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M. Faye Humphrey

Advancing Equity, Fostering Healthy Competition in the Real Estate Market

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This partnership also advances equity, fosters healthy competition and facilitates the homeownership process.

The housing market plays a crucial role in wealth creation and economic stability. Realtors work in conjunction with the Multiple Listing Service (MLS) to advance equity, promote fair competition and make the dream of homeownership possible.

Realtors possess the knowledge and expertise to guide buyers and sellers through a complex process, ensuring fair treatment and representation for all parties. Realtors help individuals from diverse backgrounds navigate the housing market, providing insights that promote affordable housing and equal opportunity.

One of their greatest tools in providing the best service and representation to their clients lies in broker marketplaces, more commonly known as MLSs. These are centralized hubs that keep buyers, sellers and real estate agents connected with access to every available listing currently for sale so they know their options, which is essential to fostering healthy competition. When buyers and sellers work with a realtor, they can be confident that they have access to the largest pool of properties for sale in the marketplace.

Not only do MLSs provide access to inventory, but they also deliver widespread advertising, as well as the practice of the listing broker paying the buyer broker’s compensation, which incentivizes participation in these local real estate marketplaces and creates the largest, most accessible and most accurate source of housing information available to consumers.

Having housing information concentrated and accessible in one place in local markets levels the playing field among brokerages, allowing smaller brokerages to compete with larger ones, and provides for unprecedented competition among brokers, including those with different service and pricing models.

Even the ability to find listings for homes online is made possible by virtue of local MLS broker marketplaces. Online home listing sites receive much of their inventory from these local broker marketplaces. That data exists because of real estate professionals and others’ commitment to cultivating comprehensive housing data reinforced by guidelines that ensure accuracy and transparency so consumers can confidently rely on the information.

Realtors and MLSs strive to work symbiotically to support the housing market; realtors negotiate on behalf of their clients to ensure fair prices and terms, engage in continuing education to stay abreast of important laws and regulations, and provide guidance on pricing strategies and marketing techniques to attract potential buyers. Broker marketplaces complement realtors’ expertise by providing buyers and sellers with a plethora of options. They can choose a realtor who stays up to date with market trends and aligns with their specific needs.

This partnership also advances equity, fosters healthy competition and facilitates the homeownership process. By providing guidance, expertise and a competitive environment, these elements contribute to a more equitable and transparent housing market. Whether you’re a buyer or seller, leveraging the expertise of real estate professionals and utilizing the MLS can help ensure a smooth and successful property transaction. QCBN

By M. Faye Humphrey

Faye Humphrey is the 2023 president of the Prescott Area Association of Realtors. With more than 20 years of experience, Humphrey is the broker/owner of KMF Real Estate, with offices in Prescott and Scottsdale.

The Prescott Area Association of Realtors (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of Realtors.

For more information, contact:

Elissa Portela

Communications Director

Prescott Area Association of Realtors

Office: 928-445-2663 x 203

Elissa@paar.com

www.paar.com

Championing Private Property Rights

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Realtors are also advocates for their clients. A realtor’s job is to represent their clients’ best interests at every stage of the transaction.

Homeownership is part of the American Dream, and Realtors play an essential role in that dream, but their value extends much further than that. Every home sale generates $88,000 in local economic activity, accounting for 18% of the nation’s GDP, and every two home sales supports one American job.

Real estate transactions are complex and include far more than many people know; attorney reviews, filing state/federal forms, tracking mortgage rates/terms, coordinating with lenders, scheduling appraisals/inspections, researching property taxes, public records, price trends, neighborhood details, and school district ratings, handling negotiations, fielding incoming offers and showing requests, auditing your home before listing, requesting repairs or concessions, executing a multi-channel marketing strategy, and much more.

While some may be tempted to go it alone, known as “For Sale by Owner” (FSBO), research shows the wisest choice is to trust a trained professional. According to data from the National Association of Realtors (www.nar.realtor), FSBOs accounted for only about 10% of home sales in 2021. To put it in perspective, homeowners who decide to market their own property experience only an 11% success rate. That’s like a football team only making it to their own 10-yard line on every kickoff. No one is headed to the Superbowl, or even the post-season, with those stats! Additionally, homes sold by a trained Realtor typically achieve a final sale price 74% higher than that of the average FSBO.

Realtors are also advocates for their clients. A realtor’s job is to represent their clients’ best interests at every stage of the transaction. This means ensuring that they receive fair and equitable treatment under the law. Realtors, who are bound by a strict code of ethics, can guide buyers and sellers through the process, ensuring that they understand their rights and obligations.

Realtors also play a critical role in ensuring that property rights are respected and protected. Local, state, and federal regulations can have a significant impact on property rights, and realtors are often on the front lines advocating for their communities’ interests. This can include working with local zoning boards, advocating for property tax reform, and lobbying for legislation. PAAR sends a team of representatives to the Realtors Legislative Meetings in Washington, D.C., every year to stay on top of developments on a national level that may impact those they serve here at home in the Quad Cities.

Ultimately, realtors play an essential role in the United States, and even beyond into the global marketplace. From guiding buyers and sellers through complex transactions to advocating for their clients’ interests, realtors are on the front lines in the communities they live and work in every day. By fostering a culture of professionalism and ethical behavior within the industry, a realtor helps to ensure that property owners’ rights and investments are respected and protected for generations to come. As such, it is critical that we continue to support and invest in the real estate industry and the professionals who make it thrive. QCBN

By M. Faye Humphrey

Faye Humphrey is the 2023 president of the Prescott Area Association of Realtors. With more than 20 years of experience, Humphrey is the broker/owner of KMF Real Estate, with offices in Prescott and Scottsdale.

The Prescott Area Association of Realtors (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of Realtors.

For more information, contact:

Elissa Portela

Communications Director

Prescott Area Association of Realtors

Office: 928-445-2663 x 203

Elissa@paar.com

www.paar.com

 

Championing Private Property Rights

By Leave a Comment

Realtors are also advocates for their clients. A realtor’s job is to represent their clients’ best interests at every stage of the transaction.

Homeownership is part of the American Dream, and realtors play an essential role in that dream, but their value extends much further than that. Every home sale generates $88,000 in local economic activity, accounting for 18% of the nation’s GDP, and every two home sales supports one American job.

Real estate transactions are complex and include far more than many people know; attorney reviews, filing state/federal forms, tracking mortgage rates/terms, coordinating with lenders, scheduling appraisals/inspections, researching property taxes, public records, price trends, neighborhood details and school district ratings, handling negotiations, fielding incoming offers and showing requests, auditing your home before listing, requesting repairs or concessions, executing a multi-channel marketing strategy, and much more.

While some may be tempted to go it alone, known as “For Sale by Owner” (FSBO), research shows the wisest choice is to trust a trained professional. According to data from the National Association of REALTORS (www.nar.realtor), FSBOs accounted for only about 10% of home sales in 2021. To put it in perspective, homeowners who decide to market their own property experience only an 11% success rate. That’s like a football team only making it to their own 10-yard line on every kickoff. No one is headed to the Superbowl, or even the postseason, with those stats! Additionally, homes sold by a trained realtor typically achieve a final sale price 74% higher than that of the average FSBO.

Realtors are also advocates for their clients. A realtor’s job is to represent their clients’ best interests at every stage of the transaction. This means ensuring that they receive fair and equitable treatment under the law. Realtors, who are bound by a strict code of ethics, can guide buyers and sellers through the process, ensuring that they understand their rights and obligations.

Realtors also play a critical role in ensuring that property rights are respected and protected. Local, state and federal regulations can have a significant impact on property rights, and realtors are often on the front lines advocating for their communities’ interests. This can include working with local zoning boards, advocating for property tax reform, and lobbying for legislation. PAAR sends a team of representatives to the Realtors Legislative Meetings in Washington, D.C., every year to stay on top of developments on a national level that may impact those they serve here at home in the Quad Cities.

Ultimately, realtors play an essential role in the United States, and even beyond into the global marketplace. From guiding buyers and sellers through complex transactions to advocating for their clients’ interests, realtors are on the front lines in the communities they live and work in every day. By fostering a culture of professionalism and ethical behavior within the industry, a realtor helps to ensure that property owners’ rights and investments are respected and protected for generations to come. As such, it is critical that we continue to support and invest in the real estate industry and the professionals who make it thrive. QCBN

By M. Faye Humphrey

Faye Humphrey is the 2023 president of the Prescott Area Association of REALTORS. With more than 20 years of experience, Humphrey is the broker/owner of KMF Real Estate, with offices in Prescott and Scottsdale.

The Prescott Area Association of REALTORS® (PAAR) is the trade association representing more than 2,000 REALTORS® serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®.

For more information, contact:

Elissa Portela

Communications Director

Prescott Area Association of REALTORS®

Office: 928-445-2663 x 203

Elissa@paar.com

www.paar.com

Preparing for the Quad Cities Real Estate Market

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The code of ethics all realtors abide by may make the difference between a seamless, painless experience and potential disaster.

Most business owners know that the real estate market is the backbone of every successful community; buyers move in, have families, open businesses, shop locally and so on. Property transactions have a ripple effect that is often a key predictor of economic growth.

So, how can property owners, both commercial and residential, prepare for the inevitable ups and downs of the market and ensure long-term equity growth and a solid investment? Here are some things to focus on:

History matters. The market is known for certain cycles and patterns, which can aid in making educated guesses about when to buy and when to sell. Look at the record of market data in your area. Your local realtor association tracks market data and can point you in the right direction.

Know your priorities. Do you have capital tied up in your business? Do you anticipate needing to move in the near future for a new job or an expanding family? All of these factors will affect your strategy.

Check your finances. You’re going to need cash for down payments, deposits, earnest money, repairs, the list goes on and on! Have you spoken with a lender to see what you’re qualified for? Have you crafted a budget and checked your credit score? This side of things can get complicated, so lean on your realtor to point you in the right direction for your individual needs.

Use a realtor. The code of ethics all realtors abide by may make the difference between a seamless, painless experience and potential disaster. Choose a realtor who has the education, experience and support to be exactly what you need.

Track your data. How have property values changed in your area, whether it’s your business or your personal residence? Do you have equity in your property? Are you relying on outside financing to supplement a transaction? Knowing how your money has behaved in the past will inform your timing and strategy.

Overall, preparing for the worst but hoping for the best is something we can all try to do. I’m hoping for a successful year for all of us here in the Quad Cities, but you can bet I’m also preparing for whatever comes next. QCBN

By M. Faye Humphrey

Faye Humphrey is the 2023 president of the Prescott Area Association of REALTORS.

About PAAR:
The Prescott Area Association of REALTORS (PAAR) is the trade association representing more than 2,000 REALTORS serving the greater Quad Cities area. Established in 1944, PAAR’s mission is to advocate for private property rights, and provide its members with resources to foster their business success. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS.