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In the face-off between REALTORS® and real estate agents why should home buyers and home sellers care? Is there an actual advantage in choosing a REALTOR® over a real estate agent to handle your home purchase or home sale? REALTORS® say yes. Real estate agents say it's all a matter of semantics.

The majority of home buyers and home sellers seem to agree, treating the two terms synonymously, a practice that makes REALTORS® cringe. REALTORS® pay a premium in time, energy, education and fees to earn the right to place the registered REALTOR® trademark before their names. In several recent posts we've discussed the technical differences between REALTORS® and real estate agents and the level of professionalism subscribed to by members of the National Association of REALTORS® which is the self-governing industry organization that bestows the designation of "REALTOR®" on its members. But despite internal industry distinctions, is there a real difference to the consumer between REALTORS® and real estate agents that offers a practical advantage in choosing one over the other?

Perhaps. REALTORS® do offer a guaranteed level of professionalism and expertise that can be very important in ensuring that all the "i's" are dotted and "t's" crossed so that your home sale or purchase goes through without a hitch. REALTORS® subscribe to a Code of Ethics that generally guarantees consumers of fair and equal treatment. REALTORS® are required to complete annual continuing education courses, ensuring that they stay up-to-date on real estate laws and practices. REALTORS® have access to regional and nationwide multi-listing services that vastly expands a buyer's housing options and a seller's marketing audience.

But. While these services are important, 90% of the consumer's satisfaction with his home buying or home selling experience will center on his relationship with his real estate agent, whether that individual is a REALTOR® or agent. Many real estate agents are dynamite people with superior sales skills who go the extra mile for their customers. Many of those without REALTOR® status choose to work in offices owned and operated by REALTORS® so they can offer their customers the many advantages REALTORS® bring to the table. Best advice for home buyers and home sellers? Seek the best of both worlds. Choose an enthusiastic agent who knows the market and has a proven closing record and who is a REALTOR® or is associated with a REALTOR®.

Many home buyers and home sellers use the words "REALTOR®" and real estate agent interchangeably, but the distinction is far greater than most people imagine. This is one of those rare cases where words do make a difference. The distinction may seem minor to consumers, a matter of semantics, somewhat like using Kleenex (a registered trademark) for tissue or jello (an informal spelling of the registered trademark Jell-O) for gelatin; but in the real estate world, there is a huge difference between a real estate agents/brokers and  a REALTOR®

In 2003, a real estate agent who was not a member of NAR, petitioned the U.S. Patent and Trademark Office to cancel the trademarks, on the ground that "Realtor" and "Realtors" were generic terms rather than a trademark. On March 31, 2004, the USPTO's Trademark Trial and Appeal Board denied the petition.

Real estate agents, real estate brokers and REALTORS® are all licensed by the state to act as intermediaries between buyers and sellers of real estate to facilitate the sale and purchase of property. Only realtors, however, are members of the National Association of Realtors (NAR) and are entitled to use the REALTOR® registered trademark and refer to themselves as "REALTORS® ." Membership in the National Association of REALTORS®  is not a mere matter of sending in a dues check every year. NAR members agree to conduct business in accordance with the realtor's Code of Ethics that sets ethical standards for truthful advertising and business behavior with clients and other real estate agents.

NAR membership and conference of the title of "REALTOR®" requires that real estate agents be licensed by the state in which they conduct business. To maintain their NAR membership, realtors must complete annual continuing education courses approved by their state licensing boards. These courses ensure that realtors remain up-to-date on real estate laws and regulations, consumer protection issues and ethical business practices.

The word "REALTOR®" next to a real estate agent's name is an indication to home buyers and home sellers of a commitment to excellence in knowledge, service and practice. NAR membership connotes commitment to self-regulation of the real estate industry and adherence to industry standards. In its Code of Ethics, the NAR demands adherence to 17 Articles and their underlying Standards of Practice which are strictly enforced among its membership. Complaints may be lodged with the NAR which metes out reprimands and fines to members, stopping just short of revoking licenses. Only state licensing boards, however, have the authority to revoke an individual's real estate license.

There seems to be a lot of controversy around this subject. What are your thoughts? How do you feel about this subject?

           Next time: Why the "REALTORS®" Code of Ethics Matters

If you take a moment to calculate the total of direct and indirect costs associated with generating a single online real estate lead, you may be surprised at the extent of the resources you're devoting lead generation. Now calculate the percentage of those online leads that actually become sales. If you're not converting close to 10% of generated online real estate leads into profit-making closings, you need to rethink your approach to processing online leads.

Follow these tips to maximize your lead-to-sale conversion rate:

•1.      Immediate response. Respond immediately to online real estate leads. Smart phone technology allows real estate agents to respond to email, Facebook and Twitter queries immediately. Make an effort to respond to queries within 5 minutes. Responsiveness fosters positive client-realtor relationships. If the contact provides a phone number, telephone them. The sooner you begin a personal relationship with potential home buyers and home sellers, the more likely they are to choose you as their agent.

•2.      Be specific. Don't waste the client's time with bland generalities. When prospective home buyers and sellers contact a realtor, they're looking for specific information and they want it now! Respond to online contacts with detailed information about the property they're interested in or the subject they're asking about. Providing links to helpful articles and checklists on your website is a fast way to answer questions and cement your reputation as a knowledgeable expert.

•3.      Don't drop the ball. Be persistent. A single contact will not convert leads into real estate sales. Expert realtors say it takes 7 to 10 contacts to turn an online respondent into a client. For maximum effectiveness, use a combination of different online, phone and mail contacts to keep your name in front of potential clients. For example: tweet a website article link, text a listing link, start a Facebook conversation, email information, mail an open house invitation.

•4.      Get personal. Make use of social media to build personal relationships with clients. Twitter, LinkedIn and Facebook contacts humanize you, encouraging a friendlier relationship.

•5.      Think creatively. Think of ways to make yourself stand out from competing real estate agents. Email a video message or provide tips via Podcast.