What do REALTORs do?

What we see REALTORs doing most of the time is unlocking doors for their customers so they can see inside houses. That's the most visible activity of REALTORs. However, most of what they do is behind the scenes, including lots of phone calls, faxes, emails and "putting out fires."

For BUYERS, the answer depends on whether the buyer is a customer or a client of the Realtor.

For customers, the REALTOR shows properties, writes offers and performs "ministerial duties" as needed. The REALTOR is not legally obligated to the customer, but must be honest and ethical in his or her dealings with the customer.

For a client, the REALTOR acts as the buyer's agent. The REALTOR represents the buyer in negotiations with sellers, and in general looks out for the buyer's interests. The REALTOR and the client have a written Buyer Brokerage Agreement that spells out their mutual obligations.

The REALTOR may give the buyer client advice about the property such as its condition, any known defects, and known adverse conditions in the neighborhood. The REALTOR may advise the client about a price to offer and terms and conditions to include in the offer.

For BUYERS it's important to think about the difference between being a customer or a client. Call Michael Dixon Realty if you are thinking about buying real estate, and we can talk about the customer-client differences.

For SELLERS, REALTORs perform a list of duties. The Realtor and seller enter into a contract called a listing agreement in which the responsibilities of each to the other are spelled out.

Some things a REALTOR does for a seller are:

1. Actively markets the seller's property in ways to obtain a qualified buyer.

2. Interviews buyers and seeks to affirm that they are financially qualified so that the seller does not needlessly take his or her property off the market and possibly lose valuable marketing time.

3. Advertises and promotes the property through a Multiple Listing Service and other Internet-based services where it can be seen by interested buyers.

4. Advertises the property with yard signs and possibly newspaper and/or magazine ads.

5. Calls prospective buyers known to the Realtor and tries to get them interested in the property.

6. Advises the seller on ways to make the property more appealing to buyers.

7. Prepares a Comparative Market Analysis to show the seller what comparable properties have been selling for in recent months.

8. Goes over offers with the seller to make sure he or she understands them and can make an informed decision about accepting, rejecting or making a counter offer.

9. Acts as the seller's troubleshooter to keep a contract on schedule to a successful closing.

10. Assists the closing attorney as requested, accompanies the seller at closing, and assists by answering questions and providing information as needed.