Why Use a REALTOR®?

Many people mistakenly think that all you have to do to sell a home is put up a sign, place an ad online, and it will sell - then you file a few forms with the county, and that's all there is to it!

Anyone who has been through the process knows it involves much more than that. There are plenty of areas where a transaction - and even the words used in an ad - can run afoul of the law. This can place the buyers and sellers in real legal jeopardy. A REALTOR is a professional - like a doctor, lawyer, or architect, who knows exactly how to make all the pieces fit together so you can get the job done, and done right! And it pays to know the difference.

Being a REALTOR means that you have gone above and beyond what your state requires to get a state issued real estate license, and have committed to an industry that helps people navigate through the biggest purchases of their lives, and to do so ethically, with responsibility to the clients, and in the advancement of protecting the homeowners both in the process, and in their investment. Using a REALTOR means that you hold your standards and practices for your industry above all else for the benefit of the consumer.

REALTORS subscribe to a Code of Ethics - Ethics that call for responsible use and protection of the land, and the opportunity for the widest distribution of ownership of the land - so that we may all benefit from its responsible use personally, professionally, and publicly.

You can read our Code of Ethics HERE, or You can listen to the Preamble and each separate Article of our Ethics HERE (Total time is less than 11 minutes)

At the Beverly Hills/ Greater Los Angeles Association of REALTORS we also hold a unique distinction, as our organization was part of the original founding group of the National Association of REALTORS (NAR) in 1908, along with the California Association of REALTORS (C.A.R.) in 1905. The Los Angeles Real Estate Exchange was founded in 1903 - as an attempt to ensure honest, respectable, and common business practices between real estate professionals, to ensure an honest transaction, and a protection for client purchases and investments. 2 years before C.A.R., 5 years before NAR, and 14 years before California passed the first law in the country requiring a real estate license.

Over a century later, the Beverly Hills/ Greater Los Angeles Association of REALTORS (BH/GLAAR) remains committed to those ideals. Now with more than 9,500 REALTOR members service the communities of Beverly Hills, Culver City, Los Angeles, Santa Monica, and West Hollywood - BH/GLAAR is stronger than ever, and proud to be a part of our community.

About Real Estate in California California Bureau of Real Estate (CalBRE) - oversees the regulation of the practice of real estate in California, issues licenses, and administers the standards to practice real estate as prescribed by the California Legislature. CalBRE is overseen by the California Department of Consumer Affairs. The laws governing the practice of real estate can be found HERE.

Knowing the Difference Between a REALTOR, a Broker, a real estate agent, and other terms

Real Estate Agent - Someone who has met the requirements of their state real estate department, bureau or commission, and passed the appropriate tests to broker real estate. Someone who has passed the Sales or Broker Associate (Not something done in California, but is done in other states) test must conduct business with the assistance of a Broker. REALTOR - A licensed real estate professional that helps members of the public navigate the home and property buying process. REALTORS are members of the local, state and National Association of REALTORS and subscribe to the NAR Code of Ethics. Broker - A licensed real estate professional that is able to conduct real estate transactions by themselves, and is able to oversee Agents, Salespersons, and Broker Associates. Some Brokers may also choose to work for another Broker as well. Real Estate Salesperson - Another term used for a Real Estate Agent Associate Broker - Some states do not offer a real estate sales license, but instead offer different standards for an associate broker - someone who works under a licensed real estate broker.

REALTOR.com has included some additional information on real estate terms in their "find REALTORS" section to help consumers better understand the real estate industry and process.

March 22, 2017
California pending home sales dial back, marking weakest February in three years
LOS ANGELES (March 22) – After a solid start to the year in closed escrow sales, low housing inventory, eroding affordability, and rising interest rates mildly pulled back pending sales on a year-over-year basis in February, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.
In line with seasonal patterns, REALTORS® responding to C.A.R.’s February Market Pulse Survey** saw elevated market activity, with an increase in floor calls, presentations, and open house traffic for the second month in a row.
Pending home sales data:
• Based on signed contracts, statewide pending home sales decreased in February on a seasonally adjusted basis, with the Pending Home Sales Index (PHSI)* declining 2.6 percent from 113.5 in February 2016 to 110.6 in February 2017, marking the weakest February in three years. On a monthly basis, California pending home sales were up 3.2 percent from the January index of 107.2. 

• After leading the state for the past year, non-seasonally adjusted pending home sales in the Southern California region decreased for the first time in nearly a year, slipping 2.8 percent from 97.9 in February 2016 to 95.2 in February 2017. The year-over-year decline was driven by a decrease in pending sales of 2.6 percent in Riverside County, 5.1 percent in San Diego County, 6 percent in Orange County, and 12.2 percent in San Bernardino County. Only Los Angeles County posted a year-over-year improvement in pending sales, but only by a paltry 0.9 percent.

• For the San Francisco Bay Area as a whole – which has been plagued by a shortage of homes on the market and poor affordability – non-seasonally adjusted pending sales were down year-to-year for the fifth straight month, with every tracked county in the region experiencing a drop in pending sales activity. The Bay Area pending sales index fell 10 percent from 145.2 in February 2016 to 130.6 in February 2017. Santa Cruz and San Francisco counties experienced the largest year-to-year reductions in pending sales of 40.6 percent and 23 percent, respectively. Pending home sales fell 9.2 percent from the previous year in San Mateo County, 7.5 percent in Santa Cruz, and 5.6 percent in Monterey.

• Pending sales in the Central Valley Region fell 11.4 percent from 86.2 in February 2016 to 76.3 in February 2017. Within Central Valley, pending sales were down 1.6 percent in Kern County and 19.4 percent in Sacramento compared with a year ago.

Year-to-Year Change in Pending Sales by County/Region

* Seasonally adjusted

February REALTOR® Market Pulse Survey**:

While pending sales were lower in February, California REALTORS® responding to C.A.R.’s February Market Pulse Survey expect improved market conditions in the near term, as they reported an increase in floor calls, listing appointments, and open house traffic, as well as an increase in multiple offers.

• The share of homes selling above asking price dipped from 31 percent a year ago to 30 percent in February. Conversely, the share of properties selling below asking price increased to 37 percent from 35 percent in February 2016. The remaining 34 percent sold at asking price, down from 35 percent in February 2016.

• For homes that sold above asking price, the premium paid over asking price edged up to 12 percent, up from 11 percent a year ago.

• The 38 percent of homes that sold below asking price sold for an average of 14 percent below asking price in February, compared to 13 percent a year ago.

• Nearly three-fourths of properties for sale (71 percent) received multiple offers in February, down from 75 percent in February 2016.

• The share of properties receiving three or more offers in February was 47 percent, compared to 48 percent a year ago.

• The share of homes priced $500,000 to $749,000 posted the largest gain in receiving three or more offers, rising from 9 percent in February 2016 to 12 percent in February 2017.

• As prices fell more in line with the market, listing price reductions declined to 22 percent in February, down from 26 percent in February 2016.

• Rising for the sixth straight month, a lack of available inventory was the top concern for 40 percent of REALTORS®, the highest level in a year. Eroding housing affordability/high interest rates concerned 32 percent of REALTORS®. Inflated home prices/housing bubble was cited by 14 percent of REALTORS®. A slowdown in economic growth, lending and financing, and policy and regulations rounded out REALTORS®’ remaining biggest concerns.

• REALTORS®’ expectation of market conditions over the next year edged up in February to an index of 68, up from an index of 64 a year ago.

Graphics (click links to open):
• YTY change in pending home sales by region.
• Pending sales vs. closed escrow sales.
• Share of properties receiving multiple offers.
• Price range of homes receiving 3+ offers.
• Lack of inventory tops REALTORS®’ concerns.

*Note:  C.A.R.’s pending sales information is generated from a survey of more than 70 associations of REALTORS® and MLSs throughout the state. Pending home sales are forward-looking indicators of future home sales activity, offering solid information on future changes in the direction of the market. A sale is listed as pending after a seller has accepted a sales contract on a property. The majority of pending home sales usually become closed sales transactions one to two months later. The year 2008 was used as the benchmark for the Pending Homes Sales Index. An index of 100 is equal to the average level of contract activity during 2008.

**C.A.R.’s Market Pulse Survey is a monthly online survey sent to more than 10,000 California REALTORS® to measure data about their last closed transaction and sentiment about business activity in their market area for the previous month. Approximately 300 REALTORS® responded.

Leading the way...® in California real estate for more than 110 years, the CALIFORNIA ASSOCIATION OF REALTORS® (www.car.org) is one of the largest state trade organizations in the United States with more than 185,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.
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http://www.bhglaar.com/consumers/community-search