You can find numerous people working in the real estate industry such as real estate agents, inspectors, appraiser, sales persons etc. Most often, people, particularly the new investors get confused between the real estate agents, realtors, and brokers. Every person engaged in the real estate industry has a specific and important role and responsibility to function. When you talk about the roles and responsibilities of a real estate agent, realtor and broker, they have distinctly different roles and responsibility. However, sometimes they overlap their roles and responsibilities which ultimately result in confusion. But if you closely watch the functions of real estate agents, realtors and brokers in an established and professional real estate brokerage such as L’Équipe Papachristou, you will distinctly find the differences in their specific roles and responsibilities.
A real estate agent is one of the key stakeholder or professional of the real estate industry who usually functions as the facilitator of the entire transactions of the real estate business. The real estate agent is the key person to bring the real estate sellers and buyers to a common platform to interact with each other. In return, the real estate agents are paid a commission which is normally a portion of the price of the sale.
On the other hand, a broker is the owner of a real estate brokerage who employs or engages a real estate agent. A real estate broker normally deals with more technical issues and capacitated with specific training in comparison to a real estate agent. The realtors are members of realtors’ association comprising other members such as real estate agents, appraisers, brokers, salespersons, other real estate stakeholders. The realtors are expert professionals and are bound by a code of ethics.
The real estate agents are considered real estate professionals with required real estate qualifications including the real estate licensing exam. The real estate agents are also known as real estate associates. The real estate agents usually represent both the buyer and seller and are responsible for performing offers and counteroffers between the parties. The agents are also responsible for paper works of the parties and make sure that their clients are aware of all essential requirements including important dates, inspections, moving etc.
A broker is normally more qualified than the agent and must pass the real estate broker license exam. The brokers work either with the buyers the sellers in terms of finding properties and deal with negotiations, preparation of offers etc. for the buyers, and determining market value, listing and showing the properties, communicating with sellers for their sellers.