Is it time to sell your home or purchase a new one?
As of now, there are about four to six million real estate professionals all over the globe. With numbers rising in the real estate profession, you need to know the difference between an agent and a realtor.
Get to know more about real estate agents and Realtors in this guide. Read on to learn more about their differences, similarities, and what they can do for you.
What Is a Real Estate Agent?
A real estate agent acts as your coordinator, advocate, and negotiator. Not only will they guide you in getting a property, but they will also be the ones to determine prices and handle negotiations on your behalf. They do everything, from finding a property to transactions, on their client’s behalf.
An agent is an individual professional who aids you in buying and selling properties. As long as you have a real estate license, you can become a real estate agent. Did you know that there are different types of real estate agents?
Here are a few to note:
This is a real estate agent who gives their services to people looking to sell their property. They will help you with pricing, marketing your home, negotiating with buyers, holding open houses, and so on.
A buyer agent is a professional who will help you look for a property to purchase. They will find a home, negotiate an offer, inspect the house, and so on. This type of real estate agent will also be with you for the whole process of finding and buying a home.
Are you looking for a home that you want to rent? Rental agents will guide you in your search, from finding a neighbor to giving you a price range. It’s easy to find a place to rent without a rental agent, but they can help you understand the lease.
Dual agents are rare to find and might not be legal in the state you’re in. These real estate agents represent both the seller and buyer in the same transaction. They will represent both sides, but going for this type of agent can lead to conflict.
A broker is a real estate agent who obtained a higher level of experience and education. They can become managers or owners of their real estate firms. This type of real estate agent learns about the job and business.
What Is a Realtor?
A Realtor is a trademarked term by one of the biggest trade companies in the US, the National Association of Realtors or NAR. NAR is an association founded in 1908 in Chicago. You can join NAR as long as you have a real estate license and professional conduct record.
Since NAR is a trade association, they hold a powerful bargaining power in both the federal and state governments. Its influence can give better legal benefits and protections for Realtors. If you want to learn more about a realtor and agent, visit this website.
Real estate realtors aid their clients in buying and selling properties. They must understand the clients’ desires to guide them to a result that can benefit both parties. According to NAR, half of all real estate agents are fully certified Realtors.
Realtors have a code to live by and follow, fostering professionalism. They commit to treating every single client with honesty and fairness. Hiring a Realtor means getting the best service to find and sell a property.
What Is the Difference Between an Agent and a Realtor?
A realtor is a real estate agent who is a part of the National Association of Realtors. The biggest difference between a realtor and an agent is the certifications. They have very similar jobs, but they have different rules and standards.
Appraisers and property managers also have to join NAR to be a Realtor. You need to meet certain membership requirements like the standards of practice or an official code of ethics. You have to undergo a certain amount of classes for a few years.
What Services Can They Offer?
As stated earlier, real estate agents can help home buyers and home sellers. Here’s how they can help you:
As Home Buyers
Real estate agents or Realtors start by getting a pre-approval. A pre-approval is a letter coming from the lender providing the amount approved for a loan. It shows if you are capable of buying a home from them.
They can offer recommendations and facilitate the negotiation between you and the homeowner. Agents and Realtors will also accompany you on showings for new homes. Your agent will help you write offers for homes that you’re capable of buying.
If you can’t investigate the houses due to some circumstances, they can inspect the home for you. They will ask the relevant questions to learn about the house and its condition.
Negotiations never stop when you plan to buy a home, so an agent or realtor will help you. Once they inspect the new homes, they will estimate repairs. Realtors and agents will also monitor all the necessary paperwork to buy the house.
They will communicate with everyone involved in the deal until the end. The Realtors and agents will ensure that the home is in good condition and everything is running.
By the end, you’ll have all your needed paperwork, money, and understanding of what you’re signing. Once the keys are in your hands, the work of the agents and Realtors are finally over.
As Home Sellers
When you decide to sell your home, Realtors and agents will help you set a price. Once a price you and your agents agree on, they will help you market your home online in multiple listing services. They will update you on any showings and feedback from buyer agents.
Agents and Realtors will help you if you need to change your marketing strategies. They will also negotiate buyers for you, but the final say still lies with you. You will end up with needed paperwork and a sold home with a professional by your side.
Your Guide on Understanding an Agent and a Realtor
An agent and a Realtor offer the same services with different licenses, standards, and rules. Now that you know what they can do for you, make sure to share this knowledge with your friends and family too.
Are you looking for more information about agents and Realtors? Consider checking out our other blog posts for more guides and tips.