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It’s a common mistake to think when you meet a Denver real estate agent or broker, they are the same. But there’s actually a significant difference between their qualifications and roles. And to make matters more confusing, some will simply introduce themselves as a realtor!
So here’s the scoop on the significance of the titles.
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The Difference between Brokers & Agents
Real Estate agents are the professional salespersons who work with the clients to purchase or sell a home. Brokers have a more advanced position than agents. After an extended career, education and training, agents can qualify to become brokers. Their responsibilities can now include performing appraisals and managing agents. Some brokers choose to be independent. Others will own or operate their own real estate agency.
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So Who am I Hiring?
When you are buying or selling your home, you always sign the agreement with the broker (a.k.a the agency). You may have already agreed to work with a real estate agent on their team. If so, it’s the agent’s responsibility to make sure your real estate needs are successfully handled.
As you’re working with the agent, they’re held accountable to the broker (a.k.a the agency). As the broker ultimately supervises the buying or selling of your home, at the closing they will receive the commission. Then the agent is paid their commission through the broker.
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And What about Realtors?
First a helpful tip: the word realtor is actually pronounced “real-tor” (not real-a-tor). It’s a common mistake, but don’t be surprised if a realtor kindly corrects you.
A realtor is a broker or agent who is a member of the National Association or REALTORS®. While brokers and agents are licensed, being a realtor means they follow the REALTORS® Code of Ethics of fairness, truthfulness and integrity. This means the broker or agent you are working with has made an extra, conscious effort to assure you are receiving the best care.
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Brokers, agents, realtors…now you know the difference. And hopefully this provides you more awareness of how they all can help meet your real estate needs.
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Need to find a broker or an agent?
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Check out RE/MAX of Cherry Creek’s team.
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Resources:
http://www.ehow.com/facts_4743277_between-real-estate-agents-brokers.html#ixzz1xQeKPeoc
http://nationalrealestatebrokers.org/IndependentBrokers.html