Embarking on your very own real estate journey in Beverly Hills soon? You might have heard the terms “real estate agent” and “Realtor” thrown around during your research. And you probably have been advised to work with one to assist you in your homebuying or selling experience. But what is a Realtor and what can they do to make your transaction better? Continue reading to find out.
WHAT IS A REALTOR?
A Realtor is a real estate professional who is also a member of the National Association of REALTORSĀ® (NAR). For the purpose of this article, we will be keeping it simple and use Realtor without the accompanying trademark symbol.
As a member of NAR, Realtors abide by the organization’s Code of Ethics. These include promoting and protecting their client’s best interests and treating all parties involved in the transaction honestly and fairly. Realtors are also expected to pursue further training to update their skillset and market know-how.
Qualifications
As mentioned above, in order for a real estate agent to become a Realtor, they have to be a member of the NAR. In general, however, all real estate agentsā regardless of their designations or membershipā have to do things to practice: pass a written license exam and obtain their state license.Ā
Some states also have their own requirements. In California, any person who wishes to become a real estate agent (and eventually, a Realtor) must be 18 years of age or older and a California resident. They should also complete three (3) college-level courses covering real estate principles and practice to apply for a license. Click here for more information.
As of June 2023, there are over 1.5 million NAR members in the country; more than 200,000 Realtors are based in California.Ā
Responsibilities
If you decide to hire a Beverly Hills Realtor, you can expect them to do the following:
- Find you properties that fit your qualifications, as well as a handful of options they think you can explore;
- Negotiate on your behalf whether you’re buying or selling a home;
- If you are selling, prepare your property, market it to other Realtors in their network, and show it to interested buyers;
- If you are buying, help you create an offer that is strong, sound, well within your financial capacity;
- Process important documents, including titles, agreements, and lease records;
- Develop comparative market reports to help settle on a listing price (if you are selling) or an offer price (if you are buying); and
- Respond to any inquiries about your property if you are selling; make the inquiries on your behalf if you find homes you like.
Essentially, Realtors perform the same roles and responsibilities as real estate agents. But as Realtors, you can hold them to a higher standard.
Benefits
Working with a Realtor, whether you’re buying or selling in Beverly Hills or somewhere else, comes with a lot of perks. These include, but are not limited to, the following:
- Insider knowledge. Beverly Hills Realtors are acquainted and often work with each other to find the best deals for their clients. It can work to your advantage whether you’re buying or selling a home. Your Realtor will have an easier time finding your dream home or the ideal buyer for your property.
- Market expertise. With a Realtor by your side, you don’t have to constantly look up terms or numbers online to understand something about the buying or selling process. They will automatically keep you up to speed and explain certain words or steps you’re unfamiliar with. Most importantly, they will make sure you list your home for the right price or make a strong offer on the property you love.
- Task assistance. Buying and selling a home involves a lot of paperwork and other menial (but necessary) tasks. Your Realtor will make sure to guide you through each document, payment, and whatnot for a successful home sale or purchase.
SELECTING A REALTOR
Don’t hire the first Beverly Hills Realtor you find. Instead, collect a few names and then select the right Realtor based on your personal parameters. Some factors to consider when hiring a Realtor include their sales experience in the past 6 to 12 months, the areas or neighborhoods they specialize in, and if they have special designations or certifications that might come handy to achieve your real estate goals.Ā Ā
