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Why should sellers and buyers work with a Realtor?

Asked by Voices Member, Sat Mar 10, 2012

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A better question might be why would anyone not work with a Realtor? A buyer asked a similar question that I answered earlier this morning, here is my response to him:

No, you are not required to use a Realtor, representation is a choice not a requirement. I needed eye surgery last week, I went to a doctor, there is no law that says I couldn’t do it myself but I chose not to. I also buy insurance, I could self-insure but choose not to. Do you cut your own hair? That last example might be a toss-up, a lot of people cut their own hair. If you do not do something as simple as cutting your own hair, why would you even think about doing something as complicated as buying a home without representation? Your hair will grow back, train wrecks in real estate not so much, I hope the info in the link below causes you to pause before risking it alone, good luck,
0 votes Thank Flag Link Sun Mar 11, 2012
Because Realtors follow a higher standard of practice. Realtor membership mandates following The Realtor Code of Ethics. The code defines those duties and obligations required in the public interest which are beyond the capacity or power of the law to mandate, and the Code of Ethics requires a higher sensitivity to the duties and obligations which it imposes.
0 votes Thank Flag Link Wed Mar 21, 2012
Because this is our profession, we do this everyday. A good Realtor will get you the highest markable price for your property and can generate more buyers for that property from different venues than anyone else can. The smart money is on The Realtor, not on your own.
0 votes Thank Flag Link Mon Mar 12, 2012
Sellers should work with a Realtor to protect themselves and to get the best possible marketing of their property. How many sellers are excellent negotiators, able to separate themselves emotionally from the transaction, are familiar with the contracts that are a standard part of all real estate transactions, have easy access and the ability to analyze their home and the market in order to price it properly, are prepared to handle showings etc? In my opinion it's like asking why would anyone use a barber or hairdresser, when they can buy a pair of scissors and/or an electric trimmer and cut their own hair? We all could, but very few of us do, and let's be honest a bad haircut isn't going to be nearly as consequential as a poorly handled real estate transaction.

Buyers should work with a Realtor for many similar reasons, a Realtor should be adding value to the transaction through their ability to correctly analyze the market and the true market value of a specific property. They have experience negotiating and a familiarity with the contracts used that far surpasses what 99.9% of all buyers have. They understand financing and can make certain the buyer is properly matched to the best lender. They have vetted resources such as home inspectors, appraisers (if necessary) surveyors, tradesmen, insurance people, real estate attorneys and more. Finally statistics show that Buyers who purchase directly from Sellers or without the help of a buyer broker tend to overpay between 2%-5% for the property their buying and my guess is this is directly attributable to their being too emotionally involved.

The challenge is finding a great Realtor as unfortunately there are simply too many poorly trained, inexperienced or simply lazy Realtors out there. Too many states continue to make it too easy to attain a license and in my opinion our association doesn't push back hard enough to insist on tougher licensing and continuing educational requirements.

For buyers or sellers reading this who are wondering how to find a great Realtor, I've attached a link to a fairly recent blog I posted on Trulia on this subject.

Great question and I've enjoyed reading what other have had to say on the subject.
0 votes Thank Flag Link Sun Mar 11, 2012
Sellers:
Realtors provide sellers invaluable service. There are many reasons to work with one. A realtor can give you up-to-date information about the market prices, financing, terms and conditions of competing properties. Will market your property to other real estate agents and to the public. Will know when where and how to best market your property. Can help you objectively evaluate every buyer’s proposal without compromising your marketing position and also help close the sale of your home .
Buyers:
Realtors have many resources to assist you in your home search.
He can provide objective information about each property, help you negotiate, provides guidance during the evaluation of the property, guide you through the closing process and make sure everything flows together smoothly.
0 votes Thank Flag Link Sun Mar 11, 2012
Working with a realtor allows you to have the peace of mind knowing that nothing will be forgotten and all parties will be doing their part. The realtor will make sure that all papers are filed and everyone is ready for the closing. If any problems come up the realtor will most likely address it and make sure that its taken care of. The hardest part of working with a reltor is finding one that you can work well with and have complete trust with. This person will know almost everything about you and the property you are purchasing. If the person your working with doesn't meet your needs then get another one. The same goes for your attorney, if you can't communicate with each other then this will carry through the whole transaction. The perfect person to work with is the one who will answer all your questions with a smile and not get annoyed with you. To complete your transaction you will need a good realtor, Mortgage Broker, Real Estate Attorney , and a good Home Inspector.Your Bank Usually chooses your Title Company and your appraiser. You do have the right to get a copy of all documentation in regard to your transaction....MAKE SURE YOU GET A COPY OF EVERYTHING INVOLVING YOUR TRANSACTION ....Good Luck....
0 votes Thank Flag Link Sat Mar 10, 2012
Using a Realtor is the way to go when one of the largest transaction you will make in your life involves your home. who You usually seek professional help when you are sick it is the same when you are about to conduct a real estate transaction you want to work with a professional who understand the process, and knows what pitfalls to avoid..
0 votes Thank Flag Link Sat Mar 10, 2012
Most people wouldn't buy a big screen TV without going to a consumer store to ask a lot of questions from an experienced salesperson, and yet that is a small purchase compared to your biggest and most expensive possession, your home! A professional is trained to either help you get the highest price when selling, or the best deal if a buyer!
0 votes Thank Flag Link Sat Mar 10, 2012
If you want to sell a home you don't hire a shoe salesman.

If you want to buy find a professional who knows his/her market & understands your needs so as not to waste Your time.

& when your ready to buy don't use an accountant to write your contract.

Regards,

Jack Menashe
917.797.0215
Jack@SHERestates.com
http://www.SHERestates.com
0 votes Thank Flag Link Sat Mar 10, 2012
The best reason would be that sellers and buyers are very busy taking care of their family and jobs making it hard for them to take on the full time job of selling or buying a home themselves. Time is the most valuable commodity we possess, it is priceless. Given the time a real estate agent saves you as a seller or buyer, they are well worth the expense.

Also, a Realtor has to abide by the "Realtor Code of Ethics" designed to protect consumers. This Code of Ethics is voluntarily adhered to in addition to all state and federal law. A regular real estate agent without a Realtor designation does not have to abide the same high standards.

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Sat Mar 10, 2012
Realtors have exclusive access to industry statistics, trends and up-to-date information,and they know the local real estate market better than anyone. They also bring the expert knowledge and experience it takes to sell your home with as few hassles as possible. So when you’re ready to sell your home, work with a REALTOR who can explain options that best fit your situation.
0 votes Thank Flag Link Sat Mar 10, 2012
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