Difference Between Realtor and Broker

The only time we need the services of a property dealer is when we want to sell or buy a property. People also require their service to get a property on rent or when they want to rent out their property. These are times when they come in contact with people working in this field. The most common designations or words used for people working in this field are brokers, agents, and realtors. Many people are not sure who to contact for their work, and this is because they do not understand the subtle difference between a realtor and a broker. This article attempts to delineate the differences between a realtor and a broker for the benefit of the readers.

Broker

Broker is the person who works as a mediator between the seller and the buyer. For a seller, he finds buyers and, for buyers, he finds sellers. Sometimes, a broker prefers to keep many real estate agents who work under him. A broker has got the license to work in the field of real estate. A broker has the highest level of training and credentials than a realtor or a real estate agent. In most states of the country, a real estate broker is a professional who has already served for an extended period of time as a real estate agent before qualifying to serve as a licensed broker. Thus, brokers have higher responsibilities and rights than real estate agents. Brokers become eligible to do appraisals, manage other real estate professionals, and also to have one’s own real estate firm.

Realtor

Realtor is another designation that crops up every now and then. Whether or not your real estate broker is a realtor or not depends upon his membership in The National Association of Realtors. Some brokers choose to remain away from this association but still continue to work as a broker. There are many brokers who become members of the National Association of Realtors, and they automatically become eligible to use the designation realtor against their name.