Real Estate Agents vs. Brokers vs. Realtors: What's the Difference?
With so many real estate specialists roaming around, finding the right person for the job can take time. This blog will solve all the mess if you're also confused between different titles, such as real estate agents, brokers, and realtors.
Since every role is different from the others, it's essential to hire the right person to avoid any consequences later. To make it easy, I've summarized the apparent differences between the three for a better idea.
Comparison Table For Real Estate Agents, Brokers, and Realtors
Real Estate Agent
A real estate agent is a professional who has completed the necessary licensing requirements to sell, buy or rent properties on behalf of their clients. They must pass a real estate exam and obtain a license from the state where they operate. Real estate agents work for a licensed broker and cannot work independently.
Real Estate Broker
On the other hand, a real estate broker is a professional who has taken additional coursework and passed a broker's licensing exam. They are responsible for managing their brokerage and can work independently. Not only this, but they can also hire real estate agents to work under them. Brokers can represent clients in real estate transactions and have a fiduciary responsibility to their clients.
Realtor
A realtor is a real estate professional member of the National Association of Realtors (NAR), a trade association for real estate professionals. Being a realtor is voluntary, and not all real estate agents or brokers are realtors. However, realtors are required to adhere to a strict code of ethics and standards of practice that the NAR enforces.
Differences Between Real Estate Agents, Brokers, and Realtors
The main difference between real estate agents and brokers is that brokers can work independently and manage their brokerage, while agents must work under a licensed broker. On the other hand, realtors are members of the NAR and must adhere to a strict code of ethics and standards of practice.
Real estate agents and brokers have similar roles and responsibilities, including helping clients buy, sell, and rent properties. However, brokers can hire agents to work under them, while agents need help to work independently. Realtors are held to a higher standard of professionalism and ethical conduct. They must follow the NAR's Code of Ethics and Standards of Practice, which includes comforting their clients by solving all their concerns.
Which One Should You Choose?
When choosing a real estate professional, it is essential to do your research and choose an experienced person with enough experience, credibility, and knowledge. Whether looking for a real estate agent, broker, or realtor, it's important to find a trustworthy person who can guide you through buying or selling.
Conclusion
In summary, real estate agents, brokers, and realtors are all involved in real estate transactions, providing different services.
Real estate agents work under licensed brokers, while brokers can work independently and hire agents to work for them.
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