Last Updated: March 10, 2022
If you’ve ever considered buying or selling property, you know how stressful the process can be. Many people, who consider hiring a real estate professional to help, wonder what does a Realtor do and why you need one.
Keep reading to find out about all the services a Realtor can provide, regardless of whether you’re a buyer or a seller, and why you should use a Realtor for any property-related transaction.
What Do Realtors Do for a Buyer?
When buying a home, everyone wants to find the perfect match. However, many people have limits regarding the price or the location, and they can’t seem to find their ideal home on their own. That’s why they hire a professional familiar with the market. But a Realtor’s responsibilities are more than just seeking out a property. Here’s what else Realtors can help you with:
Helping With the Preapproval
Realtors can find the right lender for you and help you get pre-approved for a mortgage, as well as take care of the necessary financial documents.
Doing Market Research
Experienced Realtors know their markets well and can provide you with information about the entire area or neighborhood, give you an analysis of comparable properties, etc.
Going to Showings
The Realtor will accompany you to showings and point out what you should be aware of regarding the property – square footage, compliance with the housing code, and zoning violations if there are any.
Sometimes you might come across a property you like and want to make an offer but be unsure how to proceed – this is one of the reasons why you need a Realtor. They will write the offer based on how much you are willing to pay. If the seller is willing to negotiate, the Realtor will conduct the negotiations for you and arrive at a price that works for you.
Being Present During Inspections
The Realtor will be present during any inspections, making sure the inspector follows all the regulations.
Keeping up With Paperwork
There is a lot of paperwork involved in the buying process, and one of the most important reasons to use a Realtor is so they can take care of the paperwork and make sure you’re not missing anything.
Communicating With Other Parties
You don’t have to worry about the sellers or the person helping them with the sale, as your realtor will handle all communications between you and the other party.
Before closing the real estate transaction on the home, your agent will take you on a walk-through to ensure that the state of the property is as it was on first viewing. If something doesn’t seem right, the Realtor will give you advice on how to proceed.
|Did you know: Remote work has motivated more people to buy homes – if you’re a remote worker or you’re self-employed working from home maybe you should ask yourself if it’s smart to buy a house right now.|
What Does a Realtor Do for a Seller?
Inexperience in the real estate industry may lead you to sell your home for less than it’s worth – and you don’t want to lose any money. To ensure that you get the best price and that everything connected with the sale is in order, you should hire a Realtor. So, how do Realtors work and what can they do for sellers?
Setting the Price
The Realtor will assess your home and determine the price based on the current market. The right price is possibly the most important factor in the selling process.
Make a Home/House Presentable
The way you present your home is key to attracting potential buyers, so the realtor will make sure your home looks appealing before putting it on the market.
Put the Property on the Market
Realtors put the property on the MLS (multiple listing service), real estate websites, social media, and use various strategies for marketing the property.
Showings and Open Houses
A Realtor will organize and keep track of all the showings and potential buyers. Realtors might also stage an open house to generate more traffic and interest in your home.
Negotiate Possible Deals
One of the key reasons to use a Realtor is negotiation. When an offer is made on your home, it’s your Realtor’s job to enter a negotiation process and try to get a better deal for you.
Ordering a Home Inspection
The Realtor can find the best home inspector that will estimate your home fairly.
Attend the Appraisal
If the home needs to be appraised, your agent will be there to answer any questions the appraiser might have and make sure your property is not evaluated for less than its market price.
Prepare the Paperwork
You don’t have to worry about the paperwork, as your Realtor will deal with all the necessary papers.
Communicate With Other Parties
You don’t have to have any contact with the buyers and anything you might want to communicate to them can be done through your Realtor.
Schedule the Final Walk-Through
The Realtor will schedule the walk-through at your convenience and make sure everything is in order beforehand, which is just another of the many reasons why you need a Realtor.
|Did you know: Houses sell incredibly fast – the average time to sell one ranges from 65 to 70 days, just a little over two months.|
|Realtors should be hired by buyers and sellers alike.|
|By hiring a Realtor you can save money in the buying/selling process.|
|The Realtor will take care of the legal aspects of the purchase.|
|Realtors are members of the NRA and follow their Code of Ethics.|
Why Use a Realtor?
Buying or selling a home, in most cases, is something that doesn’t happen that often in a lifetime. Whether you’re the buyer or the seller, it means that soon your life will change significantly. Undertaking this feat on your own is not advisable because you will have to go through the process with no real estate knowledge whatsoever. In addition to the Realtors’ expertise, stats show that FSBO sellers (For Sale By Owner) get less than market value for their property. The Realtor brings many things to the table and you should consider them before deciding to do it on your own.
Years of Experience
Expertise can only be gained through experience, and Realtors have been in the real estate game for years; they know all the ins and outs and will take the best course of action for your home.
If you want to know something specific about your new home, or you just want to know a little about the surroundings, your Realtor can provide you with this information.
The opposing sides can’t always agree, so they have to negotiate to reach an agreement acceptable to both sides. Negotiating and talking with both sides are just some of the Realtors’ responsibilities. Realtors are trained in negotiations and they will take on the role of a negotiator so you don’t have to.
They Have Many Connections
Connections are key in the real estate world and Realtors have many connections, especially to other professionals in the trade. This can help facilitate the buying/selling process.
Realtors employ tried-out strategies to market your home. Marketing the property in the right way can speed up the selling process and help you get a better sale price.
The Realtor makes sure that all the interested buyers are pre-approved for a mortgage or a loan and they can actually afford to buy your home.
Realtors Take Care of the Paperwork
By hiring a Realtor you don’t have to take care of the paperwork, which makes the whole process significantly less stressful.
|Did you know: Hesitancy regarding using the services of Realtors, agents, and brokers is quite common – if you want another alternative you can check out the top-notch real estate lead generation services.|
Real Estate Agent vs Realtor
Although both Realtors and real estate agents work in the same market and deal with property, there is a difference between the two. How do real estate agents work as opposed to Realtors?
What Is a Real Estate Agent?
A real estate agent is a professional who has a real estate license and can work with both residential and commercial properties, depending on the area they specialize in. To obtain the license, the prospective agent has to undergo training that can take from 30 to 90 hours, depending on the state. After completing the training, agents are required to take a state exam and in this way obtain the license that allows them to deal with real estate. Agents are often required to renew their license every year or two and have to know all the national, state, and local real estate laws. One of the benefits of a real estate agent is that they can choose to work in a certain aspect of the profession, depending on the specific services they provide. We differentiate among rental, listing, and buyer agents.
What Is a Realtor?
A Realtor is a professional in the real estate sphere who is a member of the National Association of Realtors (NAR). Agents who aspire to join NAR must have a valid license and their professional conduct has to be on the highest level. Realtors have to abide by a strict Code of Ethics, and clients can be certain of working with thoroughly vetted professionals that uphold the highest professional standards. For these reasons, certified Realtors attract more clients. The founders of a real estate agency must first join a Realtor association before any of their employed agents can join.
What’s the Difference?
The main difference between a Realtor and a real estate agent is the number of rules they have to follow. Realtors have to abide by the 17 articles of the Code of Ethics and real estate boards ensure that the Realtors comply with these articles. Realtors also get access to the real estate database.
Real estate agents’ responsibilities include scheduling appointments and showings, performing sales analysis, creating and distributing promotional material, and networking with potential clients. They don’t have to abide by the Code of Ethics and their professional conduct depends solely on themselves.
|Did you know: The word Realtor is always capitalized since it was coined in 1916 and later trademarked by the NRA in 1950.|
Real estate is a large and competitive market, and Realtors provide guidance through the complicated process of buying and selling property. A Realtor will find the right house for you and make sure that the price is right by participating in negotiations and communicating with the other parties involved. A Realtor doesn’t just help you buy or sell property – they help you get through a strenuous process with ease.
The Realtor is responsible for finding either property or buyers, marketing the property, disclosing all the necessary information to all the concerned parties, and preparing all the paperwork. What do Realtors do in addition to this? They take property photos, host open houses, and participate in property inspections and appraisals.
Hiring a Realtor might seem expensive (5%-6% commission) but a Realtor will get you a better sale price, which will make up for the difference. Additionally, with a Realtor, you don’t have to worry about the paperwork or breaking any real estate laws.
The most important difference between a Realtor and a real estate agent is their membership in the NAR – Realtors are members and agents are not. Any agent can become a Realtor if they get admitted into the NAR.
Real estate is a very competitive market. To succeed, you need to dedicate a lot of time, put in the effort, and often invest your own money. And even then there are no guarantees of success. So, what does a Realtor do to earn decently? Sell a lot of property.
If you’re still thinking, ‘why use a Realtor?’ – consider that they can provide you with information about the property and competing market prices; Realtors make sure that you get the highest possible value for your property and take care of all the paperwork.