In the real estate industry, it’s crucial to understand the correct terminology when referring to professionals who sell houses. Join me in this video as I clarify the differences for you. Let’s dive right in.
A quick search on Google reveals that a realtor is a real estate professional who holds membership in the prestigious National Association of Realtors (NAR). Think of NAR as the equivalent of the American Medical Association for Physicians. But what sets a realtor apart from a regular real estate agent?
Realtors are affiliated with NAR, which automatically makes them members of their respective state associations. In Michigan, it’s the Michigan Association of Realtors (MAR). Additionally, there are local associations such as the Grand Rapids Association of Realtors (GRAR), which are tied to the local Multiple Listing Service (MLS).
Here’s the critical part: If an agent doesn’t belong to NAR, they cannot join the state or local associations. This has two significant implications. Firstly, they lose access to the MLS, a powerful tool for listing and selling properties. Without MLS access, alternative methods must be found to market and sell properties, which can be quite challenging and limit exposure to a broader audience.
Secondly, by not subscribing to NAR, they are not bound by its stringent code of ethics. NAR’s comprehensive eight-page document outlines an agent’s responsibilities to clients, the public, and fellow agents. It emphasizes the importance of ethical behavior in every situation, ensuring fairness and professionalism.
Now that we’ve cleared up the distinctions, there’s one more essential detail to address. It’s pronounced “ree·uhl·tr,” not “real-tor.” Pay attention to the spelling—there’s no “A” after the “L.” So, let’s all use the correct pronunciation, “ree·uhl·tr,” and refrain from mispronouncing this term.
I hope this video has provided you with valuable insights, enabling you to differentiate between an agent and a realtor and pronounce it correctly. Remember, at Yoder Real Estate, we are committed to serving you as professional realtors. Visit us at yoderrealestate.com for more information. Don’t forget to hit the subscribe button and like this video to access more informative content. We’re here to assist you every step of the way.