Individuals in the real estate industry often use the terms realtor and real estate agent interchangeably.
Although they mean two different things, most individuals are unaware of their distinction.
Gainesville Realtors always emphasize the essence of getting a trustworthy realtor in Florida to guide you in the quest to purchase a preferred property.
Let’s begin by differentiating between a real estate agent and a realtor.
Many parts of the world haven’t distinguished these terms leading to the confusion of using the two terms interchangeably.
However, it’s vital to provide a guideline showing the line between realtors and real estate agents and the distinction between their work.
Thus, clients can choose the right professional to represent them when purchasing properties. Here’s what you need to know.
Who is a Realtor?
The term realtor emanates from the National Association of Realtors (NAR) to refer to real estate agents certified by the NAR.
A realtor must be registered with the NAR to be professionally recognized. Realtors also access the MLS, besides signing the association’s code of ethics.
One must also take part in continuing education and regular training to practice as a realtor.
Most of Florida’s real estate agents have subscribed to the NRA, making it a crucial consideration when choosing a realtor.
If you’ve found a suitable realtor but haven’t subscribed to NRA, it is vital to ask them why they haven’t joined the body before using their services. Designated realtors have;
- Access to vast information concerning properties
- Support networks
- Listings and other crucial information that those who haven’t signed NRA lack
The NRA stipulates that realtor join their local estate board or association before becoming members of the body.
The following are some of the things that only a realtor can promise to do;
- Prioritizing on the interests of clients (buyers and sellers) and being honest with each party
- Avoid misinterpreting, exaggerating, or hiding any crucial materials or information that may jeopardize the selling or buying.
- Cooperate with agents or brokers for the benefit of clients
- Disclose if they have any vested interest in the said property, such as representing a family member to sell or buy a property
- Avoid collecting commissions or accepting payment from a third party without the seller’s knowledge
- Refrain from commingling their money and client funds
- Carry out honest marketing and advertising campaigns
- Avoid practicing lawyer except in cases where the agent is an attorney
- Avoid seeking remedies in the court system but submit arbitration matters instead
Realtors act within a strict code of ethics to ensure that they carry their activities with the highest levels of professionalism.
The official code of ethics governing the practice of realtors is revised every year to match the current trends in the real estate industry.
The code of ethics’ primary message encourages realtors to honestly treat all parties, setting their practice apart from real estate agents.
Who is a Real Estate Agent?
A real estate agent is a licensed professional who has completed and passed a real estate exam as per the state requirement. It’s worth noting that not every real estate agent is a realtor.
Real estate agents are neither NAR members nor subject to additional requirements, as it’s the case with realtors.
For real estate agents, their license assists clients in buying or selling properties depending on their needs.
On the other hand, realtors go a step further— they join the NRA and peg their practice to a strict code of ethics.
Benefits Of Hiring a Realtor
The National Association of Realtors (NRA) requires its members to operate within a strict code of standards.
As a result, members hold higher levels of professionalism in their practice and foster better working relationships with clients using the existing standards.
Every upcoming realtor must attend training courses that guide them on how to treat clients and fellow realtors in the course of their duties.
Ongoing training equips members with the latest real estate industry trends and how to serve clients better.
Realtors strive to treat every party honestly. Buyers and sellers get an honest review of the market and a practical value for their properties.
You’ll benefit more from their commitment and determination to serve you honestly.
It’s essential to get insights into the differences between a realtor and a real estate agent.
The selection of the right professional is critical in your quest to purchase or sell a property.
Find more information and overcome the hassles of selling your home by reaching s local realtor.