Real Estate Agent vs. Realtor vs. Something Better?

Real Estate Agent vs. Realtor vs. Something Better? VS. When hiring an agent to assist in buying or selling a home, the terms "real estate agent" and "Realtor" are often used interchangeably. However, there are some key differences between the two. After reading about both classifications you'll see why a higher-level classification is needed in the industry. A real estate agent A Realtor A real estate agent is a sales professional licensed to assist in A Realtor is a real estate professional who is also a member of the buying, selling, and renting property. National Association of REALTORS". Real estate agents must: Real estate agents who are also Realtors: Handle all documents in a real estate transaction Have access to the local Realtor Board's MLS and keybox systems 8 Mediate between buyers and sellers in purchase Abide by the Realtor Code of Ethics negotiations Promote their listings on Realtor-owned resources like MLS Are involved in the real estate industry and laws governing that industry To become a real estate agent, a person must: To become a Realtor, a person must: Complete several real estate and related courses Be a real estate professional Pass a licensing exam Pay membership dues to the National Association of REALTORSo Maintain his/her license and remain Uphold a strict Code of Ethics current with education requirements There are over 17 principles, including: 466,000 Prioritizing client interests Disclosing conflicts of real estate agents in the U.S. interest Non-discrimination Providing clear written documents The NAR has over 983,000 x 10,000 members in the U.S. Expected to increase by I %0 from 2010-2020 x10.000 What isn't required to be a real estate agent or Realtor Real estate agents and Realtors ARE NOT required to: Know anything about the real estate market in any area Provide proof that they've even sold one house Know how to effectively price a house to sell Achieve any form of success Know how to promote a listing to attract buyers Demonstrate any form of ability What would be a better solution? Agents must prove their ability, not just pass tests. They should demonstrate their ability to provide dutiful service to their clients by: They should have to demonstrate sales success by providing one or more of the following: Being a full-service agent A sales-based ranking where they are mentioned Proof of any sales-based awards Providing client testimonials MLS data showing how their sales totals compare to the market Offering a service-level agreement +25 closings in the past 12 months Providing a detailed marketing plan +50 closings in the past 12 months for teams Keeping the client informed Important Questions Before hiring a real estate agent or Realtor, do your homework: How many homes has the agent sold, and for how much? What is the agent's commission? How will the agent keep me informed? What Else Would We Like to See? How does the agent handle marketing? Meaningful Classification: Agents who meet the above criteria should be given a classification identifying to everyone that they meet those Will the agent help to secure financing? standards so they can stand out from a crowd of average agents. Sources: http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-2 http://www.bls.gov/k12/moneyo5.htm http://www.freemoneyfinance.com/2010/08/different-types-of-real-estate-agents-and-what-they-do.html http://homebuying.about.com/od/realestateagents/gt/RealtorvsAgent.htm http://www.realtor.org/about-nar http://www.realtor.org/reports/member-profile http://bucks.blogs.nytimes.com/2011/09/29/site-posts-date-on-real-estate-agent-success/ http://www.ftc.gov/bc/edu/pubs/consumer/homes/zrea01.pdf http://www.agentharvest.com/realtor-hiring-tips.html