Did you know that there are an estimated 3 million real estate licensees that are active in this country? The real estate industry is a hot one and it shows no signs of cooling down. And there are many different kinds of professionals in real estate, from realtors to brokers.
In the world of realtor vs broker, what’s the difference? If you’re a real estate newbie, it’s important to get the facts. Read on to learn about the key distinguishing characteristics of each here in this guide.
Real Estate Agent Definition
You may have seen the terms real estate agent vs broker vs realtor and wondered if they are all the same. While they do denote professionals who work in the real estate chicago (and elsewhere) industry, a real estate agent is someone who has a license that allows them to help people buy, rent, and sell real estate.
What Is a Broker?
A broker is a real estate agent who has taken their education a step further by taking an additional exam. Once they have successfully passed their state’s broker license exam, they can call themselves a broker and even open up a brokerage.
Real Estate Brokerage
Speaking of brokerages, this is another key term to know in the industry. It is an agency that is run by a broker and can have multiple real estate agents working at the firm. These can be associate brokers, managing brokers, and other real estate professionals that assist in the process of buying, selling, and renting real estate.
What Is a Realtor?
A Realtor is a real estate agent who is a member of the National Association of Realtors (NAR). Realtors must meet certain requirements, pay annual dues, and adhere to NAR’s Code of Ethics.
Realtor vs Broker: Which Is Better?
Now that you know the difference between a realtor and broker, you may be wondering which one is better. Brokers can be Realtors, and vice versa, so do your homework and find out more information about your potential professional. And the bottom line is, the best one is someone who is right for your real estate needs.
Find Your Best Match
If you are looking for help buying or selling a home, it’s important to know how to choose a realtor. You need to find someone who has the right combination of personality as well as experience. When choosing a realtor be sure to do your research first online and in person.
Learn More About Real Estate Professionals
Now that you’ve read about the difference between a realtor vs broker, you can be proactive. Whether you are trying to decide which one to hire for a real estate transaction or thinking of becoming one yourself it’s important to know!
Did you enjoy learning about this subject? Want to read about similar topics? Then check out the real estate section on this site for more useful tips and tricks!
