REALTOR^®

What a REALTOR® does

A REALTOR® can evaluate current market conditions, review comparable sales, discuss the property's condition and likely buyer expectations, recommend pricing and marketing strategies, coordinate showings, present offers, and help manage the real estate transaction through closing.

In an estate or trust sale, the REALTOR® may also help coordinate practical issues involving a vacant home, personal belongings, contractors, property access, attorneys, title professionals, and family members.

It can help to involve a REALTOR® early

You do not have to wait until the home has been cleaned out or prepared for sale before speaking with a REALTOR®. An early conversation can provide useful information about the property's likely market, condition, and options before the estate spends significant time or money preparing the home.

This can be particularly helpful when deciding whether repairs, improvements, cleanout, or an as-is sale may make sense.

Market analysis and appraisal serve different purposes

A REALTOR® generally provides market guidance using comparable sales, competing properties, condition, location, and current buyer behavior. A licensed or certified appraiser provides an independent professional opinion of value for a particular purpose.

One does not automatically replace the other. Depending on the estate and the reason a value is needed, both may be useful.

Authority should be clear before listing

Before a listing agreement is signed or an offer is accepted, confirm who has authority to act for the property owner. Depending on how the home is titled, that person may be an executor, administrator, trustee, surviving owner, or another legally authorized party.

A REALTOR® can help identify transaction questions, but legal questions about ownership, probate authority, or trust authority should be resolved with the appropriate attorney or title professional.

The REALTOR® is part of a larger professional team

Real estate decisions can intersect with legal, tax, title, and valuation issues. A REALTOR® should recognize when a question falls outside the real estate role and coordinate with the estate's attorney, accountant, appraiser, title company, or other professional when appropriate.

When a REALTOR® can be especially helpful

• The executor or trustee needs current market information before deciding what to do with the home.
• The family is deciding whether to repair, improve, or sell the property as-is.
• The home is vacant or difficult for family members to manage.
• The estate needs help understanding likely buyer expectations.
• A sale requires coordination among family members and other professionals.
• The estate is preparing to market the property or evaluate offers.

Quick Reference

• A REALTOR® provides real estate and market guidance.
• Consider involving one before spending heavily on preparation or renovation.
• Confirm who has authority to list and sell the property.
• Understand the difference between market guidance and a formal appraisal.
• Use legal, tax, appraisal, and title professionals for issues outside the REALTOR®'s role.
• Estate-related real estate decisions often benefit from coordination among several professionals.

Choosing the right professional

Once you understand the REALTOR®'s role, the next step is choosing someone who understands the additional responsibilities and circumstances that can accompany an estate property sale.

Continue to: Choosing a REALTOR® →