Understanding the Difference between A Real Estate Agent and A Broker
With anticipations of indulging into the housing market or the real estate industry, you should ensure to understand the difference between real estate agents and the real estate agents. There is a wide misconception amongst many people who believe that a real estate agent is the same as the real estate broker. To some extent, they are closely related but there are major distinctions between the two professions. There are different elements for both professions like the salary or even the responsibilities. Below are guidelines to mull over where you eye on understanding the difference between a real estate agent and a real estate broker.
There is a distinction when it comes to the job descriptions. A real estate agent has a couple of responsibilities and obligations from negotiating the prices of the property they are selling, getting prospective leads, representing buyers and sellers in the industry and eventually marketing the houses or properties available and showing them. The realm estate agents are known to have direct links to buyers and sellers and they are the best to settle for whenever you are looking forward to buying or selling a property. There are varying responsibilities for the real estate brokers based on the aspirations and anticipation that a broker has in the industry as long as growth is concerned. When it comes to a real estate broker, they are permitted to establish a business or a real estate company and have real estate agents employed who will be working for the company or for them. Their responsibilities include managing and running the business they establish, vetting, hiring and training real estate agents, resolving any arising disputes, reviewing all the contracts available and record keeping. There are other instances where the broker tends to embraced the responsibilities of an agent as well.
When it comes to growth, the real estate broker is prone to grow faster and more than a real estate agent. For an agent to grow, they will have to obtain training or even change their position in the industry. For a broker to grow, they need to enlarge their business territories.
The knowledge that brokers and agents have in the industry matter greatly. The state tends to define the knowledge that one must have. Brokers are subjected to have degree education and some experience as real estate agents. For the real estate agent, there will be some few hours of training before certifications are availed.
The last but not the least, brokers will eventually earns a higher salary than the agents. This is as a result of the wide scope that brokers has in operations. Since agents work under the brokers, it is not possible for them to earn more than the brokers.