WRITTEN by JOHN MORRIS
Keeping Roatan realtors in shape…
According to the Oxford English Dictionary, the word ‘code’ is used both as a noun and a verb with six different definitions.
Today I’m focused on this one:
“a set of rules and standards adhered to by a society, class, or individual”
When I think of code in this context, what comes to mind immediately is the United States Marines, whose code is as follows:
“It is the quality that empowers Marines to exemplify the ultimate in ethical and moral behavior: to never lie, cheat, or steal; to abide by an uncompromising code of integrity; to respect human dignity; and to have respect and concern for each other.”
Many people do not know that here on the island of Roatan, a realtor or broker member of the Roatan Real Estate Association (RRA) must read, sign and abide by the Code of Ethics set by the National Association of Realtors (NAR) located in the United States. Failure to do so can lead to severe penalties.
The Code is long and comprehensive but it is designed to protect you, the potential buyer or seller of a property. Actually, it is not far off the code of the Marines. Except of course, for boot camp which in reality would not be such a bad thing. At least we realtors would get in shape!
“I don’t know, but I’ve been told that selling Roatan never gets old…” for those of you familiar with the popular Marine running chant.
When searching to buy a property or considering selling a property, you do have a choice to work with a realtor or not. If you are a buyer, it really is a no-brainer. Working with an RRA realtor costs you absolutely nothing until you agree to buy a property. Then your only costs will be standard closing costs which typically run 5.7-6% of the actual buying price. The buyer does not pay real estate commissions or the realtor in any way.
As a seller, the choice to work with a realtor always comes down to commission. Why should I pay a real estate commission when I can sell it myself? Let’s look at what an RRA realtor does for you, the seller:
#1. Real Estate is a legal transaction. Mess it up and you could be looking at a lawsuit. RRA realtors take care of all necessary legal steps for the buyer in the complicated system here on the island. And there are a lot of steps.
#2. Exposure. The Roatan MLS system provides exposure to thousands of potential buyers every day. Combine that with intense marketing across many social media outlets and established websites. This takes a lot of time and effort.
#3. Buyers’ trust. Since most potential buyers work with realtors, where is the confidence to buy an unlisted property? And if they decide to buy an unlisted property, as the seller, you will likely be required to pay some sort of commission anyway.
#4. Staging and photography. A picture is worth a thousand words, right? With smart phones, we are all photographers but the truth is most of us are amateurs. I’ve been to many photo shoots and understand the work that goes in to each image before and after the shooting. This is not an inexpensive undertaking and you, the seller, do not pay for this when working with a realtor.
#5. And finally, the code. It is there to protect you, so why chance it? I’ve heard stories of private transactions gone awry. Get into a land dispute and it may never be resolved, regardless of how much money you spend.
Commission rates vary around the world based on the size of the market, turnover and difficulty in ensuring the transaction is legal without any doubts. And in Honduras, the level of difficulty can be high.
The right RRA realtor will provide more than just their efforts. They will also give you a feeling of safety and confidence that you – whether the buyer or seller – can believe in.
It’s difficult to put a price on peace of mind.
After all, it is our job and we follow the code.
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