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REALTORS® Bring Value to a Transaction

Tuesday, September 22, 2009

Legal issues and the value of the REALTOR® was a subject of discussion at a recent Realtor tour meeting in Los Gatos. Real estate attorney Mark Strombotne told members of the Silicon Valley Association of REALTORS® while people now look to the Internet for properties more than they had in the past, the services and skills that a Realtor brings to clients has great value.

"You have the expertise the Internet doesn't have, such as marketing muscle, connections, exposure to property beyond what the Internet can do," Strombotne said. "You have the knowledge of contracts and what is a good price. All these are reasons clients would choose to work with a REALTOR® over the Internet."

With that said, Strombotne stressed the REALTOR® has a great responsibility. He mentioned it is beneficial for REALTORS® to develop a group of professionals that are on their team, but noted recommending professionals also can be a basis for liability. It's important for REALTORS® to recommend people whom they have had experiences working with, people who are reliable. He cautioned REALTORS® to do diligent research about persons to whom they would refer clients, to make sure these persons are professionals, licensed and competent.

All questions that require expert answers need to be directed to specific professionals in the business. Strombotne told REALTORS® when asked construction-related questions ("Would you be concerned about this crack on the ceiling?"), it's best to direct such questions to a licensed contractor. When encountering legal questions, ("Should I sign this REO counter offer?"), it's best to refer such questions to an attorney.

Strombotne said in essence, the REALTOR® can be looked at as a one-stop most knowledgeable person for a client who wants to buy or sell real estate, a person who knows the answer; and if not, will refer them to professional people who can give them the right answer.

With this said, what should homebuyers and sellers look for in a REALTOR®? Julia Truesdale Keady, president of the Silicon Valley Association of REALTORS®, points to experience.

"Experience and competency are the most important aspects of a real estate practitioner," said Keady. "Experience is a way to develop competency. Just because someone has been in the business for many years does not translate to competency, however, it is likely that if a REALTOR® has been practicing successfully for many years he or she is not only competent but committed to excellence."

In the event the REALTOR® that a buyer or seller wants to work with has little or no experience, Keady suggests the client interview the managing broker for the less experienced agent. "The managing broker has the responsibility to oversee the agent in his or her work. Additionally, newer agents can enhance their knowledge by securing designations from their respective professional associations," Keady suggested.

"Local knowledge of the market is crucial," Keady added. "We all know in our specific markets there are issues only known by those who live and work in the communities they serve. REALTORS® do not just sell structures to live in but lifestyle and communities as well.  Having knowledge of the local market is a must for a full service REALTOR®."

Not all real estate agents are REALTORS®. Keady stressed, "A REALTOR® is bound by our Code of Ethics and will be held to that by their peers."

Last, Keady said it is also important to choose someone you like in addition to their real estate reputation. "In the end, you will be spending a lot of time with this person and you want to choose a REALTOR® who will serve you throughout your life. You will want someone understands you and your needs to represent you."


The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.

The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.

Variations of this article have appeared in local area newspapers.

For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.

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