Unlike the majority of professions, the real estate industry has names and titles that are, at times, confusing. Titles like real estate agents and realtors are often used interchangeably. However, it is imperative to note that besides being different in terms of their educational qualification requirements, both professions also require different skill sets to carry out their respective jobs.
A realtor works as a commercial or real estate broker, appraiser, salesperson, or counselor. They are known to be specialists in their fields who must follow the NAR’s code of ethics. It requires them to uphold specific duties toward their customers, clients, the public, and other realtors. Amongst the several other requirements of the NAR’s code of ethics, one of the essential rules is to avoid exaggeration, concealment, or misrepresentation of pertinent facts associated with the property or transaction.
Thus, these codes of ethics require that a realtor put their client’s interests above their own.
Real estate agent
On the contrary, a real estate agent is an experienced professional who can help you buy or sell your commercial or residential property. As per their preference, they can specialize in being a buyer’s agent or a listing agent. A buyer’s agent focuses on enabling the potential owners to search for and acquire property, while the listing agent assists sellers in listing their property. However, like realtors, real estate agents also need to attend some coursework to obtain their licenses, depending on their state’s requirements.
Thus, a professional real estate agent should be well-versed in the local laws and current trends regarding the existing listings in the real estate market. They act as an intermediary between the buyer and the seller. Hence, these negotiations play a critical role in any real estate agent’s work.
Are all real estate agents realtors?
Regarding the requirements of skill sets and responsibilities, realtors and real estate agents are the same. However, a real estate agent is eligible to buy or sell a property without necessarily being a realtor. But, a real estate agent cannot work as a realtor without joining the National Association of Realtors (NAR).
The different types of real estate agents
A seller’s or listing agent assists individuals willing to sell their property. From advertising and marketing your property to closing the transaction in your best interests, they will serve you with great help and support. Their assistance will include:
- Showing the property to potential buyers.
- Helping you stage your property.
- Negotiating with potential buyers on your behalf.
- Listing your property on multiple marketing platforms.
A buyer’s agent works solely for the homebuyers in their best interests. Thus, if you are looking for a residential property, they will guide you throughout the search until the closing process. This can include:
- Handling paperwork.
- Negotiating the best price on your behalf.
- Meeting with property inspectors.
- Helping you find your dream property.
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