If you haven’t had much experience with the property industry, you may not be aware that there are different types of real estate agents.
You’re not alone! Not a lot of people know the nuances between the different people working in the real estate sector. But if you’re committed to making a good property deal, you’ll have to know what they do.
In this post, we’ll discuss the most common types of real estate agents and what they do. Read on to learn more about different types of real estate agents, Realtors, and property brokers!
Real Estate Agent
A real estate agent is someone who has completed all the necessary requirements and licenses that allow them to sell property in a certain state.
These are the people you are most likely to have encountered in the property industry. They can represent either a buyer or a seller. The top real estate agents will do all the heavy lifting to ensure a good deal goes through.
As a buying agent, they will gauge your needs and then search for the best deals. They will conduct the necessary due diligence to make sure that the property you are looking to purchase does not have any red flags. They can also provide suggestions for financial support.
As a selling agent, they will undergo extensive research to provide you with an insight into how your property compares with everyone else’s. They will also provide you with suggestions to make sure that you set the right prices.
Real Estate Broker
A real estate broker has the license to own or start a real estate company. They would have had extensive experience as a real estate agent and may have passed several different tests to reach their current position.
Some states, however, don’t require brokers to have experience working as an agent. They are considered assistant brokers if they work in a firm run by another broker.
Realtor
Realtors are essentially real estate agents who are members of the National Association of Realtors (NAR). Their role is very similar to normal property agents, although they have an ethical code that they have to follow to remain in good standing with the NAR.
Even though they have this difference, real estate agents and realtors will follow the same legal requirements. It’s just that realtors have an additional set of moral standards that they will apply in their dealings with you.
Different Types of Real Estate Agents: Explained
Knowing the different types of real estate agents can help you when you are choosing to buy or sell a property. You may feel that a realtor will be a better fit for you than an agent because they will have to adhere to different moral requirements.
Understanding the differences will give you an awareness of who to approach when you are looking for a specific service. Overall, though, the different real estate professionals will all have the same goal, which is to help you settle the most suitable deal for your needs.
Did you find this article on the different types of real estate agents to be helpful? Check out the rest of our blog on real estate investing and property management.
