What Is a Realtor? - E-PersonalFinance

What Is a Realtor?

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A 'Realtor' is any real estate professional that is a member of the National Association of Realtors (NAR).

Real estate professionals, such as agents, brokers, sales associates, and appraisers for example, that desire to be designated as a Realtor must meet qualifications set forth by the NAR. Upon meeting the qualifications, the membership is approved and the title of 'Realtor' is earned.

Key Point: Too often home buyers and sellers are completely unaware of this distinction and believe the terms 'Realtor' and 'Real Estate Agent' are synonymous. They are not.

National Association of Realtors

The NAR, like most professional associations, seeks to promote the profession of real estate as a whole. Membership requires advancing oneself to a higher standard, which ultimately benefits the profession, the Realtor, and the public.

For instance, in the field of medicine, being Board Certified is highly desirable. These physicians have undergone additional training and education which enables them to be experts in their field. The same is true for Realtors.

Key Point: Just as an ill patient desires a 'Board Certified Physician,' home
buyers and sellers typically prefer a 'Realtor.'

NAR Membership: Going Above and Beyond

Membership to the NAR is more than just paying dues. Rather, its purpose is to:

  1. Provide professional development through continuing education and
    for specialized designations (these designations are only
    available to Realtors).
  2. Establish high standards of professional practice, for which Realtors are
    held accountable.
  3. Require adherence to a stringent code of ethics

.
Key Point: Requirements for membership include additional education and training that goes above and beyond the minimum requirements for real estate licensure.

What a Realtor Will Do For the Buyer or Seller

Most importantly, a Realtor is an advocate for either the buyer or seller. As such, every thing a Realtor does ideally comes from this standpoint, including:

  1. Assisting their client through the entire process of purchasing a home or selling a
    home.
  2. Locating listings of homes for sale for the buyer, and list a seller's home on a the Multiple Listing Service (MLS)
  3. Helping with negotiating a price, offers, counter-offers, and related issues.
  4. Determining the seriousness of potential buyers by qualifying them in advance.

And the list goes on. The important concept presented here is the definition of a Realtor. The NAR is making every effort to improve public awareness of this significant differentiation of 'Realtor' versus other job titles in real estate.

 
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