A “Realtor” is a real estate professional who is a member of the National Association of Realtors (NAR), a trade association in the United States. Realtors are real estate agents or brokers who have chosen to become members of NAR and are bound by a strict code of ethics and professional standards. Here are some key points about Realtors:
- Code of Ethics: Realtors are committed to upholding a code of ethics that goes beyond the basic legal requirements for real estate professionals. The NAR Code of Ethics outlines ethical responsibilities to clients, customers, other Realtors, and the public. It covers issues like honesty, fairness, and the duty to protect and promote the best interests of their clients.
- Licensing: Realtors must hold a valid real estate license to practice as real estate agents or brokers. They are required to meet state-specific licensing requirements and complete continuing education to stay current in the field.
- Services: Realtors can help individuals buy or sell residential or commercial properties. They assist clients in finding suitable properties, negotiating deals, handling paperwork, and providing guidance throughout the real estate transaction process.
- MLS Access: Realtors typically have access to the Multiple Listing Service (MLS), a comprehensive database of property listings. This allows them to search for properties on behalf of their clients, market listings, and gather information about available properties.
- Representation: Realtors can represent buyers or sellers, and in some cases, both parties in a real estate transaction. They owe a fiduciary duty to their clients, which means they are legally obligated to act in their clients’ best interests.
- Expertise: Realtors often have a deep understanding of the local real estate market, including factors that can affect property values, property inspection, and financing options.
- Negotiation Skills: Realtors are skilled negotiators and can help clients get the best possible deal, whether they are buying or selling real estate.
- Regulatory Compliance: Realtors are knowledgeable about real estate laws and regulations in their respective states, ensuring that transactions are conducted in compliance with the law.
- Property Marketing: When selling a property, Realtors employ various marketing techniques to help attract potential buyers, which may include listing the property on real estate websites, arranging open houses, and more.
It’s important to understand that while all Realtors are real estate professionals, not all real estate professionals are Realtors. Realtors are distinct in that they are members of the National Association of Realtors and adhere to a specific code of ethics. If you’re looking to buy or sell real estate and are seeking the services of a Realtor, you can verify their membership with the NAR to ensure that they meet the organization’s ethical standards.
