When most people buy and sell property whether commercial or residential, they use a real estate agent. Most people don’t know all the legalities or understand the paperwork involved in buying or selling a property. In fact, most people don’t really want to deal with the hassle of doing it themselves. Enter the real estate agent who can handle the business side of the deal, answer questions and advocate on your behalf. Often, the term real estate agent is interchanged with realtor, but the two words have significant differences. Those differences can impact how quickly your property sells and the type of service you receive during the process. Generally, many people don’t know the exact real estate valuation of the property they buy or sell. So they contact a middle person for the deal, but it is not so difficult to know the exact value of a property. You could find it yourself by doing some research.
Who Is the National Association of REALTORS?
With more than 1.2 million members, the National Association of REALTORS includes property managers, counselors, brokers, appraisers and salespeople among others who participate in the real estate market both commercial and residential. Founded in 1908, the NAR began as the National Association of Real Estate Exchanges to standardize the practices of real estate. By 1913, they adopted the NAR Code of Ethics. Their name changed for the final time in 1972 and has grown from its original 120 members. The NAR is available in all fifty states, Washington D.C., U.S. Virgin Islands, Puerto Rico and Guam. Members of the local Asheville NC Realtors Association also have access to the NAR.
Who Can Join the NAR?
Like with any membership, NAR members pay dues. In exchange for their dues, members are given discount programs specifically for real estate professionals, business tools, research and statistics, real estate market data and various benefits. Real estate agents or brokers often work for firms. In order for them to join the NAR, the firm’s principal must join a realtor association. After that, the remaining members of the firm can join. The Realtors Property Resource is a benefit unavailable to non-realtors and includes information on foreclosures, permits, zoning, schools and lien and mortgage data. Members are subject to the NAR Code of Ethics that includes standards for training and professional conduct.
How Does a Realtor Benefits Sellers and Buyers?
The amount of information and educational training available to realtors through the NAR helps them help their clients buy and sell a property faster. The property resources provide access for the largest real estate library in the world. Webinars, speaker series, certification and designation training, online and classroom courses, a Master of Real Estate degree and webcasts are available to active members. Realtors are subject to the NAR Code of Ethics and violations can result in complaints filed by clients. The NAR Code of Ethics provides a standard and ensures clients that the realtor is going to act in the client’s best interests.