What Is A Traditional Realtor?

Currently there are about 2 million licensed real estate agents in the United States of which only about 1.3 million are Realtors. Only agents who are member of the National Association of Realtors (NAR) are properly called Realtors. 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. 

The real estate industry today bears a little resemblance to the way we did business ten years ago. Realtors have invested a lot of time and money in building information technology. 

Home buyers now have the ability to view interior photos, research school districts and analyze neighborhood statistics, thus reducing the number of homes to physically tour. 

For sellers, the “traditional Realtor” provides expertise in pricing the home, preparing and staging it for sale, and connects with other Realtors working with buyers. According to NAR’s most recent Profile of Home Buyers and Sellers, the home price for sellers who use an agent is 16 percent higher than for those who don’t. The price difference should speak for itself. 

The value of a professional Realtor really begins after the purchase property is identified. There are myriads of negotiating factors, including but not limited to price, financing, terms, date of possession and often inclusion or exclusion of repairs, furnishings or equipment. The initial purchase agreement is only the beginning of a process of title searches, appraisals, inspections and financing – a lot of possible pitfalls. A professional Realtor will help you resolve issues that might cause problems at a later date, guide you through the closing process and make sure everything flows together smoothly. 

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions usually exceed $100,000.00 today. Considering the small upside cost and the large downside risk, it would be foolish to consider a real estate deal without the professional assistance of a Realtor.

(Printed in The Denver Post, Sunday, January 6, 2008)