Tag Archives: realtor

What is the difference between a Broker, a Realtor, and a real estate agent?

This is based on Indiana laws and regulations. Your state may vary.

In 2014 all real estate agents are required to get their Brokers license. All new agents will get their Brokers license from the beginning. The state of Indiana is doing away with the basic licensing for an agent. It used to be that to manage other agents you had to have a brokers license. Getting a Brokers license requires more training and a more in depth understanding of real estate as a business.

The terms REALTOR® and real estate agent or broker are not interchangeable titles. In fact, real estate agents or brokers can only use the title REALTOR® if they are members of the National Association of REALTORS® (NAR) and subscribes to its strict Code of Ethics.

REALTOR® Code of Ethics
The Code establishes time-honored and baseline principles that come from the collective experiences of REALTORS® since the Code of Ethics was first established in 1913. Those principles can be loosely defined as:

  • Loyalty to clients;
  • Fiduciary (legal) duty to clients;
  • Cooperation with competitors;
  • Truthfulness in statements and advertising; and non-interference in exclusive relationships that other REALTORS® have with their clients.

Since the word REALTOR® is a registered trademark with the word itself being in all caps, only its membership can use the title and logo in their marketing and advertising collateral.

 

 

Your Realtors Job Explained in Josh Terms

Realtor Logo

What is your Realtors Job?

realtor-logo-med

To make it short and sweet: Represent a buyers or sellers needs as they would if they were buying and selling their (the Realtors) personal home.

My opinion of what my job is:

  • Answer when you call or return the call as soon as possible.
  • Listen to what you want and need. Not impose what I want for you.
  • Give my professional opinion and help you with anything you need.
  • Make the buying and selling process as smooth and painless as possible.

 

A more technical explanation:

To explain a little more in depth: Represent clients in the buying process, selling process, renting, and management of real estate . Perform duties,  interview prospective clients, such as study property listings, discuss conditions of sale,accompany clients to property site, and draw up real estate contracts.

I am not here to give legal advise. I am here to give you my professional opinion if I was in your shoes. My value comes from my insight into the market and how to handle the transaction to make it as simple as possible for you.

For Buyers:

  1. Answer all your questions about the buying process.
  2. Help with getting qualified for a loan and explain your option depending on the property type.
  3. Get a good understanding of what you are looking for and find homes that meet your needs.
  4. Schedule showing with the listing agent.
  5. Help get you all the details to make an educated and well structured offer.
  6. Get all contracts and forms perfected to protect you during the process.
  7. Negotiate the terms of the sale and help through the home inspection.
  8. Schedule closing and get all the final paperwork to the title company.

For Sellers:

  1. Research the market and comparable houses to find the market value.
  2. Design an active marketing plan to get your home sold. Every home is different and every neighborhood has different types of people moving in and out.
  3. In a listing agreement it does not require a Realtor to perform any type of advertising. It only asks for permission to put it on the MLS. This gives other Realtor access to the information. Make sure the Realtor you are using explains their marketing plan in depth. if it does not impress you; find another Realtor.
  4. Present offers and give you their opinion. A Realtor is obligated to show a seller every offer that is submitted, no matter how low or unreasonable it is. A bad deal is a bad deal no matter how you look at it. A good Realtor will tell you that and move on without feeling the need to just complete the transaction.
  5. We will be there to help you negotiate the terms of the sale and help with any problems that might arise during the inspection process.
  6. Constantly be in contact with the lender and buyers agent, title company, and contractor (if needed) to make sure the deal does not hit any snags during the process.
  7. Arrange the closing and get you your money.

 

This is just a brief over view of what we do. Every Realtor is different and their business reflects it.