The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics. Realtors work with people to rent, buy or sell real property.
If you are selling a property you should expect your Realtor to advise you on things you could/should do to improve the sale-ability of your property, give you information on the market and what your property might sell for, market your property for sale, help negotiate with prospective buyers to get you the most money, and work through all of the details to ensure that the contract results in a sale.
If you are buying a property you should expect your Realtor to study property listings, arrange and accompany you to showings of properties that are of interest, help negotiate with sellers to achieve a mutually agreeable contract for purchase, suggest companies to complete tasks needed before the sale is complete and work through all of the details to ensure that the contract results in a sale. Working with a Realtor to rent your property or find a rental property involves many of the same steps and duties.
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®.
Anyone interested in working with members of the public helping them to buy or sell real property in Colorado must complete a minimum of 168 hours of pre-licensing education. In Colorado, all real estate agents are required to complete 24 hours of continuing education every three years. Licenses must be renewed every three years as well.
Why do some agents have letters following their names?
The National Association of REALTORS® and its affiliated Institutes, Societies, and Councils provide a wide-range of programs and services that assist members in increasing skills, proficiency, and knowledge. Designations and certifications acknowledging experience and expertise in various real estate sectors are awarded by NAR and each affiliated group upon completion of required courses. There is a program for almost every specialty in real estate.