Why Sellers And Buyers, Need Real Estate Professionals

By: Maria Girlie Pascual

If you are one of those that are watching or reading current daily news, then you must have come across articles pertaining to the Sitzer/Burnett versus the statewide real estate organization, the National Association of Realtors or NAR. For a lot of people, they get confused about the terms “Realtor” , “real estate broker” and just the general catch all term “agent.” To set the definitions straight, a “Realtor” with a capital “R” as defined by the NAR, is a licensed real estate professional who is a member of the National Association of Relators and subscribes to its strict Code of Ethics, as devised by Charles N. Chadbourn, a past President of the Minneapolis Board, back in 1916. Real estate broker is a real estate professional that has passed the required classes and the requisite license board exam to earn the “broker” designation. A real estate agent is arranges the sale, renting, or management of homes, land and buildings, the purchase of properties. The difference between a Realtor and an agent is that the Realtor can be an agent, but an agent does not necessarily mean that they are a Realtor, because being a Realtor means adhering to the Code of Ethics that govern the NAR.

The main issue of the aforementioned Sitzer/Burnett case which included Remax, Keller Williams, Anywhere Real Estate and Home Services filed back in 2020, was an “Antitrust” issue where the major question brought up was why the “Sellers are forced to pay the Buyer Broker Brokerage Compensation” and was granted a “Class action” motion in April of 2022. On March 15, 2023, NAR settled the suit for $418M payable over the course of 4 years, with appeals following the verdict happening as I write this article. Why is this lawsuit significant? Because for me, and this article is based on my opinion, that this lawsuit undermines what the NAR and the real estate professionals stand for, our role in making the process of buying and selling real estate, particularly homes and family dwellings, less stressful guided by our knowledge and understanding of the process.

I have been a Realtor since 1988, and in all those years, I have always focused on what will serve my clients best, be it the home or neighborhood they are choosing, the mortgage lender that is providing them the loan to buy the home, the attorney, the home inspector, the title company, the closer. From the beginning of the search to the time they move in, I am with them every step of the way. I have shared their joys, their angst, their stress, their stories. I have fought with, debated, argued with, negotiated with other professionals along the way just to make sure my clients are getting the best service I can provide, in the context of their plans, hopes and dreams. I truly become part of their family.

I started my career in real estate back in 1987, when I first moved to Illinois. Back then, I just moved to Chicago with my son and husband, and when we were looking for homes, the sheer abrasive personality of our agent ( I figured she was not a Realtor in hindsight) because she made sure we understood that showing us homes would have been a waste of her time if we did not make an offer in any of the six (yes only 6) homes she showed us in the areas we wanted to live in. Needless to say, we fired her the next day and thankfully, found a Realtor who was not only patient, but also knowledgeable about the neighborhoods, the schools and where the parks, restaurants, highways were in proximity to the home we were leaning towards, and even helped us get a mortgage from a lender he recommended. That was when I decided I could be one of the two agents I worked with, and planned to get my license as soon as we got settled in from California. I am happy and proud to say, that after 36 years of being in this business, children of my former clients are now calling me to find them their homes, and have even started calling me “Tita” for my Filipino clients, and for my other buyers and sellers, I have been their “go to” broker for all their real estate needs.

Yes, you need us. All of us that truly take the clients’ needs to heart, the ones that run back to the office to research, write up and send the offers past 10 pm, the ones who miss family gatherings and parties to help our clients find their homes because they needed to move at a certain date, and the ones we help to sort out and pack their stuff because their children are all living out of state, these are the real estate professionals that you want, and need. To them I say, let’s educate the public about how important we are to the process of buying and selling real estate, that how our Code of Ethics as Realtors will assure them of a different level of service and experience than “fly by night” and “get rich quick “minded agents in our industry. That we are here for the long haul, despite the different versions of the news floating around in the internet, online, or by unguided word of mouth repetitions of this decision. You only have to think about how you found your dream home, sold your house easily, or how your Realtor truly cared about your family’s future and you will know why you need us. We work hard for you, and like any hard earned result, we need to get paid. That is the crux of this issue, so please, next time you read about about another negative article, just remember that the real estate professional you know was NOT undeserving of their paycheck.