PST FTN

Archive for June, 2009

As you begin your search, you should be aware of the difference between brokers and Realtors (with a capital 1? or with the Realtor trademark). The Realtor appellation tells you that the broker is a member of the National Association of Realtors, the major professional trade association for the real-estate industry. That affiliation implies at least some degree of professional commitment and suggests that the broker has access to the educational programs, information, and support services that the trade association supplies in abundance.
One major advantage of dealing with a broker who is a Realtor as opposed to one who isn’t is that Realtors have access to the Multiple Listing Service offered by their local real-estate board. The MLS is a bulletin board (computerized, in many areas) of home sales, through which member brokers cooperate in order to provide sellers with the widest possible exposure of their property and to give buyers the broadest possible selection of homes for sale. (In some areas the Multiple Listing Service is owned privately and is open to non-Realtor members.) According to the NAR, approximately 70 percent of all home sales nationally are displayed through the MLS. (In some markets, such as Greater Boston, that percentage is far lower; in others, such as Dallas, close to 90 percent of the homes sold go through the MLS.)
As a condition of membership in the NAR, Realtors must subscribe to the Realtor Code of Ethics, which requires, among other things, that they treat buyers and sellers fairly. The Realtor affiliation does not guarantee fair or professional treatment, but I think it does at least improve the odds.