Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Explanation of Real Estate Titles

by Linnea Lavell

Recently I sat for my Broker exam and passed so I am now an Associate Broker.  The exam consists a State and National portion with a maximum of 4 hours to complete the exam.  

While updating my new title on my website and all of my advertising, I got to thinking "Do our clients and customers really understand the difference between a real estate agent,  Broker (Managing Broker or Associate Broker), Realtor, Real Estate Salesperson and an unlicensed assistance."  I wanted to take a few minutes and explain the differences in hope of giving a better understanding to our clients and customers we assist with buying, selling and leasing homes.

Each state regulates their individual requirements for licensure for that state but the titles you will come across in each state will be similar.

  • Real Estate Agent:  A person who has earned a real estate license can be called a Real Estate Sales Associate, Salesperson or Agent.  Requirements will vary from state to state but in most states you are required to take a minimum number of classes, submit an application, pay licensing fees and pass your test. For additional information on requirements in the state of Texas, visit the Texas Real Estate Commission website.
  • REALTOR®:  A real estate agent who is a member of the National Association of REALTORS®.  Membership requires the agent to uphold the standards of the association and its Code of Ethics.
  • Real Estate Broker: A person who has additional education beyond the agent level as required by the State, has satisfied the experience requirement, submitted the application, paid fees and passed the state/national Broker exam.  Broker's can work alone or hire agents to work for them. The Managing Broker is responsible for the actions of agents they sponsor or manage.
  • Real Estate Sales Associate or Salesperson:  Same as a Real Estate Agent.
  • Real Estate Associate Broker:  A person who has taken the additional education to earn a Broker's license but chooses to work  under a managing Broker.

If you are planning to purchase or sell a home, it is important to schedule a face to face meeting with the agents you are interviewing so you can ask important questions to determine their knowledge, experience, skill set and personality of the Agent or Broker.  For additional information or to schedule an appointment, please contact our office.

 

 

Buyer Representation When Purcahsing a Home

by Linnea Lavell

Buying a home is one of the largest financial decisions you will ever make so doesn't it make sense to have an experienced representative to work with you during the transaction?   

Not all real estate agents are created equal so here is a further explanation of types of buyer representation.

A Buyer's Representative (or simply Buyer's Rep) is a licensed real estate agent that represents a prospective home buyer during their transaction.   You can expect a Buyer Rep to assist you with how much you house you can afford to buy, understand your wants/needs, locate appropriate properties, view the homes with you, provide information on homes, advise you in formulating an offer, help with a negotiation strategy and keep track of the details throughout the transaction.  A Buyer Rep should make the home buying experience go as smoothly and successfully as possible.

An Accredited Buyer's Representative (ABR) is a buyer's agent who has taken advanced training and  who has proven experience in servicing the special needs of the buyer client.  In addition to knowing the dynamics of the local market, an ABR designated buyer's rep can help you make informed decisions throughout the entire home buying process.  

A Buyer Rep and an ABR can also assist you with new construction.  It is important to remember that the builder representatives are just that - representatives of the builder.  When making such a large financial decision, it is important to have someone that represents you the buyer and can help you throughout the home buying process.

Many buyer's are concerned about the commission for a buyer's rep.  In the vast majority of cases, the seller's contract outlines the commission for the buyer's rep.  

If you are considering purchasing a home in the North Texas area and need an ABR, I would be happy to assist you.  To schedule an appointment visit my website.

 

 

 

 

Real Estate Designations

by Linnea Lavell

Have you ever noticed that many real estate professionals have a list of letters behind their name but you have no idea what these letters mean?  These are acronyms for designations that the agent/broker has earned to better service their clients needs. 

According to The NATIONAL ASSOCIATION OF REALTORS®, REALTOR® Designations— The Mark of Expertise and Service has a variety of affiliates that provide designations acknowledging experience and expertise in various real estate sectors.

NAR also offers designations and certification programs to its members, including:

ABR® – REALTORS® with the ABR® (Accredited Buyer’s Representative) designation understand the special needs of buyers. By working with an ABR®, you’ll be working with someone who has gone the extra mile by completing specialized training in delivering the best in buyer representation services.

CIPS – The Certified International Property Specialist (CIPS) designation prepares REALTORS® to service foreign investors, helping local buyers invest abroad, or serving an immigrant buyer locally. It is awarded to practitioners who meet the specified educational and practical experience criteria.

GRI – A REALTOR® with the Graduate REALTOR® Institute (GRI) designation is trained in many areas, including legal and regulatory issues, professional standards, the sales process and technology. A minimum of 90 hours of training is required to achieve the GRI designation.

e-PRO® – e-PRO® certification indicates that a REALTOR® has been trained on social media strategies and technology tools required throughout the real estate transaction.

SRES® – When looking for a real estate professional that will respond to your specific 50+ real estate needs, look for a Seniors Real Estate Specialist® Designee.

SFR – REALTORS® who have earned the Short Sales & Foreclosure Resource (SFR) certification are trained to help buyers and sellers maneuver the complexities of these transactions.

GREEN – A REALTOR® awarded NAR’s Green Designation is trained on a variety of sustainable topics including green materials, energy-efficient technology, green ratings, green design, green living, green incentives and more! If you are overwhelmed by going green, an NAR Green Designee can help you.

There are also other certifications that can be achieved outside of NAR.  For example, Certified Distressed Property Expert (CDPE) which is defined as a real estate professional with a thorough understanding of the complex issues in today’s turbulent real estate industry and knowledge of foreclosure avoidance options available to homeowners.

So, when you see the list of acronyms after a real estate professionals name, know that they have taken additional training to earn designations and educate themselves so they are better prepared to navigate the complex real estate market place. 

Displaying blog entries 1-3 of 3

Contact Information

Photo of Linnea Lavell Real Estate
Linnea Lavell
Lavell Realty, LLC
P.O. Box 1243
Little Elm TX 75068
214-280-5900
214-810-5906
Fax: 877-488-1740