Thursday, November 30, 2023

Buying or selling a home? REALTORS® bring tremendous value to the transaction

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The typical home sale today involves dozens of steps to complete the transaction, and it can be easy for “do it yourselfers” to miss any one or more of them. “That’s why the REALTOR® is the key to ensuring the best outcome for both buyers and sellers, explains Williamsburg Realtor® and president of the Williamsburg Area Association of REALTORS® Kimber Smith.

Kimber Smith, president of the Williamsburg Area Association of REALTORS®

“From knowing how to position a home for sale and negotiating contract terms to managing inspections and ensuring a smooth settlement, a Realtor® provides the guidance sellers and buyers need when navigating the complexities of a real estate transaction,” he added.

According to consumer surveys conducted by the National Association of REALTORS® (NAR), more than four out of five home buyers and sellers used a real estate professional in recent transactions. In addition, nearly nine out of ten buyers and sellers said they would use the same again or recommend that agent to others.

“A lot of people are under the impression that anyone with a real estate license is a Realtor®, when in fact, not all real estate licensees are Realtors®. The term REALTOR® is a registered collective membership mark that identifies a licensed real estate professional who is a member of NAR,” explained Smith.

“The big difference,” he said, “is that as members of NAR, all Realtors® subscribe to a strict Code of Ethics and are required to take comprehensive training on the Code every two years to retain their membership.”

NAR adopted its Code of Ethics in 1913 and was only the second trade or business group in the U.S. to adopt mandatory ethical standards. The Code is a comprehensive document spelling out professional responsibilities owed to clients, customers, other Realtors® and the general public.

“Not only that,” added Smith, “Realtors® have access to advanced educational opportunities and training in both residential and commercial real estate specialties, and that directly benefits the consumer.”

In Williamsburg, there are just over 500 Realtor® members who are also members at the state and national levels of the organization. The Virginia Realtors® association is the largest professional trade association in the Virginia, representing approximately 34,000 Realtors® engaged in the residential and commercial real estate business.

There are some 2 million active licensed real estate professionals in the U.S.; 1.3 million are members of NAR. Realtors® work in both residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors and others engaged in all aspects of the real estate industry.

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