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Understanding the Difference Between a Real Estate Broker and a Real Estate Agent

You may keep hearing people talk about real estate agents and brokers and get confused. Some people will think they are the same thing while others will not be able to explain the difference even if they know there is one. However, you should always remember that the real estate agent will need to have a real estate license. On the other hand, the real estate broker is a realtor who has gone on to take the broker license exam and passed. Real estate agents cannot own a real estate firm but brokers can. Also, the real estate broker can hire the realtors to work for him or her after opening the firm. Given that brokers can start real estate firms it means they will be in a position to make more money than the realtors. However, it also depends on how hard and smart they are at their job and whether they have a lot of business.

In the meantime, check out the BrokerBreakUp resourceful website.

Additionally, realtors and brokers will take on different responsibilities in the job field. Whereas brokers are called upon in training the real estate agents, the later cannot do so. They will be involved in representing buyers and sellers in most cases. Also, it is the realtors who do the bigger part in marketing homes for sale. The brokers will be busy marketing the brokerage and they also offer property management services. Also, most of the realtors work under brokers and they manage transactions as well as show homes. It is also the realtors who will organize for open houses and floor time. If you have ever rented a commercial or residential unit there is a higher chance that you dealt with a realtor and not a broker. The realtors also prospect seller and buyer leads.

Brokers offer services in managing compliance and they also manage their brokerages and staff. Also, it does not necessarily mean they will open their own brokerage firms but they can assume the management position in another firm where they are still employees. Also, they go through the contracts before they are signed and establish escrow accounts where the money is transferred to the seller after the buyer has established that he or she is okay with the property on sale. They also liaison for professional associations as well as the government and manage relationships with vendors. They supervise and manage real estate agents to ensure they are doing a good job.

You may keep hearing people talk about real estate agents and brokers and get confused. Some people will think they are the same thing while others will not be able to explain the difference even if they know there is one. However, you should always remember that the real estate agent will need to have a real estate license. On the other hand, the real estate broker is a realtor who has gone on to take the broker license exam and passed. Real estate agents cannot own a real estate firm but brokers can. Also, the real estate broker can hire the realtors to work for him or her after opening the firm. Given that brokers can start real estate firms it means they will be in a position to make more money than the realtors. However, it also depends on how hard and smart they are at their job and whether they have a lot of business.

Additionally, realtors and brokers will take on different responsibilities in the job field. Whereas brokers are called upon in training the real estate agents, the later cannot do so. They will be involved in representing buyers and sellers in most cases. Also, it is the realtors who do the bigger part in marketing homes for sale. The brokers will be busy marketing the brokerage and they also offer property management services. Also, most of the realtors work under brokers and they manage transactions as well as show homes. It is also the realtors who will organize for open houses and floor time. If you have ever rented a commercial or residential unit there is a higher chance that you dealt with a realtor and not a broker. The realtors also prospect seller and buyer leads.

Brokers offer services in managing compliance and they also manage their brokerages and staff. Also, it does not necessarily mean they will open their own brokerage firms but they can assume the management position in another firm where they are still employees. Also, they go through the contracts before they are signed and establish escrow accounts where the money is transferred to the seller after the buyer has established that he or she is okay with the property on sale. They also liaison for professional associations as well as the government and manage relationships with vendors. They supervise and manage real estate agents to ensure they are doing a good job.

 

Also, read https://www.huffpost.com/entry/dual-agency-real-estate-trap_n_5b58fc17e4b0de86f4931357.

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