What’s The Difference Between a Real Estate Agent and a Realtor?
What’s the difference between a Realtor and a real estate agent?
Definition
Both a realtor and a real-estate agent are professionals who work in real estate, helping clients to buy, rent, or sell properties. The two roles have distinct differences.
A licensed professional, a real estate agent has undergone the necessary education to assist clients legally in real estate transactions. They are authorized to represent either buyers or sellers and work under the supervision of a licensed real-estate broker.
A realtor, on the other hand is a member of NAR. Realtors are required to adhere to a strict set of ethical standards and practices by the NAR.
In essence, all Realtors are Real Estate Agents, but not every real estate agent is a realtor. To become a realtor, you must also commit to maintaining high ethical standards and providing clients with the best service.
When selecting a realty professional to work for, it is important that you consider their qualifications and credentials as well as whether they adhere to ethical standards.
Training and Licensing
Real estate agents and realtors have different training and licensing requirements. While both professions deal with buying and reselling properties, realtors usually have to meet higher education and licensing standards.
To become a Realtor, one must be a licensed agent. This includes completing a number of hours for pre-licensing, usually 60-90 according to the state.
After completing education requirements, future real estate agents have to pass the licensing exam. This exam tests their knowledge of real estate laws and practices, as well as their understanding of ethical standards in the industry.
Real estate agents can become realtors after they are licensed by joining the National Association of Realtors. Realtors must adhere strictly to the NAR’s code of ethics and practice standards. This goes beyond what is expected of regular real-estate agents.
The NAR offers additional training and development opportunities for Realtors, which will help them keep up with industry trends and best practice.
Real estate agents and Realtors both have the same qualifications to help clients buy or sell property, but realtors have received additional training and adhere a higher standard in ethics and professionalism. This distinction can prove important to clients seeking a knowledgeable and reliable agent to assist them in their realty transactions.
Code of Ethics
Both real estate agents, and realtors, work in the real-estate industry, helping people buy, sell or rent property. There is a significant difference between the two in terms of their Code of Ethics.
A real-estate agent is a person who has been licensed to represent buyers and/or sellers in real-estate transactions. While they are required by their state to adhere by certain ethical guidelines, they aren’t necessarily NAR members.
A realtor, on the other hand is a realty agent who has joined the NAR. They have agreed to follow the strict Code of Ethics of that organization. This code goes above and beyond the standard ethical requirements for real estate agents and covers areas such as honesty, integrity, professionalism, and confidentiality.
Realtors must adhere to a stricter code of ethics and undergo additional training in order to uphold the values that define the profession. If they are found to be in violation of the Code of Ethics, the NAR may also take disciplinary measures against them.
While both real estate agents and realtors are bound by ethical standards in their work, realtors adhere to a more rigorous and comprehensive set of rules and guidelines. This distinction is important for clients seeking a real estate professional who is committed to maintaining the highest level of ethical behavior in their transactions.
Services Offered
A real estate agent is licensed to assist buyers and sellers in real estate transactions, is a member of the National Association of Realtors (NAR) and is held to a higher ethical standard.
Realtors are bound by a strict code that goes above and beyond the requirements of law. This means they are committed in providing the best service to their customers.
Real estate agents and realtors both help clients buy and sale properties, but realtors also have access to additional resources through the NAR and networking opportunities.
Realtors can also use the Realtor trademark to help them stand out and attract more customers in a competitive marketplace.
While realty agents may offer similar service to realtors, their professionalism and industry expertise can make a huge difference in the final outcome of a transaction.
Ultimately, whether you choose to work with a real estate agent or a realtor will depend on your specific needs and preferences, but both can provide valuable assistance throughout the buying or selling process.
Costs and Fees
Realtors, and Real Estate Agents both have the license to help people buy and sell property. However, there are some differences in terms of costs and fees.
First, it is important to note all Realtors and Real Estate Agents are not all Real Estate Agents or Residental Agents. The main difference in the two is Realtors. They are members of National Association of Realtors. Their members must adhere to higher ethical standards and undergo additional training.
realtors as well as real-estate agents earn a commission when it comes to fees and costs. This commission is typically a percentage paid by the buyer. The standard commission rate is usually around 5-6 percent of the sale price. This can vary.
However, there may be additional costs and fees associated with hiring a realtor compared to a real estate agent. realtors may charge more for their services because they have completed additional education or met higher ethical standards.
realtors also offer other services like professional photography, stage or marketing material to help sell the property faster and for more money. These additional services are usually charged separately.
realty agents, who are not Realtors, may offer lower fees or commissions, but may not provide the level of service and expertise that a Realtor. It’s crucial to weigh the pros and cons of hiring a Realtor as opposed to a Real Estate Agent, before making a final decision.
What to Choose Between a Real Estate Agent and a Realtor
Many people wonder which is better to use when buying or renting a home. While the terms are often used interchangeably, there are actually some key differences between the two.
A real estate agent is anyone who has obtained a real estate license and is authorized to assist clients with buying or selling property. This can include residential, commercial, or industrial properties. Real estate agents are independent contractors or work for a brokerage.
Realtors are real-estate agents who are members of National Association of Realtors. Realtors have a higher ethical code and must adhere. They are also required to complete additional training and continuing education courses.
A realtor has access to a database containing all the properties available in a certain area. This is a major benefit of working together. This can give them a competitive advantage when looking for properties that match their clients’ criteria.
Working with a local realtor can also be beneficial because of their knowledge and expertise of the market. They can give valuable advice and insight throughout the process of buying or selling, enabling their clients to make informed choices.
It is ultimately up to you whether you work with a realtor, or a real-estate agent. If you are looking for the extra training and ethics that comes with working with realtors, that may be the right choice for you. A real estate agent can be sufficient if you only need help buying or selling property.
Do your research, and interview several candidates before you make a choice. Finding the perfect real estate professional will make a huge difference in your real estate deal.