REALTOR®: What's in a name?
Buying or selling a home is one of the most important financial transactions of your life, and partnering with a real estate agent ensures it will be a smooth process.
According to the National Association of REALTORS® 2018 Profile of Home Buyers and Sellers, 87% of buyers recently purchased their home through a real estate agent or broker, and 78% of recent buyers found their real estate agent to be a very useful information source. Those recent buyers reported that some of the benefits of working with an agent included receiving help in understanding the buying process, pointing out unnoticed features or faults with the property, negotiating better sales terms, providing a better list of services providers, and gaining improved knowledge of search areas.
The National Association of REALTORS® also reported that 91% of sellers used a real estate agent, and those homes sold with the assistance of an agent sold for significantly more than homes put up for sale by the owner (FSBO). FSBO homes sold at a median of $200,000 last year, significantly lower than the median of agent-assisted homes at $264,900.
Sellers placed a high priority on five tasks: marketing the home to potential buyers, pricing the home competitively, selling the home within a specific timeframe, finding a buyer for the home, and helping fix the home to sell better. Sellers also put a high value on the agent's reputation, trustworthiness, and honesty when choosing an agent to sell their home.
What do you call the person helping you buy or sell a home? At other firms, you might call them sales associates or agents. But at Coldwell Banker Caine, we call them REALTORS®.
So, what is the difference and why the need to find that seemingly obscure “advanced symbol” button in Microsoft Word?
As it turns out, it all comes down to a Code of Ethics, one that started when Coldwell Banker was founded in 1906. Colbert Coldwell was a young real estate associate who observed families trying to piece their lives together following a disastrous San Francisco earthquake. He noticed some sales associates acquired property from vulnerable sellers and resold it at huge profits. Coldwell saw a need for honest, knowledgeable real estate professionals and formed his own company with partner Benjamin Banker based on these ideals.
Coldwell’s code of ethics was instrumental in helping to form the structure of the National Association of Realtors (NAR) in 1908. Today, 100 years later, more than 1 million sales associates still join the NAR because they, too, ascribe to the Realtor Code of Ethics that is the cornerstone of NAR training. Once you join NAR and complete this training, you take on the trademarked mantle of being a registered REALTOR®, special symbol and all.
According to realtor.com, this means a REALTOR® “voluntarily holds to a high ethical standard…that shows the public the level of commitment, education, and dedication to their profession that each member of NAR possesses.”
At Coldwell Banker Caine, we only employ full-time REALTORS® who ascribe to these ethics in their business practices, client relations, and community connections. We are proud to tout this distinction in our level of service and how neatly it is woven into our history as a Coldwell Banker firm. For over 85 years, this has been part of Coldwell Banker Caine’s mission and we hope one of our ethically driven REALTORS® can serve you in the days, weeks, and months to come.
Whether buying or selling, we believe you deserve a full-time agent who knows more, sells more, and has access to better tools and training than anyone else in the industry. Coldwell Banker Caine REALTORS® are supported by a team of marketing professionals, market experts, and world class technology. All of this helps them outpace the average agent in productivity, average sales price, and annual volume sold.*
*Based on GGAR & SAR averages in 2018.