Last updated on April 25, 2024
With all the recent news regarding REALTORS® and commissions, I wanted to share why you need a REALTOR® when selling or buying a home.
First off, all REALTORS® are members of NAR (National Association of REALTORS®) and are required to operate their business in compliance with the NAR Code of Ethics which was adopted in 1913, and was one of the first codifications of ethical duties adopted by any business group. The Code ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients’ best interests.
NAR Equals Professionalism, which is paramount in the real estate industry, where trust, integrity, and expertise are essential for building lasting client relationships and achieving business success. In the dynamic and competitive realm of real estate, professionalism serves as the bedrock of trust and credibility.
Importance of Professionalism in Real Estate:
Builds Trust & Credibility: Professionalism instills confidence in clients, reassuring them that their real estate transactions are handled with expertise, honesty, and integrity.
Ensures Compliance: Adhering to professional standards and ethical guidelines helps REALTORS® navigate legal and regulatory complexities, minimizing risks and liabilities.
Integrity and Ethics: Conducting their business with integrity, honesty, and ethical conduct at all times, prioritizing the best interests of clients above personal gain or profit.
Enhances Reputation: A professional image contributes to a positive reputation in the industry. Professionalism fosters positive client-agent relationships based on transparency, communication, and mutual respect, leading to greater client satisfaction.
Education and Training: REALTORS®are required to invest in ongoing education and professional development to enhance knowledge, skills, and expertise in areas such as real estate law, market trends, negotiation techniques, and ethical conduct. Obtaining industry-recognized certifications or specialized credentials demonstrates their commitment to professionalism and excellence.
Transparent Communication: Maintaining open and honest communication with clients, providing clear explanations of the buying or selling process, market conditions, pricing strategies, and potential risks.
Client-Centered Approach: REALTORS® are to focus on delivering exceptional service and personalized solutions tailored to the unique needs and preferences of each client, building trust and loyalty in the process.
Networking and Collaboration: REALTORS® are expected to build professional relationships with other real estate professionals, industry stakeholders, and community partners to foster collaboration, share insights, and expand referral networks, which are all beneficial to their clients.
Regularly seek feedback from clients, colleagues, and mentors to identify areas for improvement and refine skills and practices accordingly.
Community Involvement: REALTORS® are to engage in community activities, volunteer initiatives, and philanthropic efforts to demonstrate commitment to giving back and making a positive impact beyond real estate transactions. Continuous Improvement.
Do you really save money by NOT using a REALTOR®?
NO! According to Orchard.com FSBO (For Sale by Owner) homes sold at a median price of $310,000 in 2022, whereas agent-assisted sales had a median price of $405,000.3 Assuming the current national commission average of 5.37%, the commission would be about $21,750. With a Realtor, your sale would net $383,000 — $73,000 more than if you had sold on your own.
In conclusion: In the fast-paced and competitive world of real estate, professionalism is not just a desirable trait but a fundamental requirement for success. By embodying professionalism through education, ethical conduct, transparent communication, and client-centered service, REALTORS® build trust, and more than pay for themselves.
Jerry Welch, Realtor
Jerry Welch is a full-time, professional REALTOR® with over 17 years in real estate and specializes in helping seniors’ transition. He holds an SRES (Senior Real Estate Specialist) designation, which reflects his extensive education on topics such as tax laws, probate, estate planning, and equity conversion strategies. He offers relevant information on current market trends as well as being a valuable resource regarding real estate transactions. He was one of the founding members and is a past chair of the Rockwall Chamber SSA (Senior Services Alliance) Program. (972) 800 3915
