DS Blog: What’s the difference between a Real estate agent, real estate broker, and realtor?
On today’s show, Deborah discusses the differences between the different types of people who can help you buy and sell real estate, as well as what questions to ask to help you find a person who clicks with you.
Many people often ask difference between a real estate agent, a real estate broker, and a realtor. A real estate agent is anyone who has earned a licensed to sell properties and has gone through over 100 hours of coursework. A real estate broker is a person who has continued their studies, has a broker’s licence and is able to hire agents under him or her. Finally, a realtor can be either an agent or broker who is a member of the National Association of Realtors and has agreed to adhere to a detailed code of ethics. If you would like to see what this code of ethics entails, check out nar.realtor/code-of-ethics to find out what’s in it. Basically, it boils down to two principles: be honest, and have the utmost care for clients. You can also check with realtor.com to find a local realtor in your area, or you can check with Colorado.gov/dora to access the Department of Regulatory Agencies in Colorado to find out if your agent has a licence in Colorado then check with PPAR.com (Pikes Peak Area Realtors) to find a list of local Realtors.
When determining which type of realtor you’d like working with to buy or sell a home, there are a few things to consider:
- How long have they lived in the area? You want somebody local because they’ll understand the nuances of each area and sub-area.
- Do they have a managing Realtor? Sometimes, something new will come up and it’s important that your realtor has someone they can ask questions.
- Is your realtor part-time or full-time? This is a big one because it’s important to work with someone you can get ahold of to ask questions, schedule viewings, or walk through the process with you. If the realtor has another job, things can get missed because you can’t always get ahold of them.
- You’ll also want to ask if your realtor works with a team or individually. For some people a team works great because there’s more opportunity to reach people on the team, unfortunately this also means you might end up feeling tossed about and that you’re one of many in a sea of other clients. If your realtor works individually, they can provide you with individual attention and it’s less likely that pertinent information will slip through the cracks. Unfortunately, this also means there’s no one to back them up, so you’ll want to ask what the plan is if your realtor gets sick or has an emergency.
Choosing a realtor can seem so daunting and threatening, but don’t fret! You’re going to know you’ve got the best person for you when you click with them. Deborah Elliot-Shultz is an experienced Realtor and has a lot of considerable insight. Get to know Deborah a bit better and pick up some great information in today’s show-this is one you won’t want to miss!