Tuesday, March 22, 2011
I let my Facebook friends know that I was starting a blog and asked them to submit questions they are just dying to know the answers to...I received so many questions that my account just froze! Not really but I was hoping. I did receive several questions and thought I would start with this one:
"What is the difference between a real estate broker, salesperson, agent and REALTOR®? Which one is the right choice for me?"
Let's start out with the "basic" terms: Salesperson and Agent. They are synonymous. Two titles, same thing. A salesperson or agent is a state licensed professional who can assist individuals in the sell, purchase or rental of properties. They must be sponsored by a broker.
What is a broker? A broker holds the next level of licensure. A broker is able to work for himself or is able to manage and/or own an office comprising of many agents. They supervise the daily operations of the company and possibly supervise other brokers who do not want to be on their own and/or have no interest in managing. A broker may be a REALTOR®.
A REALTOR® is a state licensed agent or broker who is a member of their local, state and national associations. By being a member of the National Association of REALTORS®, these professionals also agree to take on additional responsibility, duties, behavior and standards. These are all bottled up in a wonderful living document called the Code of Ethics. REALTORS® agree to hold themselves in a higher level of standards in order to provide quality service with the highest level integrity.
So that takes us to the question of which one is the best choice? I think you know my answer...
Oh by the way, what is the deal with the ® mark after the word REALTOR® and why is the word capitalized? It is legally protected trademark owned by the National Association of REALTORS® to denote membership. Members are allowed to use the trademark but only as noted. What's a trademark? We can talk about that another time.