People often use the terms “Realtor” and “real estate agent” interchangeably, without even realizing the two aren’t synonymous; although every Realtor is a licensed real estate agent, not all real estate agents are Realtors.
So, What Is A Realtor?
According to the National Association of Realtors (NAR),
“The term REALTOR® has one, and only one, meaning:
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.”
Essentially, any real estate agent who opts to become a Realtor is committing to going above and beyond in order to best serve his or her clients.
7 Reasons To Work With A Local Realtor Whenever You’re Buying Or Selling A Home
1. Realtors Know How To Act With Your Best Interest In Mind
Agents who join the NAR are obligated to provide the highest degree of service to each and every client.
For instance, as part of the NAR’s code of ethics, a Realtor cannot act as a dual agent (which occurs when the agent represents both the buyer and seller in the same transaction) without first notifying clients of this intention, prior to signing a listing contract.
2. Local Realtors May Know More About Your Neighborhood Than You Do
At least, as far as the real estate market’s concerned, local Realtors are usually more familiar with the latest trends than most buyers and sellers. Keep in mind, your neighborhood Realtor is actively working within your city 7 days a week, so he or she understands the big picture quite well when it comes to the latest local real estate news.
3. Realtors Are Experts In Pricing And Negotiating
On top of knowing how to calculate the best listing price for a property, local Realtors are also experienced in structuring attractive offers, taking into consideration the latest changes in your market. And if you’re a first-time homebuyer or moving from out-of-town, a local Realtor can help you make sure your offer letter includes all the appropriate contingency clauses to protect your earnest money deposit.
4. Local Realtors Are Always Among The First To Know About Newly Listed Properties On The Market
Of course, as a buyer, it’s always convenient to know about homes recently listed for sale— and
working with a Realtor local to your neighborhood is one of the best ways to stay in the loop. Chances are, your Realtor keeps close tabs on multiple listings services, and probably stays in touch with other agents in the area, too. That said, he or she will usually have inside knowledge about the latest listings in and around the locations where you’re planning to buy property.
You may be surprised to learn that sellers can also benefit from this knowledge, as understanding the ratio of active buyers to sellers can prove invaluable during negotiation. In a market that favors sellers (meaning that demand outweighs supply), for example, it won’t likely be necessary to accept an offer that’s below asking price.
But once again, when it comes time to negotiate, there’s no greater benefit than having an experienced, local Realtor on your side.
5. Realtors May Know About Off-Market Listings You Wouldn’t Be Able To Find Otherwise
It’s not uncommon for homeowners to sell property as off-market listings, AKA pocket listings. In these instances, as the name suggests, the property is not posted for sale on multiple listing services. Instead, the best way to find out about off-market listings is to speak with a Realtor in your neighborhood.
6. Your Neighborhood Realtors Understand Local Laws And Regulations Pertaining To Real Estate Transactions
Again, this is especially important for both buyers from outside of the area and sellers alike. While that’s not to say you shouldn’t also consult with a real estate attorney, your neighborhood Realtor can give you a heads up about the procedures, requirements, and even paperwork you’ll need to complete as part of your real estate transaction.
7. Most Realtors Have Connections To Nearby Professionals Who Can Help Expedite The Moving Process
And speaking of real estate attorneys, chances are, when you work with a local Realtor, he or she will be able to recommend you to a trustworthy lawyer to assist with your contract.
Additionally, whenever you’re selling property, don’t hesitate to ask your listing agent if he or she knows local movers or stagers you can call for a quote.
Remember, your neighborhood Realtor is your go-to source for all things real estate related!
Are You Buying Or Selling A Luxury Home Near Houston?
Reach out to The Guerra Group today to learn more about how we can assist you!