Your real estate security blanket
It may not be listed in any sale document, but that house you’re about to buy comes with a great big security blanket: a team of professionals dedicated to safeguarding the real estate transaction for consumers and agents alike.
But that security blanket only comes with your purchase if you make one important decision up front: hiring a Realtor.
Every Realtor in Michigan belongs to a non-profit association devoted to maintaining high ethical standards in the profession. To achieve this, the associations promote a national Code of Ethics and maintain professional standards committees.
And that’s where your security blanket comes in.
Each local Realtor association will gladly work with consumers concerned about a real estate transaction that involves a member agent. If you are currently looking for a house or thinking about jumping into the best buyer’s market ever, take the following steps to activate your security blanket:
1. Hire a Realtor
The best way to find a good one? Ask your friends, family members and coworkers.
2. Agree on a communication plan with your Realtor
Do you want to receive texts, e-mail or voicemail? Do you want an update every couple of days, or only when there’s pertinent information to be addressed? A clear communication plan can help circumvent many grievance issues.
3. Determine your Realtor’s professional association affiliation
The Metropolitan Consolidated Association of Realtors (MCAR) is Michigan’s largest local Realtor association, but there are others located throughout the state.
Taking these steps will help your Realtor understand that you are well informed and ready for a smooth transaction.
"Ideally, someone buying or selling a home will have a rewarding experience," MCAR President Dave Jensen said. "And surveys over the years underscore that the vast majority of consumers are happy with their Realtor. But in the event of a problem of any sort, we want to let consumers know they have somewhere to turn."
A few interesting points about MCAR’s professional standards committee:
- Committee members have over 200 years of combined real estate experience.
- The committee prides itself on resolving all cases within 90 days.
- Last year alone, over $500,000 in disputed funds were settled.
There are some security blankets you never outgrow. Protecting your rights in a real estate transaction is one of them. Make sure you hire a Realtor.
