Real Estate Broker and Real Estate Agent: Any Difference?
It is important to know the differences between the types of agents you meet at a real estate company to help you choose the one that fits your needs whether you are buying or selling a house.
Here are some tips to let you choose who you might want to work with.
- Real estate agents are licensed sales professionals who help clients who are into buying and selling homes or other properties. They perform duties, such as study property listings, interview their prospective clients, accompany clients to property site, as well as discuss conditions of sale, and draw up real estate contracts. They are also the agents who represent buyer. Although they are often considered independent contractors, agents must work under the management of a broker.
- Real estate brokers are owners or managers of real estate agencies. They run the office and work with the title companies and real estate lawyers who process real estate transactions. Other responsibilities of a Real Estate Broker includes manage and oversee a team of Real Estate Agents, follow up on leads for buyers and sellers, negotiate and prepare contracts prior to the sale or lease of a residential property, inspect homes prior to listing them and work with agents on staging, repairs and maintenance, prepare comp lists for properties in the same geographical areas to those in our listings, track contract term fulfillment for properties, advise property buyers and sellers on best practices and pricing strategies, assist agents with continuing education, and attend property closings and ensure all contract terms are met by both parties. They can contribute the same buying and selling services to the consumer as a Real Estate Agent. Some brokers choose to work alone in their own offices while others have agents working for them.
- Realtors are real estate agents or brokers who are members of the National Association of Realtors, or NAR. As members of the trade group, they agree to follow its code of ethics. Every licensed agent and broker must adhere to state standards.
- Broker associates, A licensed broker whose license is held by another broker. An associate broker is considered to be a real estate broker but still works for and is supervised by another broker. Broker Associates are sometimes called broker-salespersons or affiliate brokers.
The biggest difference between Real Estate Brokers and Agents is the level of responsibility each has within the company they work with.