Real Estate Agents vs. Brokers vs. Realtors: Key Differences Explained

“`html

What Do Real Estate Agents Do?

A real estate agent is a licensed professional who assists buyers and sellers with property transactions. The buyer’s agent helps clients find the perfect home and prepare an offer, while the seller’s agent helps sellers determine their sales price, market the home, and show it to prospective buyers.

Real Estate Agent vs. Real Estate Broker

Both real estate agents and brokers help people buy and sell homes, but there are key differences. Real estate agents have a license and work directly with clients under the supervision of brokers. Brokers, on the other hand, are experienced agents who have undergone additional training and passed a broker’s licensing exam. They can work independently or oversee sales agents.

Real Estate Agent vs. Realtor

While the terms “real estate agent” and “Realtor” are often used interchangeably, they are not the same. Realtors are real estate agents who are members of the National Association of Realtors (NAR) and adhere to its high ethical standards. Not all real estate agents are Realtors, but all Realtors are real estate agents.

How Are Real Estate Agents Compensated?

Real estate agents typically receive a commission paid by the seller, which is split between the buyer’s and seller’s agents. This commission is usually around 5% to 6% of the total sale price and is only paid when the home sells.

Do You Need a Real Estate Agent?

While you are not required to have a real estate agent to buy or sell a property, having one can be beneficial. Real estate contracts can be complex, and an agent can help you navigate the process. According to the National Association of Realtors (NAR), 86% of buyers worked with a real estate agent or broker in 2022.

How to Find the Right Real Estate Agent for You

Choosing an experienced real estate agent can make the home transaction process smoother. Here are four steps to find the best agent:

• Search for reputable agents: Ask for recommendations from people you trust and look for online reviews.
• Meet with at least three agents: Interview multiple agents to find the best fit.
• Prepare questions: Ask about their availability, communication methods, and marketing strategies.

The Bottom Line

If you plan on buying or selling a home soon, consider using a licensed real estate agent to assist you through the process and negotiate the best deal. And if you’re taking out a mortgage to purchase a home, contact O1ne Mortgage at 213-732-3074 for any mortgage service needs. We are here to help you every step of the way!

“`