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    Fact Friday! What is a Realtor®?

    Realtor

    If you’re considering selling or buying property, make sure you know your options.

    Working with a listing and/or buyer agent can help tremendously, but do you really know what a Realtor® is and how they can help?

    One of the biggest misconceptions about Realtors® is that they do little work and get paid a lot of money. This is because people don’t understand how Realtos® get paid. A Realtor® doesn’t get paid until the end of a sales transaction which can be up to 60 days after a sale finalizes. Realtors® don’t charge by the hour or send an invoice. They earn a commission based on the sale price of the property. If a Realtor® works with a seller or buyer and there is no transaction, the Realtor® isn’t paid for their time. Commission rates are negotiable between the listing agent and seller client. In many cases, this commission is evenly split between the listing agent and buyer’s agent. Listing agents spend time and money marketing a home, advertising and preparing a home for sale, so they’re being paid for those services. Buyers’ agents spent their time showing their clients homes, previewing potential homes for their clients, and reviewing the current market to see what listings fit their clients’ needs. After all of this work, if the buyer client doesn’t buy a property, the buyer agent isn’t paid for their time.

    Whether you’re a buyer or a seller, the professional support of a Reator® who represents your interests should be worth every dollar of the commission.


    Why a Realtor?

    Why a REALTOR®?

    Maybe you’re buying a home for the first time. Or maybe you’re selling your old home to move to something new. Whether buying or selling, you’re involved in an intricate process requiring many specialists. One of these specialists might be a REALTOR®, who’s responsible for making the transaction as easy as possible for you.

    The REALTOR® Difference

    However, not every licensed or registered broker or salesperson is a REALTOR®. To be a REALTOR®, the agent must be a member of The Canadian Real Estate Association (CREA). And to be a member of CREA, an agent is expected to be:

    • Committed to the REALTOR® Code: The code is the accepted standard of conduct for all real estate practitioners who are REALTORS®. It’s your guarantee of professional conduct and the quality service. Read more about the REALTOR® Code.
    • Knowledgeable about developments in real estate: A REALTOR® can get you the information needed to make an informed decision: comparable prices, neighborhood trends, housing market conditions and more.
    • Actively updating education: Through courses, workshops and other professional development, a REALTOR® maintains a high level of current knowledge about real estate.
    • Access:  REALTORS® have access to Board MLS® Systems, which facilitate the cooperate sale of properties to benefit consumers.

    Benefits of a REALTOR®

    Whether buying or selling a home, you can trust that your REALTOR® will ensure the transaction is completed competently and professionally. You don’t have to worry about the details – your REALTOR® can take care of them for you. You can get advice from someone with an intimate knowledge of the local housing market. And you can count on the help of a professional who has committed to serve with integrity and competence.


    How Realtors Help