Profile picture for jameskim80

what is different realtor and real estate broker?

I'm thinking to buy my first home with cash (no loan) 

under 150k

do i need to contact realtor? or real estate broker?

which people do i need to contact?

can you buy home with realtor? 

thank you
  • November 07 2013 - US
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Answers (8)

Danusa, 

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  • November 08 2013
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Basically, real estate businesses need a broker to run it. Brokers are licensed real estate professionals with extensive experience, as they had to be real estate agents for several years and meet state requirements (can be different from state to state). 
Real estate agents work under the "umbrella" of a real estate business and under the responsibility of a broker, as well.
A real estate agent can also become a Realtor(r), which is the trademark for the NAR (National Association of Realtors) and have access to privileged information, provided by such association and its partners.
My two cents:
1) Find a realtor with knowledge of the area where you want to buy (including schools, communities, etc);
2) Make sure he/she will be available for weekend and after hour searches (specially if you work commercial hours) and ready for an extensive journey (everybody wants the best deal and consequently it can take some good weeks to find a property which the whole family would like to call "home" and get the most value for your money).
Feel free to contact me if you need any advice and suggestions
Good Luck

Danusa

 
  • November 07 2013
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Profile picture for TeamBorden
Every real estate transaction that a Realtor or real-estate agent is being used must go through their broker.  If you are going to utilize a professional, make sure he/she is a Realtor or a Broker, not just a real-estate agent.  A Realtor/Broker has access to their Multiple Listing Service and will have the latest and most recent list of available homes.  Utilizing other sites will give you properties that are unavailable, ie short-sales that have accepted offers and are awaiting bank approval, or homes that have accepted offers contingent upon inspection.  Realtors/Brokers can remove these unavailable homes from your custom search, to relieve your frustration of finding out that the houses are sold.  

A Broker carries more liability than a Realtor.  In addition, a Broker can do all that a Realtor does but also manages his/her other agents.  Generally, Broker's have experienced more then a typical Realtor, but not always.  I know several Realtor's that have equal if not more experience than most Broker's out there.  You need to do your homework and interview the person you are going to work with.

As far as you are concerned, either a Realtor or a Broker will be suffice, but like I said, do your homework and make sure they are qualified.  Good luck in your home search!
  • November 07 2013
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You don't need any of those to buy a home, but you need a local real estate professional to guide you. It might be a broker, salesperson, Realtor, Realtor associate, real estate lawyer, escrow officer or a guy in a coffee shop.

Its BEST though to find a local real estate broker or salesperson that you find who is happy and willing to work with you in helping u buy a home....

Good luck !
  • November 07 2013
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Not all agents are realtors. Realtors go by a code of ethics and are a member of NAR. You can by through list agent and have a real estate agent hired by you working for you.
  • November 07 2013
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A "Realtor" is a Real EstateAgent who is a member of the National Association of Realtors. A Broker is a Real Estate Agent who has been an Agent for a sufficient length of time that allows them to become a Broker.

Every Real Estate Agent is supervised by a Broker. The supervising Broker is called the Broker in Charge. Every transaction that is consummated, is done so under the Broker in Charge's license, and all who work under him are his sub-agents, whether, or not, they have practiced long enough to, and completed regulatory requirements required to, obtain a license upgrade to a Broker.

If you list your house, or look to buy a house, with a first year Agent, technically and legally, you are using his Broker in Charge, and the Agent is just acting as a sub-Agent (employee) of the Broker. Complaints fall on the Broker in Charge. The BiC is the responsible party, legally.

Please all others add your two cents worth. My explanation is general and inhibited by my desire to be brief.
  • November 07 2013
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Profile picture for lynnganster
Hi James,

A broker is a salesperson with an advanced license gained by more experience and education  Typically the "broker" manages the company or can be an owner of the real estate brokerage.  Brokers are also realtors (work under the code of ethics) and either can help with your purchase.  Let me know if you need my help.  
  • November 07 2013
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Profile picture for EddiePooleHomes
A "Realtor" is a real estate broker who is a member of the National Association of Realtors.  Realtors adhere to a code of ethics.  They hold themselves and each other to a higher standard than simply a real estate broker.  

Realtors hold each other accountable to put the client first.  I would highly recommend that you go with a Realtor if you are needing a real estate professional.
  • November 07 2013
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