A realtor is an estate agent who assists investors and buyers in purchasing land, house, or building. Realtors are found almost everywhere real estate is present, especially in large cities of the United States. For example, a Realtor in Grand Rapids, MI, proves to be of immense help to the buyers of property as the town is a prime industrial area and expensive.
Who are registered, realtors?
A realtor in the city of Grand Rapids must be a member of the national association of realtors (NAR). The association was founded in 1908. All the realtors registered with the NAR should follow the ethical code of conduct laid down by the association. They are expected to be professionals with expert knowledge in the field and maintain specific standards while dealing with their clients. Realtors receive income in two ways, they are paid a commission by the people who hire them, and the agency that provides the clients with these realtors pays them a fixed amount of remuneration every month. Hence, it is quite an earning job. Property salespersons, brokers, and property managers of commercial and residential real estate are the types of people included in the category of realtors. A Realtor in Grand Rapids, MI, must belong to the city and the state’s association board.
A realtor must be honest and should not conceal any vital facts that might affect the investment decision of a potential investor. They should be truthful and transparent while advertising properties. Non-adherence to such rules will lead to legal disputes. The ethical code of conduct laid down by the NAR includes stringent rules and regulations that have to be followed regarding how the clients should be treated and how the disputes should be resolved. Professionals with the NAR trademark are licensed to use it in connection with their names used in the real estate business.
A realtor and a real estate agent are not identical.
A realtor must not be confused with a real estate agency because their tasks with clients and investors are similar. Real estate agents are the professionals that help people to buy and sell real estate properties. On the other hand, a realtor is a group of real estate agents who are members of the national association of realtors. Of the 2 million real estate agents in the United States, 1.4 are members of the national association of realtors.
But being a realtor doesn’t mean they are more qualified than the real estate agents. It is all about the experience and the exposure that the NAR provides, which increases their practical knowledge.
Is investing your time and money in realtors worth it?
The United States is a costly country. Almost all the properties in the major cities of the country are overpriced. For instance, the property prices in Grand Rapids went up to 23% during the covid times. A realtor helps investors and property buyers in such cases to choose a wise investment option to buy or sell in peak times. They also provide security and safety as they have expert knowledge. In cities like Grand Rapids, where prices fluctuate, it is highly advised to consult a realtor before making any major investing decisions.
Sometimes, it gives a person an edge if their broker is a realtor and not simply a real estate agent. This is because they have more expertise and are members of the NAR, which legally helps investors during capital losses.