People frequently use the terms “realtor” and “real estate agent” interchangeably without thinking that there’s a difference to them. In simple terms, every realtor is an agent but every real estate agent is not a realtor. Are you confused? Don’t be. Let’s examine these two terms in more detail in the below written article.
Both a realtor as well as an agent would have taken the exam of the necessary courses in their particular state. They both would have obtained the license by taking the property exam however both of them still differ. A realtor would have gone a step further than the agent and have joined the NAR or National Association of Realtors.
What does it really mean to be a realtor? Being a part of NAR, a realtor has to agree upon the conditions laid down by the association. The code of ethics has a standard of practice and seventeen articles. In other words, it means that the association oversees each realtor and has certain expectations from him. The main aim of the association is to have a level of self supervision in the real estate business.
However this does not make a realtor stick to the ethics all the time, but you do know that your realtor took the pledge. If things are not handled in an appropriate manner, you have a place to make the complaint. According to the code of ethics, it has been promised by the realtors that they would represent their clients honestly and fairly. They had agreed not to withhold any kind of information from their clients and carry out an investigation if something comes up. They collect their commission only after the sale is completed.
Realtors agree to put the needs of their clients first and then think about their profits. They represent their client’s home in a truthful manner and act professionally. Realtors also do not have the right to represent a party unless they have the license to sell a property. He cannot talk ill of his competitors nor can he file a false complaint against them. In case of a dispute, compromise is reached rather than filing a lawsuit.
Real estate agent is a person who works in collaboration with the client during the selling or buying process. Agents are hired by the brokers and work for them and cannot work on their own. If you come across a sole proprietorship, he would be a broker agent. Alternatively, real estate agents are also known as property salesperson and they help the homeowners with any kind of problem which might be encountered by them.
Hopefully this article might have helped you in clearing some of the confusion regarding the two terms. So the next time you wish to hire a real estate agent, remember to choose the right person. In order to have a better sale transaction and earn profits, real estate market is the best place. Make your transactions easier by hiring a trustworthy and reliable agent who can help you in earning easy profits however if you plan to make an investment it should be done only after weighing all the pros and cons of this industry.
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