The Truth About Realtors

Recently, I discovered that Realtors was ranked as the least respected profession in the United States by an annual survey. Realtors have fallen to the bottom for the first times in history. We have finally beaten used-car salesman in the ranking of the least respected profession. Different polls produce different results. But this poll focuses on the trust professionals have in giving good advice realtors in burleson tx.

Herein lies a special conundrum for me. To start, certain significant differences exist between professions. Realtors for example are licensed. This means that they are governed three ways: by their local board of Realtors or their state board of Realtors. Each Realtor must pass several important signposts in order to be licensed. To get a Texas license, each Realtor must take at least three college level courses. However, this is only applicable to college-degreed persons. For those without an accredited degree, additional courses are required. Next, the candidate must pass licensing exams.

To retain their license once they have been granted it, continuing education is mandatory. This is common in many fields, including Law, Accounting, and Law. This requirement is strictly enforced. They must have a minimum level of knowledge in real estate law. It is important that realtors remain current on changes in realty law and law. In some cases, this can include mortgage fraud. Even if they are not aware of the law, they may face criminal charges and significant fines. The law cannot be ignored.

A Realtor, acting as a seller’s agent, will often be able detect red flags of mortgage fraud, and alert their client to potential relief sources to avoid a negative outcome (like imprisonment). The Realtor can, in certain cases, not only help you sell your home but also keep you out from trouble.

A code of ethics governs Realtors. Realtors are required to agree and follow it. Otherwise, they may be brought before the appropriate court of inquiry by their local or State boards to determine their guilt and/or innocence. If a realtor is found guilty of operating illegally or unethically, their license to practise can be suspended.

Did you realize that real estate agents are also governed under the same law that governs attorneys. It’s called Law of Agency. The Law of Agency varies from one state or another, but it basically says that a realtor must put your interests before their own. It’s important to note that both Realtors as well as attorneys are bound by the identical set of laws. Yet, attorney’s rated MUCH higher on the poll.

Have you ever thought about how much it costs just to practice realty? It costs thousands of dollars to become a real estate agent, including the cost of joining local, state, or national boards.

And we are not done. After becoming a licensed Realtor, they need to find a Broker who will sponsor them. It’s not that difficult. However, if you don’t have a good reputation in the area (and in real-estate, everyone knows everyone), it might be more difficult than you think. Because these brokers have poor reputations, they won’t touch them. In such cases, a realtor has only one option: to become a Broker. This requires more classes and more training as well as another licensing test. This does not necessarily mean that every small brokerage is a scam. In most cases, however, they are just entrepreneurs trying to create a legitimate business. There are also cases when this is the last chance some Realtors have to practice real-estate before they are expelled from town.

I know it sounds like I’m talking too much or that I’m complaining about something trivial, but I’m not. I have an MBA; Certified Management Accountant; Certified in Financial Management; I worked for 23 years in banking, as well as being a business consultant. I quit my job two years ago because I was unhappy with the political machinery within corporate America. To create a trustworthy and honest business, I joined forces with my wife. I became Realtor.

I discovered that no one trusted my abilities, and that was somewhat surprising. People believed I was a passive agent who simply put up a property for sale, then watched TV and drank beer while waiting for the right person to come along. They thought it was real. They complained about the fact that I wasn’t doing anything for their benefit.

Wow! If they think that I wasn’t working for me, they should take a good look at corporate America.

Now, this is what I found out. I received these complaints at approximately 8:30 p.m. while still working in my office. These clients thought it was 8:30 PM, but I was still at the office. For me to be competitive in realty I work seven days a weeks, beginning at 9:00 a.m. and ending around midnight. (I used tease my wife for forgetting to eat lunch. But, now that she’s in the business, it makes sense). That’s just what it takes to get all the phone calls answered or returned, the negotiations put to bed, the inspection issues resolved, the photos and virtual tours taken and posted, the newspaper ads ordered, the just listed cards sent out, the just sold cards sent, the monthly newsletter and other marketing materials in the mail, the website and MLS updated, the flyers designed, printed, and delivered to the property, the books balanced, the supplies replenished, the equipment fixed, the computers/printers/fax kept operational, the emails read and processed, the mail read and processed, all the paperwork completed perfectly and processed (the then verified for accuracy), the prospecting done, the client follow-ups finished (time permitting), the closings attended, the closing gifts purchased and delivered, the listing presentations prepared and made, the comparative market analyses done, potential homes identified for buyers, the potential homes shown to buyers, the bills paid, the mandatory education completed, the 800 numbers recorded, all amendments signed and filed correctly, putting out ‘for sale’ signs/lock boxes/flyer boxes (or picking them up after a sale), the open houses held, the flyers prepared and distributed in every broker’s office in town for the open house, holding realtor luncheons, flyers prepared and distributed at every broker’s office in town for the realtor luncheon, buying and preparing the food for the realtor luncheons, talking to other agents to get feedback on home showings, and talking to others agents about our listings, fending off frivolous lawsuits, AND telling our clients that we ARE working on selling their home even if they don’t hear from us every day or even if they don’t see us doing anything.

These are just a few of the things we do every day. While every day is different and unique, that does not mean that all of it is.

My point?

So, it’s obvious that Realtors are not rated high enough. We are at the bottom on the list of all professions. How is that possible?! This is not a criticism of used car salesmen, but it does make me wonder how a licensed, regulated profession can be so respected. It is mind boggling. Are they licensed to sell used cars? Are they held to high ethical standards Also, think about this: How much do they charge to be used-car salesmen?