What is the True Value of a REALTOR®?

Louisiana REALTORS® • December 27, 2022

There can be a fine line between doing something yourself and entrusting your goals to an expert. While there are a number of experts in a wide variety of fields, there are still some things we prefer to do on our own. Oftentimes these tasks can be achieved with little to no consequence. However, there are those times, situations, and parts of life where the risk may not be worth the reward. Whether it’s working on your car, diagnosing your symptoms, or planning your retirement, at some point it will be a good idea to leverage the expertise of a professional. 


Where that line sits is different for everyone. But there is a big difference between changing the oil in your garage and replacing a transmission; taking aspirin every few hours and doing surgery; monitoring your 401(k) and deciding which mutual funds will make your retirement dreams happen. The same is true when you are buying or selling your home. Looking online and doing your own research is one thing, but having a fiduciary representative looking after your best interests can save you a lot of headaches and a lot of money.


Just like a financial planner, your REALTOR®, whether you are buying or selling, has a fiduciary responsibility to you as their client. This responsibility, coupled with NAR’s strict Code of Ethics, means that you can have the peace of mind that your best interests and goals are at the forefront of every decision. While a REALTOR’S® fiduciary duty is the overarching benefit of your relationship, here are some more specific benefits of working with a REALTOR.


Contracts and Negotiations

Real estate transactions include complex and complicated legal processes. Having someone represent you who not only understands these processes, but can inform, advise, and negotiate to ensure that your investment is as successful as possible.


Real Estate Regulations

Staying current on changing real estate laws can be a full-time job in itself. If you are moving from state to state or simply across town, there can be a wide array of laws and regulations that you need to be aware of. This is your REALTOR’S® job. They are well-versed, and immersed in real estate regulations and will be aware of any and all pertinent information for your transaction.


Market Expertise and Consultation

If you’re shopping for a new house, your job is to know what you want; your REALTOR’S® job is to know where to find it. If you’re selling your home, it is their job to get you the best price possible in a timely manner. Both sides of this transaction are improved when you have someone on your side that understands the market. There are a lot of other factors that go into the purchase or sale of a home other than the number of bedrooms and total square feet. Being familiar with property tax regulations, school districts, nearby amenities, and many other elements all provide a much clearer picture for you as a client.

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Week 10 brought meaningful movement on several Louisiana REALTORS® priorities affecting real estate, property rights and insurance. And Week 11 is shaping up to be one of the most important stretches of the session. The biggest developments last week were the final Senate passage of HB 468 by Rep. Troy Hebert with amendments, movement of HB 1027 by Rep. Hebert to the Governor for executive approval, continued Senate progress on HB 1187 and HB 1166 , and final legislative action on SB 180 . REALTOR® Day at the Capitol also came at an important time, giving members the opportunity to reinforce industry priorities with legislators as several key bills neared final passage or awaited committee, concurrence or floor action. Just as importantly, the Louisiana REALTORS® legislative package has now cleared most of its major hurdles, and barring any late-session surprises, the remaining package’s bills should be headed to the Governor’s desk shortly. On the core real estate package, HB 468 , the wholesale regulation bill, remains the most immediate priority. The Senate passed the bill 34-0 on May 12 with amendments, and it now returns to the House for concurrence. That places it in a fast-moving posture, and members should be prepared for quick House action once concurrence is called. HB 1027 , the appraiser liability bill, has now moved into final executive posture after passing the Senate 35-0 without amendments and being sent to the Governor. Together, those two bills represent major wins for consumer protection, market integrity and greater certainty in the real estate transaction process. Insurance remains one of the busiest and most important policy areas as we head into Week 11. HB 1187 , dealing with Louisiana Citizens for emergency assessments, was reported favorably by the Senate Insurance Committee and is now pending Legislative Bureau for review in the Senate. HB 759 , addressing fortified roof endorsement offers, remains one of the more important insurance and mitigation bills still in play and is positioned for Senate floor action. HB 408 , which would prohibit insurers from non-renewing residential policies when homeowners timely mitigate risks, remains pending in House Insurance, as does HB 1210 , which would create a mandatory pre-suit claim review process for residential property insurance. Additional insurance measures, including HB 850 on Standard Fire Policy cancellation notices, HB 1162 on contractor verification in insurance claims, and SB 241 on adjuster and appraiser license-number disclosure, also remain active. These bills continue to matter because insurance affordability, mitigation, claims handling and policy stability remain central to property ownership and transaction viability across Louisiana. On disclosure and regulatory matters, HB 1166 by Rep. Kim Carver , requiring disclosures for vacant residential property and carrying out the adopted LREC reform amendment, was reported favorably by the Senate Commerce Committee and is now pending with the Legislative Bureau for review in the Senate. That keeps the bill in a strong position for Senate floor movement and makes it one of the key bills to watch in Week 11. SB 180 , allowing a surviving spouse of a deceased disabled veteran to transfer an expanded property tax exemption under certain circumstances, has completed legislative action and is now in final processing. Week 10 and the run into Week 11 also reflected an important defensive win for Louisiana REALTORS®. Our team successfully worked to block and tackle HB 617 and HB 750 to ensure real estate and nonprofit activity were not swept into overly broad consumer protection frameworks. On HB 617 , Louisiana REALTORS® opposed the bill as drafted and worked to posture it so that real estate professionals would not be caught up in a fee-disclosure framework that does not fit the realities of real estate transactions. On HB 750 , we worked to ensure the bill would not be interpreted to reach real estate or nonprofit operations in a way that could create unintended compliance burdens for leases, property management arrangements, association activity, or recurring charges authorized under those structures. That effort helped keep broad subscription-style language from bleeding into housing and nonprofit operations where it plainly does not belong. Civil justice and broader property rights measures also remain active entering Week 11. HB 437 , dealing with expert witness fees, and HB 1089 , creating CARE Accounts for certain damages arising from delictual actions, remain pending in Senate Judiciary A and remain high-priority tort reform measures to watch. HB 472, the rent stabilization bill, remains involuntarily deferred and stays on the watch list for any attempted revival through another vehicle or amendment. Additional redevelopment and tax-related measures, such as HB 214 and HB 217, also remain relevant to the broader conversation on blight, reinvestment and neighborhood stabilization. A few additional housing and valuation bills are also worth noting HB 292 on security deposits, HB 297 on early lease termination in stalking and cyberstalking situations, and HB 300 on appraisal thresholds for bank-owned property have all advanced and remain part of the broader housing policy landscape. The practical takeaway is straightforward: Week 11 will likely move fast, and late-session maneuvering can matter as much as headline floor votes. Louisiana REALTORS® should be prepared for House concurrence on HB 468 , further Senate movement on HB 1166 and HB 1187 , continued action on insurance and tort reform, and the possibility of late amendments or procedural pivots on bills affecting real estate transactions, private property rights, housing affordability, nonprofits, property managers and the broader real estate industry. The package is in strong shape, but this is the point in the session when the finish line comes into view and traffic gets thick. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates. 
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