On a local internet forum, a conversation has been brought up about whether a REALTOR is necessary or not, and why wouldn't someone just sell their home For Sale By Owner (FSBO). It is an interesting question and one worthy of addressing, as I'm finding a lot of misconceptions about real estate.
First of all, let's consider what a real estate agent does.
Not all sales people in real estate are REALTORS. To be called a Realtor, with a capital "R," you need to not only be licensed in your state, you have to be a member of the National Associate of Realtors. As such, we pay dues and fees to be members of the local MLS (Multiple Listing Service) in order to provide immediate access to all properties listed in your area. This helps expedite the sale of your home or your future purchase. More on the MLS later.
Also with Realtor, you have a highly trained individual at your beckon call, ready to answer any questions that may come up from you or your buyer. Inspections, Surveys, Title Policies, Disclosure Statements are all items that should and will be discussed, but not everyone knows what these are or the value of them. A Realtor does.
Most importantly, a Realtor is an Agent. An Agent is a person who is authorized to represent you and your best interests. Buyers need agents just as much as Sellers do. For years, professionals in the field have seen every manner of problem come up in the sale of a property that many people would never give a second thought. Contracts are written in such a way as to leave no question about: what fixtures stay with a property after the sale, who is responsible for the taxes on the property and up until what time, does the buyer have the right to walk away from a contract even after it has been signed, and what happens if the Buyer can't get financing in time?
So many legal ramifications take place during the sale of any property. REALTORS are no attorneys and can not give legal advice. But we do have excellent advice on how, when and why you can sell your property and for how much.
In a fast-paced market, like we see across the United States today, houses are selling every day and often are going under contract the day they are listed for sale. One might think that in such a market, Joe Public could just list his own property in the local paper and sell it themselves. Well, that's easier said than done.
Today, loans can be gotten over the telephone, fax, internet or from a local bank, credit union or mortgage company. Companies are created and offering loans so quickly, Title Companies who help ensure the proper transfer of ownership, do not even know who is offering the money! And when they do receive the paperwork, they see high interest rates or closing fees that far surpass the norm. An agent can help advise on this subject, keeping their clients out of bad deals with scrupulous lenders.
Disclosure statements are also provided, among hundreds of other documents, to Realtors so their clients can let buyers know everything there is to know about a property. This protects both buyers and sellers alike, so that after the deal is done and the new buyers go to move in, they don't walk into a home with no light fixtures or find the satellite dish and stove have been taken out.
So much can be taken for granted in the world of Real Estate. I, and thousands of others, have taken courses, seminars, watch videos, have meetings and consult members of the legal profession all in order to protect YOU. We spend hundreds of dollars to become members of an elite association, an association that serves to set high standards in quality and integrity among its members.
How much are you willing to pay for a trained professional to take care of you? You would never consider paying a stranger to clean your teeth or hand you medication if they were not trained and licensed as a doctor, would you? If you ask your neighbor for legal advice, do you really think you could win in the court of law? It would be nice to think that you can sell your house, you HOME, on your own. But how well do you know the sales market in your area? Do you study it everyday? Do you negotiate deals and know what people are willing to pay or not pay for what your home has to offer?
It is not an insult to think to yourself," I don't know what to do " when it comes to buying and selling a home. It seems simple at first, but once you are in the deal, it really can get complicated. REALTORS take the complications out of it and make your life easier. Like the commercials say,"We let you live your life. Real Estate is our life."
I hope this answers a few questions. Should anyone have others, feel free to e-mail me anytime. I'm here to help. It's what I do.
