President's Column: What is a Realtor®?

Lori Elswick, 2010 President, Lorain County Association of REALTORS®

Lori Elswick 2010 LoCAR President

What is a Realtor®? I’ve been approached with that particular question a lot lately. I actually welcome the opportunity to explain my chosen profession.

First, let me tell you what a REALTOR® is NOT. A REALTOR® is not the same as a “real estate sales agent.” The term REALTOR® is not a generic term; it is a registered collective membership mark that identifies a licensed real estate professional who is a member of the National Association of REALTORS® (NAR).

Let me explain, there are approximately 3 million licensed real estate sales agents in the United States, and 2 million of them are considered “active licensees,” but only just over a million of them have chosen to become members of NAR. Members join NAR through their local REALTOR® association, like the Lorain County Association of REALTORS® (LoCAR) and through their state REALTOR® association, like the Ohio Association of REALTORS® (OAR).

Only REALTORS®, as members of NAR, subscribe to a comprehensive Code of Ethics that complements our Ohio licensing requirements for real estate salespersons. The REALTOR® Code of Ethics establishes standards of practices and obligation of REALTORS® to their clients, the general public and other REALTORS®. Real estate professionals who are not REALTORS® do not subscribe to this Code of Ethics.

Also, REALTORS® must take a refresher training course on the Code of Ethics every four years. New members of NAR are required to take orientation classes on the Code of Ethics.

A REALTOR® has access to a wide range of marketing tools to use to promote your house to the homebuying public. The most important of these is the Multiple Listing Service (MLS), a listing of homes for sale in a designated area that is made available to all of its members. In Northeast Ohio this service is known as the Northern Ohio Multiple Listing Service (NORMLS), which is the largest MLS in Ohio. Through the MLS your house is shown on the Internet at www.realtor.com - the largest internet-based website of homes for sale.

REALTORS® have access to educational opportunities and professional training in real estate specialties. In these courses, REALTORS® learn to develop skills in guiding clients through the real estate transaction process. NAR offers advanced educational opportunities to its members that allow REALTORS® to offer a more diverse array of services with such accredited sub-specialties as buyer’s representation (ABR®), residential real estate expertise (CRS®), Internet readiness (e-PRO), and senior housing issues (SRES).

NAR’s legislative advocacy on the national level supports interest rate deduction and other federal policies that help keep housing more affordable and makes housing a great investment. In Lorain County, REALTORS® participate in housing programs that provide tools and resources for promoting affordable housing at local, state and national levels. Sound national housing policies empower home seekers to be part of the American Dream of home ownership.

REALTORS® care not only about helping people become homeowners, but also making sure families can keep their homes. They are actively engaged in buyer financing education and in pushing legislation that protects consumers in the real estate transaction.

I hope that I’ve provided you with an answer to the question, “What is a REALTOR®?” while at the same time illustrated what a member of the Lorain County Association of REALTORS® can do to assist you in buying or selling your next home.

Members of the Lorain County Association of REALTORS® care about the community in which they live, work and support.

The Lorain County Association of REALTORS® is one of more than 1,200 local boards and associations of REALTORS® nationwide that comprise the National Association of REALTORS®. The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.

The Lorain County Association of REALTORS® offers a website that provides a complete listing of REALTOR® real estate brokerages in Lorain County, contact information for REALTOR® members, and industry associates. If you are a first time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR® information.

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS®. All REALTORS® are members of NAR along with their State and Local Associations.