Consumer

 

Why Use a REALTOR®?

Don’t you want someone by your side when you’re working through a financial transaction of this scale and complexity? Real estate transactions involve one of the biggest financial investments most people experience in their lifetime, with most transactions easily exceeding $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? No way! So why go it alone in real estate?

Whether you’re buying or selling, the financial considerations both in the long- and short-terms are substantial. And today, with the increase in data and technology that’s available to consumers, paired with the fast pace of our local market, a REALTORS® expertise is more valuable than ever. They help people navigate the ever-changing process of buying and selling homes, and can personalize transactions to the needs of each buyer and seller.

So when you’re ready to buy or sell, or even if you just have questions about real estate, talk to a REALTOR®.

CLICK HERE TO FIND A REALTOR®


REALTORS® vs. Real Estate Licensees

Many people think that “realtor” is a generic term for real estate agents, but it actually indicates a real estate professional who is licensed and a member of the National Association of REALTORS®. The term “REALTOR®” and the block “R” logo are trademarked by the National Association of REALTORS® and can only be used by REALTORS®. Locally, these professionals are also members of Boise Regional REALTORS® and Idaho REALTORS®. In joining these associations, REALTORS® agree to abide by a strict Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction in addition to the Real Estate Laws of Idaho.


What REALTORS® Do For You

Much of what a REALTOR® will do for you will be done behind the scenes. Many times, they’re managing deadlines, coordinating repairs, or working with the various service professionals to get you to the closing table. Actually, an often overlooked benefit of working with a REALTOR® is being able to tap into their professional network of mortgage lenders, home inspectors, contractors, and others, before, during, and after a sale.

But here are a dozen other things your REALTOR® may do during your transaction:

1. Your REALTOR® can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

CLICK HERE TO FIND A REALTOR®

 

While we hope it never happens, if you have an issue with a REALTOR® that you’ve worked with, the association can help you get it resolved: http://boirealtors.com//mad-at-a-realtor.