When buying or selling a home, you may come across the terms “realtor” and “real estate agent.” But what exactly do these terms mean, and how are they different?
A realtor and a real estate agent are both licensed professionals who can help you buy or sell a property. Still, there are some key differences between a realtor vs. real estate agent. Here is a breakdown to understanding the role of these professionals.
Both Licensed but with Key Differences
A real estate agent is a licensed professional who has passed the necessary exams and met the state-required prerequisites to legally act as an agent for buying and selling real estate. They are authorized to list and show properties, negotiate deals, and help guide their clients through the buying or selling process. They can work for any brokerage and represent buyers or sellers in a transaction.
On the other hand, a realtor is also a licensed professional. Still, they also choose to be members of the National Association of Realtors (NAR). In addition to meeting the requirements to become a real estate agent, they have also agreed to abide by the NAR’s strict Code of Ethics. This code holds its members to a higher standard of conduct, including honesty, integrity, and professionalism.
Realtors are held to a higher standard of conduct. By being a member of the NAR, realtors agree to abide by the organization’s strict Code of Ethics, which holds them to a higher standard of professionalism and integrity. This means that realtors are more likely to be held accountable for any unethical conduct, which can be a safety net for you as someone who has engaged their services.
Multiple Listing Service (MLS)
Another key difference between a realtor and a real estate agent is that realtors have access to a MLS. MLS is a database of properties for sale that is only available to licensed real estate professionals. This gives realtors an edge in finding properties that match their clients’ needs, as they have access to a wider range of listings. Additionally, realtors also have access to continuing education, which helps them stay up-to-date on the latest industry trends and regulations.
On the other hand, real estate agents might not have access to a MLS and thus, may not be able to provide their clients with the same range of options. This limits their ability to find the right property for their clients.
When it comes to the home buying or selling process, both realtors and real estate agents can assist their clients in finding properties, negotiating deals, and guiding them through the legal and financial aspects of the transaction. However, realtors have access to more resources, such as the multiple listing service.
Quick Recap
Both realtors and real estate agents can help you buy or sell a property. However, realtors are held to a higher standard of conduct and have access to additional resources that can make the process of buying or selling a home easier. If you’re looking for a professional accountable to a strict code of ethics, a realtor can be your best choice.
