If you’re planning to sell or buy a home, you’ll likely need the help of an experienced real estate professional to help you with the details of the complicated transaction. The two most common titles you’ll hear are “real estate agent” and “real estate agent.” (You may also come across the term “real estate broker.”) Although the terms are often used interchangeably, they are not quite the same thing.
Read on to learn more about each of these professional real estate roles and the differences between a real estate agent and a real estate agent.
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What is a real estate agent?
One of the most common types of real estate professionals you will encounter when buying, selling, or renting a home are real estate agents. A real estate agent is usually someone who passes a test to become a licensed real estate agent and works for a broker. An agent may also use the title of “real estate seller”.
Generally, anyone who enters the profession as a licensee starts out as a real estate agent and can continue to hold that title or move on to other positions if they wish.
A real estate agent can take on multiple roles (or multiple roles, depending on the jurisdiction) in a transaction. These roles include:
SEO Agent: A listing agent is the real estate agent representing a real estate seller. A listing or seller’s agent is responsible for various aspects of selling a home. They will have access to crucial information such as a benchmarking marketing analysis report, which will allow them to see how much homes are selling for in your area. This helps you determine the best asking price for your home.
A listing agent will also help you put your home in salable condition to attract buyers. They may encourage you to make updates to your home or encourage you to stage your home to make it more presentable. They can also help you with the negotiation process as the offers are made, as well as with the required documents as the transaction progresses. A listing agent acts in the best interest of the seller.
Buyer’s Agent: When a real estate agent works on behalf of a real estate buyer, it is called the buyer’s agent. This may be the same person who helped you sell your home or a specialist who only works with buyers. Either way, the professional in this role will help you find a home and negotiate a better deal. They may also have insider knowledge about available government programs that can help you buy a home. And because they have so much insight, they can help you avoid sketchy properties and sellers.
While some agents will function as a listing or buyer’s agent in one transaction and as a seller’s agent in another transaction, other agents specialize exclusively in one area or the other.
Rental agent: A rental agent lists a property as available for rental. A letting agent will act in the best interests of the landlord, listing the home on various platforms, conducting viewings and negotiations, and taking care of the paperwork.
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What is a real estate agent?
“Realtor” is a designation that a realtor, broker, or other type of real estate professional can take on by joining the National Association of Realtors (NAR). It is one of the largest business organizations in the United States, with over 1.5 million members. NAR members must abide by the organization’s code of ethics and maintain a certain level of integrity when representing clients. If realtors do not meet NAR standards, they can be removed from the organization.
Are all real estate agents real estate agents?
These terms are often used interchangeably, but a real estate agent may or may not be a real estate agent. Similarly, a real estate agent may not be a practicing real estate agent, or it may be a real estate broker or other industry professional. However, to apply for real estate agent status, one must hold a valid real estate license.
The key factor to remember is that real estate agents are branded as real estate professionals with added credibility as NAR holds them to a high level of standards. Real estate agent status, however, does not necessarily dictate the level of success the agent or broker may have in representing you in a transaction. It also does not mean that a real estate agent has a certain level of experience in the industry, since a real estate agent can become a real estate agent at any point in their career.
What is a real estate broker?
Another real estate professional you might hear about when buying or selling a home are real estate brokers. So what is a real estate broker? After being a realtor for one to four years (depending on the state), an agent can sit for their realtor license and become a realtor supervisor, of sorts.
Many real estate brokers manage real estate agents and often operate a real estate office, assisting agents with transaction details if necessary and receiving a portion of the commissions earned by agents who report to them. Meanwhile, other brokers remain “in the field,” directly helping clients sell or buy homes.
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When buying or selling a home, you can work with any real estate professional you choose, whether it’s a real estate agent, realtor, or landlord. a real estate broker. When selecting a professional to work with, a title shouldn’t be the only criteria to consider. Getting references, researching backgrounds and interviewing top candidates will be much more helpful. Keep in mind that while you may enlist the help of a real estate professional, your preferred real estate agent may not want to work with you. Likewise, you don’t have to work with them if you find you’re not compatible. Terminating a contract with an agent can be expensive, so it’s a good idea to choose wisely from the start.