Realtor vs. Agent

poetsheart · 11-03-2009, 12:48 AM

I should probably know this, but I would really appreciate it if someone in the know would set me straight. What's the difference between a Realtor and a Real Estate Agent? Thanks.

cartera45 · 11-03-2009, 12:57 AM

I say - no difference.

BunsenBurner · 11-03-2009, 01:23 AM

NAR: Becoming a Realtor®: Realtor Association Information & Resources

Quote:

When Is a Real Estate Agent a REALTOR®?
A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®, the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

Founded in 1908, NAR has grown from its original nucleus of 120 members to more than 1 million today. NAR is composed of REALTORS® who are involved in residential and commercial real estate as brokers, salespeople, property managers, appraisers, counselors, and others who are engaged in all aspects of the real estate industry.

Members belong to one or more of 1,700 local associations/boards and 54 state and territory associations of REALTORS® and can join one of our many institutes, societies, and councils. Additionally, NAR offers members the opportunity to be active in our appraisal and international real estate specialty sections. REALTORS® are pledged to a strict Code of Ethics and Standards of Practice.

Working for America's property owners, the NATIONAL ASSOCIATION OF REALTORS® provides a facility for professional development, research, and exchange of information among its members.

Check out the Public Awareness Campaign television and radio spots that encourage consumers to rely on the expertise and integrity of REALTORS®.

The NAR advertising campaign runs February through November on network and cable television and network and satellite radio, helping consumers understand the real value of working with REALTORS®. From their voluntary adherence to a Code of Ethics to their incomparable knowledge of real estate processes, REALTORS® are the experts of residential and commercial property transactions.

TheDad · 11-03-2009, 04:15 AM

I would have said "no difference" until I met some agents who are not Realtors. A Realtor doesn't guarantee you someone who is ethical, competent, and meets high professional standards of practice but the odds are they'll beat the non-Realtor agent in at least categories.

note: I'm a Realtor.

coureur · 11-03-2009, 10:47 AM

The term "realtor" has always struck me as odd because it implies the existence of the verb "to realte" ("to realate"?). A realtor is one who realtes.

cartera45 · 11-03-2009, 11:09 AM

I had no idea Realtor was a trade name. There are many trade associations, but NAR was smart enough to come up with a name for its members. Now if only people could pronounce "realty" correctly.

somemom · 11-03-2009, 01:06 PM

A Realtor can act independently, an agent works through a Realtor. In most states, the educational requirements for a Realtor far exceed those for an agent, so that person should know a great deal more about real estate in general.

cartera45 · 11-03-2009, 05:41 PM

Are you sure you're not confusing broker with Realtor? I think a real estate does the same thing as a Realtor but without the trade association membership. They both have to work through a broker, however, unless they are an agent and a broker.

TheDad · 11-03-2009, 07:13 PM

Correct. Someone with a sales license has to have their license "hung" with someone with a broker's license. Neither broker nor agent with sales license have to be Realtors.

There are indeed stiffer educational requirements to hold a broker's license. (N.B., I'm speaking from a California perspective only, exact requirements vary state by state.) Many agents practice at a very high level for years with just a sales license. I'm close to starting my 20th year in the business and am starting my classwork for the broker's exam only because an opportunity is emerging that requires me to have a broker's license so that I can run a real estate-related business on the side outside of the work I do for my regular company.

CollgeDad · 11-06-2009, 09:54 AM

A REALTOR(R) is more likely to be serious about their profession. In addition to their real estate agent license from the state, they invest money in NAR membership dues and have to get extra training, comply with the ethics standards, etc. just to use the mark with their name. As TheDad said, there is a big difference between a Broker and an Agent. Anybody with a real estate license from the state is an Agent. They don't have to have any sales, and can't really do buying & selling without working under a Broker's wing. To be a Broker, they typically have to have a track record of sales, have more continuing education classes, pass a thicker test, and pay heavier dues. I've never heard of a Broker who wasn't also a REALTOR(R). I haven't priced it lately, but I've heard that becoming a dues-paying REALTOR today typically costs at least $4K.

somemom · 11-06-2009, 11:54 AM

Oooops, you guys are totally right, I was thinking broker

MY DH has a broker's license and I still recall from 20+ years ago how difficult that exam was, the sheer volume of information he was studying, etc. And DH has never been a traditional Realtor with sales & listings, he needed the broker's license in his former business dealings in the early 1980s. He rarely uses it now, but will never let it go, it was too difficult to earn.. Good luck, TheDad

Nrdsb4 · 11-06-2009, 12:54 PM

Quote:

A REALTOR(R) is more likely to be serious about their profession. In addition to their real estate agent license from the state, they invest money in NAR membership dues and have to get extra training, comply with the ethics standards, etc. just to use the mark with their name. As TheDad said, there is a big difference between a Broker and an Agent. Anybody with a real estate license from the state is an Agent. They don't have to have any sales, and can't really do buying & selling without working under a Broker's wing. To be a Broker, they typically have to have a track record of sales, have more continuing education classes, pass a thicker test, and pay heavier dues. I've never heard of a Broker who wasn't also a REALTOR(R). I haven't priced it lately, but I've heard that becoming a dues-paying REALTOR today typically costs at least $4K.

My DH got his broker's license at the age of 24 and started his own successful firm at age 27. He is a commerical broker, so he's never seen the need to become a member of NAR. I asked him about this and he said he doesn't know any commercial brokers in his field who are Realtors.

poetsheart · 11-06-2009, 01:23 PM

Quote:

I haven't priced it lately, but I've heard that becoming a dues-paying REALTOR today typically costs at least $4K.

Wow! Would that be 4k annually?

rom828 · 11-06-2009, 03:25 PM

DH and I own a real estate office and in order to join our local association and be a member of our multiple listing service you MUST be a Realtor. Dues for National, State and Local membership is approx. $350 annually. We have quarterly MLS dues as well. So in our market, only Realtors have access to the MLS.

CollgeDad · 11-08-2009, 08:01 AM

When I priced it a few years ago it was about $4K to get started in the business. That's not just license. It's real training, license, MLS access, local Board, NAR dues, and has other expenses depending upon the office you join. The training can be a big part of that. Just getting a license and connection to a broker without actively showing homes is just under $500 in my state, plus expense of spending 2 fulltime weeks in the real estate company's training program (or split over more days part-time). I just got this latest number from a broker this week.