Realtor® Resources: New National Association of Realtors® Consumer Guides

In an ever-evolving real estate landscape, staying informed is crucial for home buyers and sellers—and one group is making it easier for everyone. Explore the new National Association of Realtors® consumer guides designed for Realtors to share with clients.

About the new “Consumer Guide” series

The new National Association of Realtors® consumer guides are single-page documents crafted to simplify complex information, ensuring consumers have the resources to make informed decisions. For use by Realtors, the informative documents cover the recent practice changes that took effect in August. 

Covering a range of topics so far, the NAR® plans to provide additional guides in the future. 

The six guides

Currently, there are six National Association of Realtors® consumer guides available as PDFs, including:

Why Am I Being Asked to Sign a Written Buyer Agreement?

Summarizes what buyers should know about working with a real estate agent since the policy changes. 

Open Houses and Written Agreements

Explains what buyers need to know about attending an open house, touring homes and when a written buyer’s agreement is necessary.

Realtors’® Duty To Put Client Interests Above Their Own 

Condenses NAR’s Code of Ethics that all Realtors® must adhere to and their ethical duties to act in their client’s best interests.

What Veterans Need To Know About Buying a Home

Reviews how the NAR promotes access to financing for veterans and highlights available options for veteran buyers during the home buying process.

Offers of Compensation 

Recaps the process and options for offering compensation to a buyer’s agent to attract buyers and explains why sellers should consider this option when marketing their property.

Negotiating Written Buyer Agreements

Shares what home buyers should know when negotiating a written buyer agreement with a Realtor®.

Summary

Stay up-to-date with the latest NAR consumer resources and information by visiting facts.realtor. For more local real estate updates, community highlights and other news, keep reading our blogs. 

The Spooky Side of Selling Your House on Your Own

Before deciding to sell your own home, it’s important to understand the potential risks involved. Discover the spooky side of selling your house on your own now, including scarce real estate knowledge, pricing challenges and more.

Legal risks.

Real estate transactions involve complex laws and regulations. When selling your home without a knowledgeable Realtor, you may be unaware of legal obligations that can lead to legal and financial liabilities.

Things you may not be aware of can include but are not limited to:

  • Information that must be disclosed to potential buyers.
  • Knowing what to ask lenders to ensure an easy escrow process.
  • The implications of buyers changing their minds and when they are entitled to their earnest money.
  • Deadline management.

Pricing.

One of the most prominent risks of selling your house on your own is the pricing challenge. Pricing is key to a successful sale, and real estate agents have experience in the local housing market. Hence a thorough understanding of current housing trends and listing prices down to the neighborhood.

Homeowners often lack this knowledge and experience, leading to overpricing or underpricing the home.

Limited exposure.

With access to professional networks, multiple listing services and other marketing tools, real estate agents can get your property maximum exposure. With For Sale by Owner, your listing may not reach a broad audience, lengthen the selling process.

Complicated negotiations.

Coordinating with the buyer, the buyer’s agent, the inspection company, the appraiser and more can become overwhelming for an individual trying to sell their home. Plus, navigating negotiations and handling contingencies and contract terms can be challenging for sellers without representation.

Working with a Realtor can keep negotiations professional, accurate and on track to seal the deal.

Summary

Were you thinking about selling your home without a real estate agent? Now that you know more about the spooky side of selling your house on your own, consider working with Realtor for a smooth selling process.

Are you looking for a Realtor in the East Alabama area? Connect with one of our trusted Realtors! For more real estate tips and industry news, continue reading our blogs.

6 Ways to Build Client Loyalty in Real Estate

Client relationships are an essential part of the real estate business. Are you looking for ways to build trust with your clients? Check out these six ways to build client loyalty in real estate.

Make your work stand out.

Clients must make the choice to work with you. What makes you stand out? From your quirky personality and excellent service to your reliability, responsiveness and ability to connect, all of this can help you catch the eye of potential clients and keep them. 

Organize client events.

Want to create loyal clients for life? Spend time with them. This can be done through client events such as seminars or special get-togethers.

Seminars provide valuable information and are a great way for REALTORS® to share their knowledge with clients. Plus, you can invite speakers for different topics and help your buyers and sellers with interior design, landscaping and more. Client events such as barbecues, lunches and more are also a great way to show appreciation and connect on a personal level.

Follow up with your clients.

Just as in life, you should nurture your client connections. Did you see their post about their new landscaping? Have they received attention for a good deed? Reach out and acknowledge it! Compliments go a long way.

Send thank you cards. 

Personal and heartfelt. Take time after closing to handwrite a thank you card to your clients, showing appreciation for choosing you. Be sure to congratulate them on their new home, and if you want to go the extra mile, you can even send a small gift, such as a gift card, to a local business, for example.

 Acknowledge important dates.

Holidays, birthdays, anniversaries—everyone likes to be remembered. Small gestures such as wishing someone a happy birthday, congratulating them on a closing anniversary or even a marriage anniversary are a great way to stay connected and build those loyal relationships.

Share your reliable contacts.

Another one of the best ways to build client loyalty in real estate is to share your reliable contacts. What do we mean by this? Well, when it comes to owning a home, it will need upkeep and, at some point, even repairs. Pass along a list of trusted contractors, repairmen, landscapers or designers.

Be sure to foster your connections with your contacts as well. As you refer them, they can also refer clients to you!

Summary

With these six ways to build client loyalty in real estate fresh in your mind, start implementing them today! We guarantee that your clients will appreciate it.

And for more real estate tips and industry news, continue reading our blogs.

Exploring the MLS

Whether searching popular real estate websites like Zillow is a hobby or you’re truly searching for your next property, there is one local marketplace database that has all the current home listings in the area. But to gain access to it, you need a Realtor. Then exploring the MLS becomes a useful means to an end at your fingertips!

What is the MLS?

First of all, MLS stands for “multiple listing service.” To clarify, it is basically a network of local databases for designated areas across the U.S. In fact, there are more than 500 local MLS marketplace databases, serving as tools for real estate professionals to share area home listings with each other.

From there, licensed Realtors can begin exploring the MLS with their clients, narrowing down the available options based on information found in the database. An MLS listing is usually similar to other public real estate listings.

It typically includes the property’s price, address, square footage, type of property, number of bedrooms and bathrooms, utilities and other key details. The MLS listing also includes agent remarks about the property, along with photos of the interior and exterior of the property.

In addition, there is a section intended for other agents, brokers and Realtors only. Here is where they will find private information such as directions on how to get to the property, for instance.

More about the MLS

More than just a current database of listed homes in your area, the MLS ensures home buyers and sellers have access to the largest collection of available properties and genuine buyers through the active participation of Realtors.

It also promotes transparency and a competitive marketplace. According to Bright’s 2022 MLS Study, consumers benefit from the open marketplace made possible through the MLS. The study reported that homes on the MLS generally sell for about 15 percent more than those not in the database.

More specifically, non-MLS listings sold for an average of $349,773, while similar properties on MLS sold for an average of $395,244, which is a $45,471 difference!

Summary

To summarize, working with a licensed local Realtor pays off, from exploring the MLS to having a loyal advocate on your side throughout the complicated process of selling and buying a home. Are you ready to rev up your search for a home in East Alabama? Connect with one of our expert LCAR members to get started! For more real estate news and home ownership tips, keep reading our blogs.

4 Things to Know About the National Association of REALTORS® Code of Ethics

Looking for a house, not to mention a Realtor, can be overwhelming. However, these four things to know about the National Association of REALTORS® Code of Ethics will help you see the benefits of working with one from the beginning!

But before we delve into the main things to know about the National Association of REALTORS® Code of Ethics, let’s first review what it is and why it was created.

What is the Code of Ethics, and why was it created?

In a nutshell, the NAR’s Code of Ethics is a self-improving guide for all real estate professionals. It was created to guarantee clients are served fairly by requiring Realtors to work together in promoting the clients’ best interests at all times.

Required continuing education courses ensure that Realtors stay up-to-date on the Code and any changes it undergoes year to year.

It was established over 100 years ago.

Did you know the NAR’s Code of Ethics was adopted in 1913? According to the NAR website, it was “one of the first codifications of ethical duties adopted by any business group.”

It embodies the Golden Rule.

Simply put, “Do unto others as you would have them do unto you.” Realtors apply this guiding principle to all their activities, from personal to professional.

There are three main sections.

There are three main sections outlined in the Realtors’ Code of Ethics.

Duties to Clients and Customers

When it comes to things to know about the National Association of REALTORS® Code of Ethics, know that the client is always the number one priority. But Realtors remain obligated to treat all parties honestly, even while promoting and protecting their clients’ best interests.

Duties to the Public

This section includes everything from equal professional services for all to truthfulness in all communications—from emails to advertising.

Duties to Realtors

Once again, the Golden Rule is a guiding principle in this case. Under the Code of Ethics, Realtors promise to be fair, honest and supportive of other real estate professionals.

It gives you—the client—peace of mind.

Knowing your Realtor has taken an oath to protect and promote your best interests in all transactions is comforting. Understanding your Realtor is obligated to disclose pertinent facts about the property is comforting.

Realizing your Realtor works diligently to promote a healthy, competitive marketplace is comforting. And, last but not least, knowing your Realtor is committed to staying current on issues affecting real estate gives you peace of mind.

Summary

Now that you have a better understanding of why “Realtor” has come to mean “competency, fairness and high integrity,” are you ready to connect with a local expert? We can help! Search for Lee County Realtors here. For more industry news and tips, keep reading our blogs.