A common mistake that most of the people do while talking about the real estate industry is using the terms- real estate agent, realtor and broker, interchangeably. No doubt that all of them work in the same industry, but there is a difference between the services that each of them provides. Don’t think that “any” real estate professional will be able to solve your real estate issues. Instead, try to know the difference between these three titles related to real estate market and then, find that who will suit for your particular needs. Through this article, we are going to tell you the main difference among the real estate broker, agent and realtor.
- Real estate agent
Also known as real estate associate, a real estate agent is a professional who has passed all the required exams along with the state level real estate licensing exam. He is required to pass the state level exam for the state he wishes to work in. Being an agent is the starting point for real estate professionals. There are some restrictions for real estate agents for what they can do and what not. For an instance, a real estate agent cannot start his own firm or work independently; he must be working under a broker.
- Real estate broker
A broker comes on the higher level as compared to that of an agent in the real estate professionals’ hierarchy. He has completed the advanced education and has gone through additional training, which let him get the detailed knowledge of the real estate law. When it comes to responsibilities, then brokers are given more responsibilities and power than the agents because of their enhanced capabilities. Though brokers are allowed to start their own brokerage firm, but it is not compulsory. A broker can also choose to work for a real estate company as it will help him to enhance his expertise and skills. As broker has more knowledge about the industry trends, you can consider hiring him to buy or sell your house fast.
A realtor is also a real estate agent but he needs to get the membership of National Association of Realtors (NAR) or Canadian Real Estate Association (CREA). He needs to maintain the standard and subscribe to the code of ethics for becoming a member of NAR or CREA. Every realtor is a agent, but every agent is not a realtor.
As all of them have different duties to perform, so, house buyers and house sellers should be well aware that who they are dealing with while buying/selling a house. However, it will be more beneficial to hire a real estate company for buying or selling your house or any other property. As team work is preferred in the companies, you will get the guidance from the agents, brokers as well as realtors. And in the case you are hiring an individual real estate professional, then make sure that he is licensed to provide the services you are looking for.