Right up there with getting married, having children, landing a coveted job or retiring, buying or selling a home marks one of life’s most significant milestones. The complexity and demands of a home purchase or sale are simplified and enhanced when you team up with a REALTOR® as your expert partner in the transaction.
What is a REALTOR®?
A REALTOR® is a real estate agent who is a member of the National Association of REALTORS® (NAR). “This matters because REALTORS® agree to promote fair practices and to be part of a strict code of ethics governing integrity, honesty and professionalism,” said Anne Burroughs, president of the Charlottesville Area Association of REALTORS® (CAAR). “Only members of NAR are bound by this code.”
Biggest asset, largest transaction
For most people, their home is their biggest asset and buying or selling their property is the largest transaction they’ll ever make. You don’t want to go it alone when making “the biggest decision of your life,” said Burroughs.
Enlisting a REALTOR® for knowledge and support means you have a qualified professional on your side. “A REALTOR® advocates for you and helps protect your rights,” said Josh White, CAAR president-elect.
Tools and resources for success
Buying or selling a home is a complicated process with multiple moving parts, said S. Lisa Herndon, CAAR immediate past president. “A REALTOR® can analyze the multiple listing service database, help you prioritize your needs and act as your trusted adviser,” she said. “Even when a buyer has already decided on a house, they still need a REALTOR® to manage the process, decipher the legalese into understandable lay terms and negotiate the contract.”
The expertise of a REALTOR® also includes in-depth knowledge of local markets and the ability to create comparative market analyses to help with pricing, Burroughs said. “Past sales data isn’t easily available online. REALTORS® can help people determine, ‘Is this a fair price? What should my offer be?’”
Herndon added that advanced technology like artificial intelligence can aid REALTORS® in analyses of market data and recommendations for property valuations. “This helps homebuyers and sellers understand how these variables impact making an offer or setting a selling price,” she said.
The role of a REALTOR® as an educator and counselor is also crucial in real estate transactions. “Guiding clients to wise decisions and educating them about what financing options are available provides valuable support,” White said.
Project management means stress reduction
Moving is stressful enough without having to coordinate what the title companies, lenders, inspectors and contractors are doing. “A REALTOR® acts as an essential project manager and ensures that everyone is doing what they’re supposed to be doing and when,” said Burroughs. “The REALTOR® is the center of the wheel.”
REALTORS® can also point people in the right direction when clients are looking for movers, painters, floor refinishers, landscapers or repair people. “You’re going to get hundreds of results if you search for ‘painter,’” Burroughs said. “A REALTOR® has a wealth of vetted local contacts.”
No set commission rate and the buyer-broker agreement
REALTOR® commission rates are — and always have been — negotiable, said Herndon. “New regulations have changed the timing of the conversation about commission rates and the signing of the buyer-broker agreement,” she said.
A buyer-broker agreement has been mandatory in Virginia since 2012, Herndon said. “The new NAR requirement that took effect in August 2024 means that a buyer-broker agreement must be signed before a REALTOR® can show a property to a prospective client,” she explained.
Burroughs emphasized that “signing a buyer-broker agreement doesn’t mean you’re marrying your REALTOR®.” The agreement can be written for one day to show a specific property and amended to cover a longer period if the client decides to develop a relationship with that REALTOR®.
“The buyer-broker agreement specifies expectations and defines how the compensation will be paid. It’s legal protection for both REALTORS® and clients,” said White.
Find REALTORS®, property in Charlottesville
To find a home, view open houses or to find a REALTOR®, visit caar.com for residential properties. To search commercial listings or to find a REALTOR® who specializes in commercial property, visit cvcmls.com.
