| If you have been looking for property in the | | | | clients, reporting any issues etc, are some |
| last few days, then there are chances that | | | | of the obligations of the agent. The broker |
| you have come across the most confusing | | | | also follows these regulations but he also |
| terminologies in the Real Estate directory. A | | | | follows much more stringent regulations under |
| Real Estate broker and a Real Estate agent | | | | the NAR. |
| are two terms that you will hear from time to | | | | |
| time. But what exactly is the difference | | | | Which one to choose? |
| between the two? Well for starters, an agent | | | | |
| may be a person who works under a registered | | | | When it comes to finding a property or |
| broker. Or in certain cases, a broker does | | | | selling your property, both of them can help |
| not have anyone working under him and he | | | | you. On many occasions the realtor will hire |
| prefers to be the agent as well. In most | | | | the agent himself. When this happens, the |
| cases the person that you deal with when | | | | agent's behavior and his performance is the |
| finalizing Real Estate deals is a Real Estate | | | | responsibility of the realtor and you no |
| agent. | | | | longer have to worry. The agent will follow |
| | | | the high code of ethics that are set by the |
| A Real Estate broker is its true sense is the | | | | more experienced realtor. It is also |
| party who acts as an intermediary between | | | | important to mention that each one has its |
| sellers and buyers of real estate and | | | | own pros and cons. |
| attempts to find sellers who wish to sell and | | | | |
| buyers who wish to buy. A broker is a person | | | | Choosing one |
| with a lot more experience and a lot more | | | | |
| knowledge under his belt. | | | | You can look at certain points before |
| | | | choosing a Real Estate agent or a broker. You |
| Credentials | | | | need to look at whether the broker is |
| | | | licensed or not. All brokers and agents need |
| Both these people have licenses but the | | | | to be licensed in the US but the rules may |
| realtor/broker has more credentials to his | | | | vary for other countries. There are separate |
| name. The training and the experience that | | | | registrations and license needed by certain |
| one needs in order to be a realtor is much | | | | states. Look for listing options, services |
| more when compared to a Real Estate agent. | | | | and selling ideas that they may have. When |
| Most realtors are members of an organization | | | | you have this with you, you can always do a |
| called the National Association of Realtors. | | | | comparison between couple of brokers. Ask for |
| This is an extremely professional | | | | the pricing and the fee structure. Ask them |
| organization which has strict code of ethics. | | | | to cover all kinds of charges and fees that |
| These codes are a way of proving to the | | | | may be involved in the transaction. At any |
| public that this is a profession that | | | | point of time during the transaction, if you |
| requires a lot of dedication and integrity. | | | | do not feel comfortable about anything make |
| Agents are also required to have certain | | | | sure that you negotiate it with the chosen |
| credentials when it comes to acquiring a | | | | party. The commission, the term of the |
| license but it is far lesser than a realtor. | | | | contract etc are some of the things that can |
| Confidentiality, obeying property rules, | | | | be discussed and negotiated openly. |
| giving priority to the interests of the | | | | |