REAL HELP: Working with a Realtor is key to making real estate real easy

Why use a Realtor? 2010 New Orleans Metropolitan Association of Realtors President Joe Ory says once you’ve decided to sell your home, finding a Realtor is the next step in the process. In making this important decision you should understand:

• Who is a Realtor
• How to evaluate an agent
• What a Realtor will do
• Selling on your own

Who is a Realtor?
The terms agent, broker and Realtor are often used interchangeably, but have different meanings. Not all agents or brokers are Realtors.
As a prerequisite to selling real estate, a person must be licensed by the state, either as an agent/salesperson or broker. Before a license is issued, minimum standards for education, examinations and experience must be met.
After receiving a license, most agents join their local association of Realtors and the National Association of Realtors (NAR), the world’s largest professional trade association. They can then call themselves Realtors. The term “Realtor” is a registered collective membership mark that identifies a professional who is a member of NAR and subscribes to its Code of Ethics.
In most areas, the Realtor shares information on the homes through a Multiple Listing Service (MLS). Working with a Realtor who belongs to an MLS allows a potential buyer access to a great number of homes.

How to evaluate an agent
Invite local Realtors to visit your home and give a “listing presentation” about why they’re the best ones to market it. Two to three presentations should provide an opportunity for choice. A presentation includes having the Realtor review the reasons why you should list with that particular individual and provide information that will assist in making initial decisions about selling.
Recent laws have defined the duties of a real estate agent. Most states require an agent to explain his or her role at the outset of any conversation. A professional will provide this disclosure. Look for an agent who:
• Belongs to the local association of Realtors
• Explains and discloses agency relationships (the role of the agent, i.e., who they are representing—the buyer or the seller) early on in the process, at “serious first contact”
• Advises on how to prepare for showing
• Shows enthusiasm, listens, instills confidence, operates in a professional manner and has a complementary personality
• Has researched the property in the public records and the MLS
• Brings data on nearby homes that have sold (or failed to sell) recently.

Selling on your own
“You can get rid of the broker, but you cannot get rid of the broker’s work” is an old caution for those who intend to offer their homes “For Sale By Owner” (FSBO) — not an easy undertaking. It requires significant study of the process, understanding obligations, and some of the work a real estate agent does. In addition, FSBO requires help from outside professionals, such as Realtors, accountants or attorneys for some of the jobs that require specific expertise.
The following are pitfalls to avoid:
• As a safety measure, only show the house to individuals with an appointment confirmed by phone.
• Don’t price the house so low that it sells too quickly — pay for a market value appraisal.
• Wait for a buyer with written pre-qualification from a lending institution.
• Find out the legal obligations.
If only limited services are required, some Realtor s will help with the transaction for a fee. Call and ask for the managing broker and see if they’re interested in furnishing “unbundled services.”
Contact a local Realtor like the companies that advertise in The Times-Picayune Real Estate section or on the Web at www.nomar.org.

Some of the duties your Realtor will perform:
• Walking through the entire  selling process
• Providing comparable information about the prices for which other properties have sold and analyzing data for you to gain a true comparison
• Supplying information regarding local customs and regulations you may want to consider
• Sharing information about your home through MLS and on the Internet
• Placing advertisements
• Fielding phone calls
• Help “qualify” potential buyers to make sure they are able to buy your property
• Negotiating a sales contract
• Alerting you to potential risks
• Complying with the disclosures required by law
• Providing you with an estimate of the closing costs you will incur
• Helping you prepare for a smooth closing of the transaction.

Questions to ask a potential agent:
• Are you a Realtor?
• Do you have an active real estate license in good standing? To find this information, you can check with your state’s governing agency.
• Do you belong to the MLS and/or a reliable online home buyer’s search service?
• If there’s no nearby MLS, do you cooperate with other local brokers on a sale?
• What have you listed or sold in this neighborhood?
• Do you cooperate with buyers’ brokers?
• What share of the commission will you offer a cooperating broker who finds the buyer?
In addition to the criteria above, there are a number of reasons to work with a Realtor. Among them are the fact that they adhere to the NAR’s highest standards of ethical conduct and professional training.