The Difference Between A Real Estate Agent And A Realtor
The main difference between a realtor and a real estate agent is credentials. Often time’s people use the works real estate agent and realtor interchangeably. However, there is a rather important difference between the two.
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 are members of the National Association of Realtors. This means that a realtor follows the strict realtor code of ethics. You can read this code of ethics from a download at this site. http://www.realtor.org/mempolweb.nsf/pages/Code?OpenDocument
The standards and rules that are in the realtor code of ethics is more than just a few people saying they will do what is right. The code is a way of providing a higher level of ethical practice that is nationally recognized.
There are many real estate agents that are great at what they do; they also follow ethical practices, however there are no real restrictions that monitor their business matters.
The basic prerequisite to selling real estate is a license through the state that the realtor or real estate agent will be working in. There is a minimum standard of education, examination, and experience must be met. These requirements are decided state by state and then set as regulations.
Agents are bound to a certain amount of legal obligations. The basic of these obligations are:
· Obey the rules of confidentiality
· Obey the lawful instructions of the property
· Maintain the clients interests above yours or anyone else where their transaction is concerned.
· Report any issues with the property or the contract
· Report any money conversations discussed.
A realtor follows all of these listed obligations; however also follow a higher level of code of ethics form the NAR. These ethics and obligations have recently been formed into state laws that govern that at different levels of real estate licensing, there are different levels of expectations and laws.
Depending on what you are looking for, both a realtor and a real estate agent might be able to help you with your purchase or sell. There is also many times that a realtor will hire a real estate agent to help with some of their company responsibilities. Therefore that real estate agent will likely follow the ethics from the guidance of the more experienced licensed realtor.
Also, whichever option you go with, you will find the good and the bad with both. There are some questions you can ask to help make sure you are getting the best person to help you get the best deal.
· First find out if they are licensed.
· Next you will need to know if they are full time or part time
· You can ask them what options they have available for helping you sale your home, or what listing options they have for helping you find a home.
· It is also a good idea to cover commission prices and any other costs, or fees that would be involved.
· When you cover the contract you can ask for anything that does not look good to you, to see if it can be negotiated. Even if it is already typed up, it can be changed. This would be anything from the commission to the length of time of the contract.
The expertise you are looking for is all in the questions. Trust what ever option you choose, communicate any questions or concerns you may have and follow through with the steps it take to get your real estate transaction completed. The differences in realtor and real estate agent can be significant, however removing these common factors can decrease the success in any situation, regardless of who is doing the work.