What You Should Know About Realtors

          The first step is to do your own research. We have provided some basic information on this site that every purchaser of real estate should know. The second step should be to locate a qualified Realtor in your area that is willing to put in the time and effort to find the property that you are looking for as well as represent your best interests as you Buyer-Broker.

          A Realtor is a member of the Multiple Listing Service (MLS). This wonderful database is the most useful tool a Realtor has in their arsenal in assisting you in locating a home. Only Realtors have full access to this database which contains the most complete, accurate, an up to date information of properties available for sale. No newspaper, magazine, or public database can come close, so those of you who wish to go it alone, Good Luck!

          Remember, the term Realtor and Broker are not synonymous. To be a Realtor, a person has to be an active member in the National Association of Realtors, and as such, subscribe to the integrity and ethical code this organization has laid out for all its members. To be a Broker or Salesperson, a person has to be licensed by the state that they are actively conducting business in. Ideally a potential Broker or Salesperson that you would wish to represent you should also be a Realtor.

          This Realtor, if they are worth it, should know something about real estate transactions, as well as construction and financing. While not necessarily experts in the latter, they should be able to connect you with experts in those fields, such as expert mortgage brokers and home inspectors, and licensed home contractors. Beware of hidden costs associated with Buyer Broker relationships. I understand that several of the larger real estate companies and franchises are charging 'Administrative Fees,' to both Buyers and Sellers, as much as ($200) two hundred dollars to cover copying and contract costs. I would suggest to stay clear of any company that would charge extra fees in addition to the commissions that they are already being paid.

         Which brings me to another point that is often confusing to potential Buyers. Commissions that Realtors earn. According to law, all commissions are negotiable. A Buyer-Broker is usually paid by the Listing Broker at the time of closing as compensation for presenting a Buyer that purchases the property. The amount is pre-determined by the Listing Broker and displayed in the property listing on the Multiple Listing Service (MLS). So, in essence the Buyer does not pay the Buyer-Broker unless there is some other agreement made between them by contract and always in writing. Knowing this, Buyers beware of 'Administrative Fees,' or additional fees of any kind.

          Although all of what you have read is just my viewpoint, I would like to opine on one other topic: The relationship between Buyer and Realtor Buyer-Broker. When you get down to it. Its all about trust. Make sure your Buyer-Broker is not only competent, but trustworthy to you. If you have any further questions please call 203-287-8199 or e-mail. We will be happy to speak with you.

          Thank you,

          Tony Guistinello

          Realtor/Broker

          Aristide & Maxwell LLC, Realtors