the contract and through the closing process.
It is important to establish a good relationship with your Realtor. The more you talk with your Realtor, the more he or she will understand your wants and needs.
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