A real estate agent is a licensed professional who oversees real estate transactions between buyers and sellers. But you may be wondering, “What is a Realtor?” Is a Realtor the same as a real estate agent?
We’ll answer these questions and more – and advise you on how to become a Realtor in your state.
What is a Realtor?
A Realtor is a member of the National Association of Realtors (NAR). According to the NAR, the word Realtor should never be a substitute for the term “real estate agent” as a Realtor must adhere to a Code of Ethics “that protects clients, the public, and other real estate agents.”
What Does a Realtor Do?
A Realtor is a licensed real estate agent who helps clients with real estate transactions, such as buying, selling, and renting. As was mentioned in the previous section, a Realtor (please notice the capital “R”) is a member of the NAR. A real estate agent isn’t always a Realtor, but a Realtor can be a real estate agent – or another industry professional.
Realtor Roles & Responsibilities
A Realtor is responsible for a wide range of tasks to ensure a smooth real estate transaction. Here are some of their key roles and responsibilities:
Realtors represent their clients’ best interests.
A Realtor represents buyers, sellers, landlords, or tenants by providing guidance and advice based on current market conditions. They educate their clients about the buying and selling process.
Realtors stay informed on current real estate trends.
Realtors conduct local market research to stay informed about real estate trends and use that market analysis to advise clients.
Realtors develop and implement marketing strategies.
As a seller’s representative, a Realtor develops marketing strategies to promote properties for sale. This includes the creation of advertising materials and listings. A Realtor uses both online and offline channels to reach potential buyers or tenants.
Realtors develop and implement marketing strategies.
As a seller’s representative, a Realtor develops marketing strategies to promote properties for sale. This includes the creation of advertising materials and listings. A Realtor uses both online and offline channels to reach potential buyers or tenants.
Realtors schedule and conduct property showings.
As a buyer’s agent, a Realtor shows properties to clients that meet their criteria. They highlight features and address client questions.
Realtors negotiate on behalf of their clients.
A Realtor negotiates on behalf of either a buyer or seller. They guide and educate their clients on negotiation strategies and address and resolve issues that may arise during the transaction.
Realtors prepare and review real estate documents.
A realtor prepares purchase agreements and leases and ensures that each party understands and fulfills the details of the contracts. A Realtor also ensures that the transactions comply with local, state, and national legal regulations.
These are a few of the job responsibilities of a Realtor. In addition, a Realtor must take continuing education courses to stay current in the industry and maintain their real estate license.
Different Types of Realtors
Realtors sometimes specialize in a specific niche. Within their niche, a Realtor may work as a buyer’s or seller’s agent.
Here are some common real estate niches – or different types of Realtors.
1. Residential Realtor:
Focuses on residential properties, such as single-family homes, condos, or apartment units with four or fewer residences
1. Residential Realtor:
Focuses on residential properties, such as single-family homes, condos, or apartment units with four or fewer residences
2. Commercial Realtor:
Specializes in commercial properties, such as retail spaces, office buildings, warehouses, industrial facilities, and vacant land zoned for commercial use
3. Luxury Realtor:
Works with high-end properties
4. Investment Realtor:
Advises those interested in real estate as an investment
5. Agricultural Realtor:
Helps clients buy and sell farmland, ranches, and other types of agricultural properties
Some real estate agents specialize in military housing, and others in vacation homes. On the commercial side, some Realtors specialize in healthcare facilities or distribution centers. Specializing in a niche helps Realtors provide the best service for their clients.
Benefits of Working with a Realtor
According to the NAR, in 2022, 86% of home buyers and sellers used a real estate agent to help them with their transactions. Here are some of the benefits of working with a Realtor.
1. Working with a Realtor will save you time. These professionals will complete the numerous tasks required for a real estate transaction – giving you more time to focus on other aspects of your move.
2. Realtors also have a great deal of knowledge of local real estate trends. They provide guidance to help clients make decisions that align with the current local real estate landscape.
3. Finally, Realtors must adhere to a strict code of ethics. This means clients can rest easy knowing that their transactions will be completed by someone with integrity and complete knowledge of real estate law.
How to Choose a Realtor
There are many online resources to help you find a Realtor in your area. However, here are some things to consider when selecting someone to represent you with this major financial decision.
Ask for referrals from neighbors and local friends and family.
If you are interested in working with a particular Realtor, ask for references – and then follow up with their previous clients to find out what it was like to work with that specific agent.
Choose a Realtor with local experience.
Your Realtor should be familiar with neighborhoods in your area, pricing trends, and the overall real estate landscape in your community.
Ask about their fees and commission structure.
Some Realtors will negotiate their commission percentage to land more clients.
Make sure the Realtor is licensed.
Visit your state’s real estate licensing website to ensure the professional you want to work with has an active license.
How to Become a Realtor
Each state has its own requirements for becoming a real estate agent. All states require applicants to take a real estate licensing course, a background check, and a passing score on a real estate license exam. To become a Realtor, one must also join the NAR and agree to follow the NAR Code of Ethics.
To learn more about how to become a real estate agent in your state, visit Colibri Real Estate. Colibri Real Estate (formerly Real Estate Express) offers pre-licensing courses for every state and is known in the industry for being a quality education provider. We have helped hundreds of thousands of people prepare for their licensing exams and careers.
Find out how to become a Realtor in your area by selecting your state and “license requirements.” We will walk you through the process and answer FAQs you have about entering the real estate industry. Colibri Real Estate is here to help!
Sources:
“Profile of Home Buyers and Sellers. 2022.” National Association of Realtors. https://cdn.nar.realtor/sites/default/files/documents/2022-highlights-from-the-profile-of-home-buyers-and-sellers-report-11-03-2022_0.pdf.
“Top 5 Things You Need to Know about the REALTOR® Trademarks.” 2013. www.nar.realtor. May 17, 2013. https://www.nar.realtor/logos-and-trademark-rules/top-5-things-you-need-to-know-about-the-realtorr-trademarks.
