REALTOR® TRADEMARK

By Jim Palmer Jr.

A few days ago, I overheard a conversation between two brokers who were talking about other Realtors® and I was surprised to hear them mispronounce the word like many consumers do. Real-a-tor was the mispronounced version. The correct pronunciation has only two syllables and sounds like Real-tor. Why is this distinction so important?  Because it is a special name and not just a generic label that includes all real estate brokers! The trademarked name stands for licensed brokers who also belong to national, statewide and local associations of brokers called REALTORS® who are different from any other licensee.

Realtors® subscribe to a Code of Ethics that sets them apart from all the others! While Agency Law requires any real estate broker to deal honestly and in good faith with all members of the public (whether they represent them or not), the Realtor® Code of Ethics goes far beyond that standard and even has provisions for self policing and improvement. Realtors® nationwide are required to take regular ethics training and can be expelled from the organization if they don’t meet that requirement.

The Realtor® organization, founded over 100 years ago provides Ombudsmen who reach out to disgruntled buyers or sellers who feel they have not been treated fairly. When the conciliatory efforts of an ombudsman are not enough to resolve the issue, the Realtor® association helps facilitate a formal complaint to be heard by a panel of experienced peers. Because of their intense desire to improve and safeguard public perception, Professional Standards Hearing Panels are vigilant and firm when censoring those who don’t comply with their standards.

One distinct advantage of working with a Realtor® member is that they continue to perfect the transaction contract forms that are used statewide.  Some skeptics, who would rather just shake hands than shuffle the thick pages of a modern contract, may not understand that advantage. Think about it, when you use Realtor® generated contract forms you are taking advantage of over a hundred years of accumulated experience from thousands of Realtors® in many thousands of transactions. Since the constant improvements to those proprietary forms are generated because of real life conflicts, they are “state-of-the-art” in their ability to clarify intent and protect parties as they navigate virtually any type of real estate transaction. Ask your broker if they are a Realtor®, then ask them what that means. If they cannot communicate that convincingly enough, you may want to find one who knows!