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Understanding the work of a Realtor and a Real Estate Agent

Real Estate Agent

Sometimes before now, I get confused about the difference between realtors and real estate agents. Back then I had no idea whether both existed. All I do is that when I need to get land or property, I just go to a real estate agent, discuss all it entails and get to work. I was not bothered about the difference between both and this is the same for most people.

Purchasing or selling a home or property needs the help of professional real estate personnel. You may be introduced to either a realtor or a real estate agent. But the issue here is what the work of these two is or the difference between them. Below, DAC development will throw more light on their differences, let’s dive in.

The Real Estate Agent Explained

When buying or selling a property, most times real estate agents are involved. Real estate agents are those who have gone through the rigors of passing a test. After passing this test, they are given a license to perform in their field of the world. They are also known as real estate salespeople. They have various roles they perform; it all depends on the roles available.

Roles like a listing agent, buyer’s agent, or rental agent

Listing agents: the roles of listing agents involve helping their clients to sell their properties or home. This set of people has information on how to sell a property and they also know the type of property that can be sold in your area.

They also know the best price at which your property can be sold. They do not only help you sell your property, but they also make sure your property is in a sellable condition. They advise you on the best way you can present any property you want to.

Buyer’s agent

This set of agents acts as the buyer of a property; they help represent their clients who are interested in buying a property. Some become a specialist in this field by focusing only on buying properties rather than selling properties. Their profession is to make sure their client steer clear of buying homes from scammers or buying a property that isn’t worth the laid down price

Rental agent

They focus on leasing houses or house renting. They help their client list available houses for rent on their listings and get tenants for them. They also help to handle every form of paperwork, and negotiations and show interested people around the house.

As reported by DAC Developments, To become a real estate agent, you will have to undergo training and pass some exams that involve license issuance, once this is achieved, you can either work independently or work with a real estate Brokerage Company.

Who is a Realtor?

A Realtor is someone who only undergoes training, passes his/her pre-license course, and also is a member of the National Association of Realtors (NAR). I know you will be wondering if having to be a member of NAR is necessary, well, NAR helps its member in the area of support and also gives them resources. Also, they have their codes and conduct.

This organization goes a long way to fight out the right of their members with the government and make sure they are also considered in Business Taxation, homeownership, professional regulations, etc. they also train their members by taking them through courses in real estate databases and publications.

The differences between a realtor and a Real Estate Agent

The major difference is that Realtor is a member of the National Association of Realtors while a real estate agent is not a member. According to DAC Developments, Realtors have to abide by the roles and conducts of the association whereas real estate agents are not bound by rules. In addition, as a realtor, you can be connected to Multiple Listing Service (MLS) while a real estate agent has no means of connecting to that; they can only connect to the main broker.

Advantages of hiring a Realtor

A realtor has access to Multiple Listing Services (MLS) and this database has different properties on sale. This MLS is only available for those who are members of NAR. In addition to this, they also have access to legal advice and financial advice.

A realtor has access to open houses and also they have you get easy access to serious buyers and sellers. They also have connections with different real estate investment sales agents. These advantages make it easy for them to easily complete a deal.

Limitations

Realtors’ commission might be higher but it is worth the spending because they are professional in their approach and motivated also. Looking at what they have gone through to be a realtor, this is enough motivation for them to be serious in their field.

It’s also not a rule to charge a higher commission and it’s not compulsory you pay the commission, you have the opportunity to negotiate with your realtor, and once they are comfortable with the price, you can go on with the deal

Finally

A real estate agent can be a realtor if they take one step further to join the association. But if they decide not to be a member, they remain a real estate agent which makes the difference between them. Not being a realtor doesn’t mean they are not professional enough says DAC developments. You can be a real estate agent and be good at your job and also you be a realtor and also be good. It’s just that one has an advantage over the other.

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Written by DAC Developments

DAC Developments is a Chicago-based real estate development company with a focus on multifamily residential and mixed-use ground up developments

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