 You’re thinking about buying a house, and your friend refers you to her real estate agent. But you’ve heard about REALTORS® and wonder if that’s the same thing. The truth is, it’s not, but the question has some consumers wondering if it really matters anyway.
"I don’t really know if my agent is a REALTOR®," admits John Miller, a San Antonio resident who is considering a move to another house in his neighborhood. "I guess as long as the person does the right thing by me and gets my family a good deal, it doesn’t matter."
The fact is, it does matter, and it’s a distinction that requires a bit of explanation. In Texas, the Texas Real Estate Commission (TREC) is the licensing authority for agents and brokers. But merely holding a real estate salesperson or broker’s license does not make someone a REALTOR®. Only membership in the National Association of Realtors entitles licensees to use the term REALTOR®.
When a Texas real estate licensee becomes a REALTOR®, he or she holds membership in the National Association of REALTORS®, the Texas Association of REALTORS® and — in a lot of cases — membership in one of more than 90 local REALTOR® associations throughout Texas.
Why use a REALTOR®?
Whether you’re thinking about buying a house or just looking, it’s important to hire someone who carries the REALTOR® designation — not just a licensed broker. And there is a difference. REALTORS® must adhere to a nationally recognized code of ethics that clearly identifies their responsibilities to you, the consumer.
There’s also a host of requirements before a person can start selling real estate. First, a person must be licensed by the state in which they work, either as an agent/salesperson or as a broker. Before a license is issued, the person must meet minimum standards for education, examinations and experience, which are determined on a state-by-state basis. After receiving a real estate license, most agents go on to join their local board or association of REALTORS® and the National Association of REALTORS®. Only after all these steps are taken can a person be called a REALTOR®.
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There are other perks to hiring a REALTOR®. According to NAR, in most areas, it is the REALTOR® who shares information on homes they are marketing through a Multiple Listing Service (MLS). Working with a REALTOR® who belongs to an MLS will give you access to the greatest number of homes.
However, the cornerstone of what it means to be a member is the REALTOR® Code of Ethics. This code creates the true value that makes the real estate business a profession. They pledge that they will protect their clients’ interests — basically, it’s a code that no other agent but a REALTOR® has.
REALTORS® also have a long track record of protecting property owners. Working together in Congress, statewide and with city councils and other regulatory bodies, they help keep the cost of real estate transactions down and protect consumers from proposals that would make homeownership more difficult. Finally REALTORS® are plugged into the best information and education, so they know more about the process of buying and selling real estate.
What do you mean Whadayamean?
To help spread the word about the benefits of working with a REALTOR®, the Texas Association of REALTORS® created a 60-second radio commercial called Whadayamean. The radio spot helps consumers understand that REALTORS® are different from licensees who are not members, mentions some of the key differences, and encourages consumers to ask if their real estate agents are REALTORS®.
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