Real Estate 101: What is a Realtor?

"You might be surprised to know that that there is a difference between being a Realtor and a real estate agent. Although the two terms are commonly used interchangeably, becoming a Realtor takes much more work, dedication, and education than becoming a real estate agent. In addition, becoming a Realtor and maintaining this type of certification requires adhering to certain high standards that are not required to become a real estate agent.
Becoming a Real Estate Agent
Becoming a real estate agent is not necessarily an easy task. After all, in order to legally work as a real estate agent, one has to complete several weeks of schooling and then successfully pass an examination. In order to successfully pass the examination, you have to have a solid understanding of real estate laws and practices. At the same time, successful completing of the coursework and passing the test really only tests the person’s knowledge but does nothing to test the person’s code of ethics. This is what differentiates a Realtor from a real estate agent.
Becoming a Realtor
In order to become a Realtor, a person must first successfully complete the requirements to become a real estate agent. Then, the agent must complete certain steps in order to become a member of the National Association of Realtors. It is only at this time that the agent can properly be referred to as a Realtor.

For an agent to achieve this special designation, he or she must commit to treating all of the people involved with the purchase with fairness, which includes both the buyer and the seller. In addition, members of the Association must adhere to a strict code of ethics. This code includes agreeing to never mislead the buyer about the value of the home in order to secure a listing , to maintain confidentiality, and more.
Members of the National Association of Realtors are also more dedicated to education. In fact, in order to maintain their membership, members of the Association are expected to maintain a greater knowledge of the selling and buying process than those that are not members. Therefore, you can rest assured that the professional you work with will be highly knowledgeable about the buying and selling process as well as how to properly care for you and your needs.
Recognizing a Realtor
The easiest way to recognize whether or not a real estate agent is also a Realtor is to look for the Realtor logo, which is simple the capital R with a circle around it. This logo will be displayed on the Realtor’s sales literature, business card, and other marketing materials.
Aside from the logo, however, you will be able to recognize a Realtor by the exceptional level of service and knowledge that these agents bring with them. Since most home purchases today exceed $100,000, you certainly want to have a professional on your side that you can trust to look out for your best interest throughout the home buying experience."
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Hallelujah, A Great Time in Real Estate

The media has recently been having a field day with the real estate market. There are endless reports that as a result of the mortgage crisis, inventory levels will increase from foreclosures, while purchases will decrease since regulations on financing are more restrictive. Many service providers respond to this news like Chicken Little in the barnyard, panicking and squawking that the sky is falling.
I, for one, am excited about this market. I actually welcome it for what it is: simply another business cycle. And, this cycle is a market for true, “Professional Realtors.”
Gone are the days when listings sell before the ink is dry on the listing agreement. Forgotten are the times when list price, market value and market research had little to do with actual sales price. Goodbye to the era of showings that became like auctions-with properties sold to the highest bidder with no regard for value or data.I say “Hallelujah! Good riddance!” Maybe, just maybe, consumers will feel they need us again. They certainly didn’t need us much when anyone with a license who fogged a mirror could earn a commission in real estate just by showing up.
First off, it’s important to remember that there is always a segment of the population who will be moving for one reason or another. Life changes happen. People get married. They have children and need more space. They grow old and downsize. Kids go to college and parents buy them a home instead of putting them in the dorm. People decide it is a good time to invest in real estate. Investors decide to do 1031 exchanges on their portfolios. Families decide it would be nice to have a second home.
I see an opportunity here. Opportunity knocks for those of us who are willing to work.
We hear a lot about the changes in the industry and the way we do business. Although we see many changes in how we market and communicate as a result of the Internet, the truth is the fundamentals remain the same. Those of us who remember the basics and apply ourselves to the business at hand will prosper and grow.
But what are these basic skills that will make us money? First off, we need to remember that real estate is a contact sport. Frank Bettger, in his classic book, How I Raised Myself From Failure to Success in Selling, said it best: a sales career hinges upon seeing the people. There are no two ways about it. Sales don’t happen in our office, by the coffee pot. We need to get out in the field and spend time with prospects. We need to have more face-to-face and voice-to-voice time.
The sales cycle is definitely increasing and overpriced listings won’t sell. So we need to do our homework. We need to price them right. And we need more prospects and more leads to make up for those that don’t result in a closed sale. Again, it’s back to that “seeing the people” thing.
We need to be experts at managing clients’ expectations. Yes, the sales cycle is longer. But that isn’t a problem if we’ve properly educated the client going into the process. A problem may arise mid-transaction. Heck, that isn’t even an issue if-again-we’ve pre-framed the experience so our clients expect that there are normal potholes in the road on the way to closing.
Our clients are looking to us for leadership. We know our business. We know what we need to do. We’re experts at marketing, pricing, and counseling. It isn’t rocket science. We simply need to lean into our skill set, focus, apply ourselves, be confident and get the job done for them. And then we need to stay in touch, work for their referrals and build our market share. Don’t you just love this market? Bring it on! RE
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bargains to the cash-rich investor

Calpers, the largest U.S. pension fund, has raised its target for real estate investment to a 24-year high of 10 percent of its assets, as the credit crisis presents bargains to the cash-rich institutional investor.
"As a big pension plan, we're not as dependent upon borrowing as a lot of investors," Clark McKinley Calpers spokesman said on Thursday. "We feel like we're really in a good position. We have some great opportunities out there to make good deals."
The California Public Employees' Retirement System, with a a fund value of about $250 billion, has raised its target allocation for real estate investment from 8 percent to a level unseen since 1984. The target can range 3 percent either way, to a low of 7 percent and a high of 13 percent, Calpers said.
Calpers' board sets the allocation targets every three years and can tweak them yearly as conditions change.
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Foreclosure Activity Decreases 10%

RealtyTrac®, an online marketplace for foreclosure properties, released its November 2007 U.S. Foreclosure Market Report, which shows a total of 201,950 foreclosure filings - default notices, auction sale notices and bank repossessions - were reported during the month, down 10% from the previous month but still up nearly 68% from November 2006. The national foreclosure rate for the month was one foreclosure filing for every 617 households.
“The 10 percent drop in November is the first double-digit monthly decrease we’ve seen since April 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “This could indicate that foreclosure activity has topped out for the year, but the true test of whether this ceiling will hold will come at the beginning of next year - when we anticipate that a seasonal surge in foreclosure filings and another possible wave of resetting mortgages could place further pressure on the housing market. But if the trend of flat or decreasing foreclosure activity we’ve seen over the past three months continues in the first quarter, it would certainly bode well for 2008.”
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New prescription discount card for residents

Horry County officials rolled out a plan Wednesday to make prescription drugs cheaper for residents. The plan offers a prescription discount card that could bring an average of 28% savings.
The county started handing out the cards Wednesday morning at Nye's Pharmacy. Horry County Spokesperson Lisa Bourcier said anyone is eligible for the program, and it's targeted to help people with little to no insurance coverage.
The drug-card program already exists in hundreds of counties across the U.S. and at least 18 in South Carolina. Prescription discount cards come in English and Spanish.
To become eligible, all you have to do is pick up a free, prescription discount card at a number of locations around the county including libraries and health departments.
The new program will go into affect January 1st.
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Fed endorses home mortgage plan

The Federal Reserve endorsed new rules Tuesday that would give people taking out home mortgages new protections against shady lending practices.
The proposed rules, approved in a 5-0 vote by the board, are geared to providing safeguards to the riskiest "subprime" borrowers, already painfully stung by the housing and credit debacles. The proposal is expected to apply to new loans made by all types of lenders, including banks and brokers. The plan could be finalized next year.
The Fed, which has regulatory powers over the nation's banking system, is proposing:
_restricting lenders from penalizing certain subprime borrowers — those with tarnished credit or low incomes — who pay off their loans early. The restriction would apply to loans that meet certain conditions, including that the penalty expire at least 60 days before any possible payment increase.
_forcing lenders to make sure that subprime borrowers set aside money to pay for taxes and insurance.
_barring lenders from making loans when they don't have proof of a borrower's income.
_prohibiting lenders from engaging in a pattern or practice of lending without considering a borrower's ability to repay a home loan from sources other than the home's value.
"Unfair and deceptive acts and practices hurt not just borrowers and their families, but entire communities, and indeed, the economy as a whole," said Fed Chairman Ben Bernanke in prepared remarks. "They have no place in our mortgage system," he added.
Fed policymakers also are considering requiring financial disclosures to borrowers early enough to use while shopping for a mortgage. Lenders could not charge fees — except for a fee to obtain a credit report — until after the consumer receives the disclosures. The Fed also will consider prohibiting certain types of misleading or deceptive advertising for certain loans. It also would require that all applicable rates or payments be disclosed in ads with equal prominence as advertised introductory "teaser" rates.
In addition, the Fed is expected to propose barring lenders from paying mortgage brokers a fee that exceeds the amount the would-be borrower had agreed to in advance that the broker would receive.
And, the Fed would ban certain practices, such as failing to credit a mortgage payment to a borrower's account when the company servicing the mortgage receives it. The Fed also would prohibit a broker or other company from coercing or encouraging an appraiser to misrepresent the value of a home.
Before taking effect, the rules must be voted on again following a period of public comment and possible revisions.
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Mitt Romney scheduled to make Grand Strand visit

Republican Presidential candidate Mitt Romney will make stops all over the Palmetto State today including Myrtle Beach. Below you will find a list of places and times where the Massachusetts Governor is scheduled to be today.
7:45 p.m. Governor Romney Holds a Rally for SupportersMyrtle Beach AviationMyrtle Beach International Airport 1250 Air Dome AvenueMyrtle Beach, SC
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Red light for HC road project

The Department of Natural Resources is taking on the Horry County Council, in the project of paving the rest of International Drive.
Highway 90 is just one way to access International Drive. It's a long, sandy stretch and driveable for the most part, until you get about halfway in. That's where the road can drop as low as 3 feet or deeper in spots. Power, sewer and water lines are already in place, however, it borders protected wetlands inside the Lewis Ocean Bay Heritage Preserve.
"The key thing we want to do is work this out now amongst ourselves, we don't want to have to go to court or pursue any kind of legal action, "Horry County Councilman Bob Grabowski said.
Councilman Grabowski said he respects the DNR's need for conservation, but wants to move forward with this project.
DNR Chief Counsel Buford Mabry said land inside this preserve cannot be sold or built on because there are issues over black bears and an endangered species of woodpecker.
Council Chair Liz Gilland said International Drive will go somewhere. She proposes building a new road through private land adjacent to the now dirt road, with a 100 yard buffer in between to protect the fragile ecosystems.
The gates on either end of International Drive are open now. They had been closed off-and-on, to prevent things like illegal dumping from taking place. "If that road was paved that wouldn't happen. It's a dirt road, not well-travelled, people go out there and dump things, " Councilman Grabowski said.
Grabowski said dumping has been minimal, but building a new road is vastly more expensive than paving the old dirt one. Matching funds from the state could widen it to four lanes creating an evacuation route.
Lawyers for Horry County and the DNR meet in January to hopefully find a way to work this whole thing out.

RESPA, Holiday Gifts

Can you accept a holiday gift from another settlement provider who is in a position to refer business to you? Like everything involving RESPA, the answer is, “It depends.”
There is no $25 minimum (”de minimus”) amount that pertains to gift-giving in the RESPA statute or in Regulation X. When HUD and state enforcement agencies decide which cases to pursue, however, they will apply reasonable judgment to determine whether holiday gifts are significant enough to be linked to referrals or small enough to fall within the traditional business practice of thanking customers during the holidays.
You also must be aware that some states have statutes that do contain a specific dollar amount and you will have to consult your state law and regulations to ensure compliance. Generally, however, here are a few easy holiday examples:
The answer is “no, you cannot accept the gift” if the gift is:
A new LexusAn all-expense paid excursion to exotic TimbuktuSeason tickets to the Dodgers
The answer is “yes, you can accept the gift” if the gift is:
A small desk calendarA Starbucks coupon for a cup of coffeeA delicious fruitcake
But the answer is more difficult, for instance, if you receive a bottle of wine. You might want to inquire into the value of the particular bottle before accepting the gift. A $15 dollar bottle of wine at the holidays is probably fine, but a rare $500 dollar bottle or a full case of wine would be considered a RESPA violation if you referred business during the course of the previous year to the gift giver.
One final guide is whether the same gift is being given to every Realtor office in town, regardless of whether the office referred business to the gift-giver. Such blanket gift-giving would be less likely to be considered a RESPA violation.
In the end, your sense of whether a particular gift is tied to referrals or simply a small gesture of appreciation during the holidays is your best guide
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Holiday Schedules

In a month filled with several major holidays including Kwanzaa, Hanukah, Christmas, and New Year’s Eve, the halls of offices everywhere are not only decked, but very, very quiet.
This year in particular, with both Christmas Eve, Dec. 24 and New Year’s Eve, Dec. 31, falling on Mondays, many of those who are employed full-time are planning to make long weekends out of both. Sixty-three percent of employed full-time survey respondents plan to take the day off on Dec. 24, with 49% of these having the day off as a holiday and the rest (14%) planning to take it off using paid or unpaid leave. Slightly less - 53% - are planning to take the day off on New Year’s Eve day, with 36% of these having the day off as a holiday and the rest (16%) taking the day off using paid or unpaid leave.

www.843Realtor.com will be available to help clients vacationing in Myrtle Beach during the Holidays. We will be Online till 10pm and available for Real Estate showings.

GMAC Real Estate closing 15 offices in Mass. and N.H.

GMAC Real Estate is closing 15 offices in Massachusetts and New Hampshire and laying off staff as home selling and shopping increasingly migrate to the Internet amid a housing slump.
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The Minneapolis company said yesterday it would lay off about 50 managers and support staff during the consolidation in New England. By Dec. 31, real estate agents in the affected offices will be relocated to GMAC's remaining 35 offices in the two states.
"We certainly hope they will be willing to work out of one of our other offices. We anticipate most will," said GMAC spokesman Brett Weinberg.
He said the contraction was due more to the growth of the online housing marketplace and other technology changes than to the state's housing slump. Buyers, for example, have become less reliant on real estate brokers as the Internet has made it easier for them to look for houses on their own.
"Agents and consumers have access to tools they have online" that are similar to what's available inside an office, Weinberg said.

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