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What DOES a RealtorŪ DO for All That $$$$?
Getting the WRONG Realtor® can cost you your dream home as well as thousands of dollars!
Be very careful in choosing your agent!
An Agent: is a licensee who has studied the required courses, passed their State Department of Real Estate exam and met all of the requirements for holding a license.
A REALTORŪ: is an Agent who belongs to the local and National Association of Realtors (NAR). A REALTORŪ is governed by a strict Code of Ethics, enforced by their local board and the NAR. An agent is NOT necessarily a REALTORŪ, but a REALTORŪ is an agent.
It is extremely important to know this difference. The Realtor Code of Ethics is designed to protect the consumer first and foremost. It also governs how a REALTORŪ deals with other agents, and enforces strict policies regarding the real estate transaction.
Now that is out of the way, and you have decided that you will only work with a RealtorŪ, let's look at the different types of agents. Agents in general: Any agent that has a current license can represent either the real estate buyer, seller or both. Their license gives them the right to do this, but their training and experience may separate them into buyers agents and sellers agents. You obviously have to determine the correct type of RealtorŪ for you. In some smaller or rural communities, you may find that the one agent regularly deals with both buyers and sellers. Sometimes, even in large offices or cities, you will find an agent that is equally at home representing both parties.
One of the most important things is to find an agent you are comfortable and secure working with, so don't be too particular about what type of agent, if you feel good about someone. I myself am somewhat of a middle of the road broker, having represented about an equal number of buyers and sellers over the last twenty years! Broker or Agent? What's the difference? I'll try to explain as best I can but sometimes people get confused. There is only ONE RESPONSIBLE BROKER in each real estate office. The education and licensing requirements are a lot more strict for a Broker than for an agent. All the agents in the office work under the Responsible Broker's license. Yes, I know, agents are licensed but, they cannot operate legally unless they are "employed" by a Broker. The Broker is responsible for seeing that there are no violations of Real Estate Law and all required records are kept. The Broker is responsible for the salesperson (agent) in their employ. This is the reason an agent can't unilateraly change any of the terms and conditions of his employment by the consumer without the Broker's O.K. For example, reduce commissions etc. There can be several agents in an office who hold a Broker's license, but in operating within the office there can only be ONE Responsible Broker. The Responsible Broker is usually the owner of the agency or franchise.
Now that we are all CONFUSED, let's Continue
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