When it comes to buying or selling a property, you may come across two terms that are often used interchangeably but have different meanings: REALTOR and licensed real estate agent. In this blog post, we'll take a closer look at the difference between these two professions.
Licensed Real Estate Agent
A licensed real estate agent is a professional who has passed a state-administered exam and obtained a real estate license. They are authorized to represent buyers and sellers in real estate transactions and provide services such as listing homes for sale, showing properties, negotiating contracts, and advising clients on pricing and marketing strategies. Licensed real estate agents are required to work under the supervision of a broker, who assumes legal responsibility for their actions.
A REALTOR, on the other hand, is a licensed real estate agent who is a member of the National Association of Realtors® (NAR), a professional organization for real estate agents. In order to become a REALTOR, an agent must pledge to abide by the NAR's Code of Ethics, which sets higher standards of conduct than those required by law. The Code of Ethics covers a wide range of issues, including fairness, honesty, and cooperation with other real estate professionals. REALTORS are also required to complete continuing education courses to maintain their membership.
Differences between a REALTOR and a Licensed Real Estate Agent
The main difference between a REALTOR and a licensed real estate agent is that a REALTOR is a member of the NAR and is bound by the organization's Code of Ethics. While all licensed real estate agents are required to adhere to state and federal laws, the NAR's Code of Ethics sets higher standards of behavior and professional conduct.
Another difference is that RREALTORS have access to a wider range of resources and tools, including exclusive industry data and market analysis, specialized training, and networking opportunities. This can give them an advantage in providing their clients with up-to-date information and insights that can help them make informed decisions.
However, it's worth noting that not all licensed real estate agents choose to become REALTORS, and being a licensed real estate agent does not necessarily mean that an agent is less knowledgeable or less committed to their client's interests. Ultimately, the most important factor is finding an agent who is experienced, knowledgeable, and trustworthy, regardless of whether they are a REALTOR or a licensed real estate agent.
In conclusion, while the terms "REALTOR" and "licensed real estate agent" are often used interchangeably, they have different meanings. If you're looking to buy or sell a property, it's important to work with an experienced and knowledgeable agent who can guide you through the process and help you achieve your real estate goals.