Will REALTORS® be Replaced by Technology?

Realtors

RealtorYou have probably heard the predictions about all the new technology and online resources that will make real estate agents obsolete. Before you buy in to that prediction, take a look at what REALTORS® actually do. For every hour a REALTOR® spends with you, we’re spending weeks, and sometimes months, behind the scenes working to make your transaction run smoothly.

The Difference Between a Real Estate Agent and a REALTOR®

If you’re looking for REALTORS® in Broward County, the first thing you need to know is that there is a difference between a real estate agent and a REALTOR®. A real estate agent has passed the state exams and acquired a real estate license. A REALTOR® has a license, but they’re also members of the National Organization of REALTORS® (NAR).

As NAR members, REALTORS® have access to a wide array of tools, market data and educational opportunities that help them to serve their clients at the highest levels of professionalism.  In addition, members must abide by a wide-ranging Code of Ethics.

The Code of Ethics covers everything from how a REALTOR® will represent their clients, handle offers and counter offers, preserve confidential information, disclose facts about properties, and more. It makes a REALTOR® a person that can be trusted to assist with one of the most important transactions they’ll ever make.

How REALTORS® Make a Difference

Technology has many uses in the real estate industry. However, technology can’t do many of the things that a REALTOR® does. Here are some examples.

Provide Accurate Local Market Knowledge

A REALTOR® can give you the best information about the real estate market in your area or the area you’re interested in. Some online resources say that they provide this type of information, but if you want the real facts, you need to talk to a REALTOR®.

For example, Zillow Zestimates are notoriously inaccurate. If you’re selling your home, you won’t have much success if you depend on a Zestimate of your home’s value to set a selling price. A REALTOR® has the knowledge and the market insight to prepare a Competitive Market Analysis (CMA) that will help you set a market price to get the highest price the market will bear.

REALTORS® can give you the latest market data, but they can also help you interpret that information. If a home in your neighborhood sold for more or less than you’d expect, your REALTOR® is the one who will know why.

Your REALTOR® will also be familiar with the neighborhoods you may be interested in and can help you quickly narrow down your search to those neighborhoods that offer the type of homes and lifestyle you’re looking for. You could figure it out yourself, but it would take hours of looking at home listings or matching home listings to demographic data. And, even after all that, you’d still need to visit the neighborhoods to get an idea of what’s behind the statistics.

Manage the Process

Real estate is becoming an increasingly complex undertaking as federal and local governments pass laws or regulations to protect consumers. If you had to identify and study all of these regulations, you’d never get around to buying or selling real estate!

The State of Florida has regulations that govern the type of disclosures sellers must make concerning the condition of their home, home inspections, purchase agreements and other paperwork requirements. The Federal government publishes laws about things like fair housing and settlement procedures. Local governments have regulations that govern zoning, building permits, property lines, taxes and more.

Besides the legal side of real estate transactions, your REALTOR® is the conductor for a symphony of people and paperwork that must be done properly to successfully close a real estate transaction. This is just a brief overview of the types of things a REALTOR® does:

  • For Buyers
    • Assists in selecting a mortgage loan officer, then follows the pre-approval to completion
    • Assists in defining needs and wants, identifies potential listings and neighborhoods
    • Conducts showings
    • Provides advice on preparing offers and presents to the seller
    • Negotiates with seller’s agent
    • Attends the inspection
    • Monitors the appraisal, final mortgage approval, schedules closing
    • Coordinates with the buyer and seller if the inspection identifies issues
    • Conducts final walk through
    • Ensures that all professionals and paperwork are on track
  • For Sellers
    • Makes recommendations on preparing the house for sale
    • Assists in setting the sales price
    • Prepares MLS listings
    • Creates and implements a marketing strategy
    • Promotes your house to their network of buyers and other professionals
    • Monitors sales activity, obtains buyer feedback, adjusts marketing plan as needed
    • Vets buyers and presents offers
    • Negotiates with buyers and buyer agents
    • Monitors the inspection, appraisal, schedules closing
    • Ensures that all professionals and paperwork are on track

Most people get into real estate because they love helping people. But, in the end, REALTORS® are conductors, schedulers, negotiators, mediators, relocation experts, teachers, problem-solvers and sometimes even marriage counselors.

I figure that when a computer can do all those things, the members of the Teri Arbogast Team will need to find other employment. But, I’m not planning on that happening any time soon, are you?

If you have questions about Davie real estate, or plan to buy or sell homes in Davie, feel free to give us a call at 954-242-8030 or send an email. We’ll use all of our skills to help you make a wonderful and informed real estate decision.

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