Independant Brokers Network

What is a REALTOR and why should I use one?

A REALTOR is a licensed real estate agent who is a member of The National Association of REALTORS. (NAR). There are more than 720,000 REALTORS in the United States. Remember the terms "real estate agent" and "REALTOR" are not the same.

REALTORS subscribe to a code of ethics. This code is a pledge that REALTORS take to treat you, the consumer, fairly and honestly to the best of our abilities. The code of ethics was founded on the principle of providing fair housing and services to all customers. REALTOR business practices are monitored at the local board levels.

Arbitration and disciplinary hearings are in place in case a member of the public or fellow agents issues a complaint. This monitoring holds REALTORS directly accountable for their actions. Non-REALTORS do not have to abide by any code of ethics.

How should I select my REALTOR

How do you determine the right Realtor to meet your needs?

Everyone’s needs are different and you have to consider the personality of the REALTOR as well as the Realtor’s professional qualifications. Here are some helpful hints:

HINTS FOR THE SELLER

· Does the agent know the community where your real estate is located?
The agent who lists the property has the primary interest in its sale. Buyers will be contacting the agent and the more the agent knows of the community, the easier it is to respond to a buyer’s question.

· Ask for a Comparative Market Analysis.
This sales guide compares your property to property on the market, property that recently sold and property that expired with no sale.

The CMA will give you an expected listing price.
Compare CMAs of at least three agents. Question the agents as to the justification of the listing price. Don’t choose the agent who gave you the highest listing price, unless they can support the price with other sales in the vicinity. You do not want to list with a Realtor who convinces you to list the price at an artificially high price, only to reduce the price sometime during the listing period.

· How many properties has the Realtor sold in your neighborhood or community?
The Realtor’s sales experience can be critical to marketing your property to its best advantage.

· Will the real estate firm give you a commitment to market your property on a scheduled basis and not have one listing that is representative of 10 properties that the firm has listed in that community?

· What is the REALTOR’s commitment to professionalism?
One measure of professionalism is educational certification? Is the REALTOR a GRI or hold a higher designation? Real estate marketing is a dynamic business and education provides the seller with assurance that the REALTOR has a commitment to the industry.

· Choose a REALTOR whose personality is compatible with yours.

HINTS FOR THE BUYER

· Some buyers prefer to utilize the services of a buyer’s agent.
A buyer’s agent has special requirements that differ by state. The agency status provides a fiduciary relationship between the buyer and the agent. Other buyers want to retain their independence and feel comfortable with a seller’s agent. Remember, the seller’s agent has a fiduciary relationship to the seller and must provide the seller with information as to the buyer’s ability to purchase the property.

· Choose a REALTOR who understands your needs and is prepared to work with you in achieving your goal of homeownership.

· Be a knowledgeable buyer.
The purchase of a home is the biggest transaction that the average person will make in their lifetime. Spend the time to learn about the community you are interested, your mortage qualifications, your housing preferences and what is required in the real estate transaction. A knowledgeable buyer will more often then not be a satisfied homeowner.

Why choose an Independent REALTOR

IBN member firms join the IBN broker network to better serve and satisfy their sellers and buyers. This is accomplished through:

· Extensive cooperative local advertising;

· targeted internet marketing; and,

· enhanced networking relationships.

Remaining “INDEPENDENT” means that the IBN member spends more time focusing on SELLER/BUYER interests and concerns and less on meeting the external requirements of a national franchise.

IBN members do not have to contribute valuable advertising dollars to institutional franchise advertising. IBN members concentrate advertising $$ in marketing your home to the key local and internet media that create sales activity.
Less spending on franchise fees = more advertising $$ for YOU

IBN members maintain a LOCAL awareness and are actively involved in their communities. Their in-depth knowledge of the community allows them to service both sellers and buyers more effectively.

IBN members have been in business an average of 20 years. Their staying power is both a result and a testimony of their QUALITY service that provides continuous referral business from satisfied customers.

Pricing Guidelines

The most challenging part of selling a home is pricing it correctly The skilled of a professional REALTOR can more than pay for itself in just this topic alone.

Too high is just as bad as too low!
If the listing price of the home is too low, you can miss out on a huge percentage of buyers that would be qualified to buy your househad it been priced properly in the first place. This means a longer market time, lost exposure to a group that are potential buyers, and growing frustration that may lead to you taking a lower price just to finally sell your home.

It is critical to be aware of the market trends in the neighborhood of the subject property. Again, here the expertise of a REALTOR is priceless!

Experienced is Critical
A skilled knowledgeable agent can explain to you a market analysis and how he/she came to the pricing conclusion.. Experienced agents also know what type of buyers will be looking at a home in your price range.

Cosmetic touches can generate big interest

Little touches in your house can make a world of difference. Of course, not everyone's taste in decor is the same, but a well kept and neat looking home is more likely to sell than a messy house with peeling paint or wallpaper. It can be so simple as moving your furniture around to make it look roomier. Whatever it may be, these little changes can be the difference between selling your house in a timely fashion or waiting around months until you decide take the advice of your REALTOR.

It is critical to keep all aspects of pricing in mind--no matter who lists your house.

Buying Your Home

Use a Buyers Agent
A buyers agent is a real estate agent that has a responsibility, under a contract, to you, the buyer. Buyers-Agents are more likely to be able to spot any potential problems in the home that you are purchasing.

Buyers agents are knowledgeable in writing contracts to purchase and can insure that the terms of the contract are clearly spelled out (see contract to purchase a home below)

They are there to help you in negotiations. Many times when emotions are involved, something may be said that raises a flag with the seller. It could be how much you love the house or that you've been approved for X amount. These are all things that could damage any chances of negotiations. A buyers agent is a third party who is skilled in the art of negotiation. Buyers agents are by contract not allowed to disclose anything about you that could hurt negotiations on the house. Buyers agents are there to look out for your needs. They are there to make sure that you are treated fairly.

Before Making and Offer
1.Consider the prices of the other homes in the neighborhood
2.Consider the cost of any necessary repairs or remodeling-don't get yourself into a house that you are going to hate in a year because the repairs are exhausting your savings and taking up your entire weekend.

Based on these considerations, make your offer. Remember, it is not unusual for a seller to price a home that allows for negotiation.. The seller make make a counter-offer and a compromise may be reached.

Contracting to Purchase a Home
It is important that the terms and conditions of your offer are clearly spelled out. This includes:
1. Conditions under which the contract is null and void-usually on the condition of obtaining a satisfactory mortgage and that inspections are passed.
2. A detailed list of all fixtures and appliances to be included in the sale of the home -ceiling fans, furnishings, equipment, pool equipment, etc.
3. A provision that the sale is contingent upon final inspection by the buyer on the day of the sale-known as a 'walk-through'
4. Date of possession
5. Any closing costs that the seller will contribute

Be sure to discuss all terms with your agent or lawyer before signing the agreements.

Before you rent

1. Visit and inspect the unit before moving in.
2. Read the rental agreement-get it in writing
3. If anything above and beyond what the written lease is agreed upon, get in in writing.
4. Keep your receipts - you may need them someday, especially when purchasing a home.
5. Know your rights. Landlord Tanant laws, such as The Rhode Island landlord Tenant Law, are written to make both tenants and owners aware of their legal rights.
6. Landlords must give a 30 day written notice before they can increase your rent
8. Where to complain.-If you need to file a compliant check the municipal government listing in your local phone book to see if your community has a local housing court, otherwise you may wish to consult a private attorney


Here you will find helpful information regarding buying, selling, and even renting.
Topics include:
What is a REALTOR and why should I use one? How should I select my REALTOR?-Hints for Buyers and Sellers Why choose an Independent REALTOR Pricing Guidelines Buying Your Home Why should I use a Buyers Agent Before You Rent Landlord Tenant Laws