While you have probably heard the National Association of Realtors®’ (NAR) commentary on the definition of a Realtor®, you may have just assumed that a real estate agent is a Realtor®. Not so fast – there are 23,000 real estate agents in the state of Colorado, and only 15000 Realtors®. What is the difference? A Realtor® must belong to a local association, the state association of Realtors,® and to the National Association of Realtors®. While of all of these memberships are expensive to join and to maintain, this isn’t the sticking point. Being a Realtor® is a public safeguard that provides an assurance to the public that the agent is following the Realtor Code of Ethics, which is the Realtor® Bible. If the Code is not strictly adhered to, the local association can mandate sanctions and monetary penalties. It is the place a member of the public can go to file a complaint or a grievance, although if a real estate agent is closely following the code of ethics, then this is highly unlikely. It is important to keep in mind that all real estate agents are not the same, and that all real estate agents are not Realtors®.
Something that has troubled me in recent months is the predominance of real estate companies that I have never heard of (ABC, XYZ, or KMN real estate company) showing listings. This is the result of the fact many agents deciding to “strike out” on their own in the depressed Denver real estate market. In Colorado, it is not necessary to belong to a board to have access to the MLS, or to show listed homes. This is an unnecessary risk to the public, one that requires added due diligence on the part of the listing agent. Now that you know the difference, please make certain that your real estate agent is a Realtor®.
For more information on the meaning of a Realtor®, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance