Why Use a REALTOR®?
All real estate licensees are not the same. Only real estate
licensees who are members of the NATIONAL ASSOCIATION OF
REALTORS® are properly called REALTORS®. They proudly
display the REALTOR "®" logo on the business
card or other marketing and sales literature. REALTORS®
are committed to treat all parties to a transaction honestly.
REALTORS® subscribe to a strict code
of ethics and are expected to maintain a higher level
of knowledge of the process of buying and selling real estate.
An independent survey reports that 84% of home buyers would
use the same REALTOR® again.
Real estate transactions involve one of the biggest financial
investments most people experience in their lifetime. Transactions
today usually exceed $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? Considering
the small upside cost and the large downside risk, it would
be foolish to consider a deal in real estate without the
professional assistance of a REALTOR®.
But if you're still not convinced of the value of a REALTOR®,
here are a dozen more reasons to use one:
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).
*information provided by realtor.com
What a REALTOR® Can Do for You
The REALTOR® you work with could be one of your most
valuable resources. Unlike many real estate agents who
are simply licensed by their state to do business, REALTORS®
have taken additional steps to become members of the local
board of REALTORS® and have agreed to act under and
adhere to a strict Code of Ethics. Plus...
A REALTOR® can help you determine how much home you
can afford. Often a REALTOR® can suggest ways to accrue
the down payment and explain alternative financing methods.
A REALTOR®, in addition to knowing the local money
market, also can tell you what personal and financial
data to bring with you when you apply for a loan.
A REALTOR® is already familiar with current real
estate values, taxes, utility costs, municipal services
and facilities, and may be aware of local zoning changes
that could affect your decision to buy.
A REALTOR® can usually research your housing needs
in advance through a Multiple Listing Service--even if
you are relocating from another city.
A REALTOR® can show you only those homes best suited
to your needs--size, style, features, location, accessibility
to schools, transportation, shopping and other personal
preferences.
A REALTOR® often can suggest simple, imaginative
changes that make a home more suitable for you and improve
its utility and value.
A REALTOR® is sensitive to the importance you place
on this major commitment you are about to make.
Look for a real estate professional to facilitate negotiation
of a win-win agreement that will satisfy both you and
the seller.
*information provided by realtor.com
Otsego-Delaware Board of REALTORS®
353 Main Street
Oneonta, New York 13820
(Phone) 607-432-4331
E-Mail: odbr-mls@stny.rr.com
(Fax) 607-432-4361
