News & Views on Indian Real Estate

Monday, May 26, 2008

Difference between a Realtor® and an Agent

The main difference between a realtor and a real estate agent is credentials. People use the terms REALTOR® and real estate agent interchangeably, but that is incorrect. There are differences between REALTORS® and real estate agents. They are not the same. Although both are licensed to sell real estate, the basic difference between a real estate agent and a REALTOR® .As such, the main difference that you hear a lot about -- but are likely confused about -- is that a REALTOR® must subscribe to the REALTOR® Code of Ethics. But what does this mean to a consumer? A realtor has more training and experience in the real estate market than does a real estate agent. Where both a realtor and real estate agent have licenses, the realtor has gone the extra mile in obtaining a further level of expertise in their professions. Realtors® follow a code of ethics and typically receive many helpful tools from the Association including a legal hotline and official contracts to write offers. When you hire a real estate agent you are essentially hiring the brokerage. The broker is your agent and his salespersons are his agents. So when you go out looking at homes with a salesperson, you are essentially dealing with your agent’s agent. However, usually everyone down the line is a Realtor® because every agent in that company is a member of the Association of Realtors®.

manish said...

In the United States, "Realtor" is the name given to a "Real Estate Agent" who holds an active membership with the National Association of Realtors.

Additionally, if a "Real Estate Agent" is a member of a local real estate board or a real estate firm that is associated to the National Association of Realtors, then he/she can also use the "Realtor" designation.

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