Mortgage Center
Facts About Realtors
How Do Real Estate Agents Get Paid?
Real estate agents or brokers are generally paid through the sales
commission paid by the seller when a transaction closes. Agents have
expenses and financial obligations just like you, so it will be to your
mutual benefit if you choose a real estate agent and stick with that
person. The agent will respect your loyalty and respond with a sincere
commitment to you.
Why a REALTOR®?
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® "R"
logo on their business cards 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.
Using a REALTOR® - You Be the Judge!
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 transaction in real
estate without the professional assistance of a REALTOR®!
Consumer Satisfaction With REALTORS®
Nearly eight out of ten consumers believe real estate brokers and sales
associates can show buyers a better selection of homes than they can
find on their own, according to an independent survey of the general
public released by the NATIONAL ASSOCIATION OF REALTORS®.
Seventy-eight percent of the general public believe real estate
professionals offer them a broader selection of housing alternatives
than they would otherwise find. Seventy-four percent agree that using a
real estate broker saves time, and 70 percent agree that real estate
professionals make buying or selling a home much easier.
In another independent survey of more than 1,000 buyers and sellers,
most respondents (82 percent) were very satisfied with their real estate
brokers/sales associates, and a majority (77 percent) of the sellers felt
that the commission they paid their broker was "money well spent." The
survey also found that the majority of buyers and sellers (64 percent)
were satisfied with the amount of time the process took, and most
sellers (87 percent) will use a real estate professional again next time
they sell their home.
Clearly, these surveys point to the value of using the services of a real
estate professional in the home buying and selling process. In a
transaction that has become increasingly complex with the evolution of
new financing twists and sales contract intricacies, the real estate
professional is often the glue in holding all parties and details together.
While technology has brought a wealth of real estate information-
including property listings-closer to the consumer, buyers continue to
find value in having a real estate professional help them through one of
the biggest investments they will ever make-the purchase of a
home. And sellers, for the most part, find the money they spend to have
a professional handle their home sale, well worth every penny. Buyers
and sellers responding to NAR surveys point to real estate
professionals' knowledge of the housing market and real estate
practices as major factors influencing their decisions in selecting
agents.
While there are plenty of real estate professionals to choose from, the
best bet in terms of ethical, efficient and reliable service, is a
REALTOR®. Nearly 730,000 of the 1.2 million active real estate licensees
nation-wide belong to NAR, entitling them to use our registered mark,
REALTOR®. after their name. Unlike many real estate practitioners who
are simply licensed by their state to do business, REALTORS® have
taken additional steps to become members of the local board of
REALTORS® and have agreed to act under and adhere to a strict Code
of Ethics. This membership obligates them to be honest with all
parties involved in a transaction, be it buyer, seller or cooperating
agent.
Source: National Association Of REALTORS® Talking Points.
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