Real Estate Articles

Realtors provide value to buyers and sellers

Real estate transactions involve one of the biggest financial investments in one's lifetime. Whether buying or selling a home, it is always good to seek the help of a professional, says Denise Welsh, president of the Silicon Valley Association of Realtors.

"Transactions in the Bay Area usually exceed $700,000. An investment of that order should be handled with the utmost care. If you earn $500,000 a year, you seek the assistance of a CPA. Buying or selling your home is just as critical to your financial health," says Welsh.

Welsh reminds consumers that not all real estate licensees are the same. "People use the terms Realtor and real estate agent interchangeably, but that is not correct. While both are licensed to sell real estate, a Realtor is a member of the National Association of Realtors and must subscribe to a code of ethics that is strictly enforced," explains Welsh. "A professional, one who practices full time and is held to the standards of the Realtor Code of Ethics and Business Practices, is an invaluable resource."

"Realtors are committed to treat all parties to a transaction honestly. Managing brokers oversee the agents and impose strict guidelines on their activities. In Silicon Valley, members of the local Realtor association attend legal presentations by practicing real estate attorneys on a regular basis," adds Welsh.

Welsh shares the following ways a Realtor can provide value to buyers and sellers.

A Realtor can help buyers:

• Determine their buying power. A Realtor can help you understand different financing options, including down payment assistance programs, and identify qualified lenders.
   
• Assist in their home search. A Realtor has resources to find available properties that fit your preferences.
   
• Provide objective information about each property. A Realtor has access to a variety of resources, like local community information and schools, including the "back story" on recent transactions in the area.
   
• Help negotiate a purchase. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and inclusion or exclusion of repairs and furnishings or equipment. A Realtor can advise you on the best options for your success in the deal.
   
• Provide guidance through the closing process. A Realtor knows the process and how to monitor the flow of activity to a successful and painless closing.

A Realtor can help sellers:

• Set a competitive price. A Realtor knows the current real estate market and can help you set a realistic competitive price.
   
• Add sales appeal to the home at low or moderate cost. A Realtor can help you effectively prepare, position, price and sell your home. A Realtor who is familiar with the community knows buyer preferences and marketing approaches that will achieve the best results in your area.
   
• Tap an even larger market. A Realtor has the resources to market globally in a professional arena where there are potential qualified buyers.
   
• Show your home. A Realtor handles the public interface to ensure the property is properly presented at its best.
   
• Familiarize you with closing on your home.A Realtor can explain closing procedures all in advance and usually attends the closing with you.

"With today's market challenges, buyers and sellers need to know that their real estate professional is someone they can trust. Realtors have a fiduciary duty to their clients and are expected to maintain a higher level of knowledge of the process of buying and selling real estate," says Welsh.

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 email or call the SILVAR office at (408) 200-0100.

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