‘Just looking’ visitors not always unwelcome during open house
Q: Recently, someone wrote that one shouldn’t attend an open house for decor ideas or just to be nosy. I beg to differ. I have stopped by quite a few open houses in my area when they weren’t busy, and the salesperson is always glad to chat and pick my brain about the neighborhood, schools, etc.
The open house gives me an idea of what I might expect were I to put my house on the market, and the salesperson, who may be quite bored waiting for prospective buyers, gains valuable insight and knowledge about the area. It’s a win-win for both. — no signature A: I agree with you on this. Q: We’ve started house hunting, but we’re not using a real estate agent yet. When we meet agents, they give us a business card, and some have letters after the name. What that’s about? — W. K.
A: First of all, real estate agents are licensed by the state. Buying real estate involves spending a substantial amount of money or taking on a lot of debt. That’s why each state has set up requirements for education, examination and supervision for agents. Not just anyone can set up in real estate brokerage.
That word “agent” is a general term for anyone legally empowered to act for someone else. Until and unless you specifically hire your own agent, ones you meet will be working for sellers.
State laws vary, but almost everywhere, “salesperson” is the term for the holder of an entry-level license. The salesperson does not collect commissions directly from the public. They usually operate under close personal supervision and is paid, typically a percentage of commissions, by the office’s supervising broker.
Many veteran salespeople also choose to remain in that position rather than open their own office.
“Broker” is a legal term for someone who meets further requirements of experience, education and examination. The broker is licensed not only to help negotiate real estate transactions, but also to charge (most often the seller) for services. The broker owes the principal a set of specific fiduciary legal duties, which boil down to putting the client’s interests above anyone else’s. A broker may set up an independent firm, but again, many prefer to remain working for others as associate brokers.
The word Realtor is a made-up trademarked word that applies only to an agent who is a member of the National Association of Realtors trade organization.
The word has been too successful, though, and NAR works to keep it from slipping into the language — that’s how Bayer lost exclusive right to the word “aspirin” many years ago. When a supervising broker becomes a Realtor, other members of the company join as Realtors or Realtor associates.
As for those letters after the names on the business cards, they represent designations awarded after additional study in various fields of real estate or membership in specialized organizations — perhaps in property management, for example, or industrial real estate.