Are you planning to buy or sell a new home? If yes, then there is a good chance you work with a real estate agent or broker. Though all these real estate pros are licensed to help you buy and sell property, they are distinct from others. If you are looking for a real estate agent in Hawaii, take your mobile phone and search for “real estate agent near me in Honolulu” for optimal results. Now, let us go through the difference between a real estate agent and a real estate broker.
Real Estate Agent
A real estate agent is a certified professional who organizes and facilitates real estate transactions. Real estate agents are often paid by commission and work on behalf of another agent or brokerage.
Responsibilities of real estate Agent
Match a buyer with available properties on the market
Real estate agents, whether representing buyers or sellers, aim to match buyers with homes based on the buyer’s requirements, neighborhoods of interest, and property features. For the seller’s agent, this is largely through marketing.
Submit offers and negotiate.
When a buyer finds a property they want to buy, real estate brokers submit an offer and help negotiations until both parties reach an agreement.
Finalize purchases
Real estate brokers are responsible for guiding clients through the final stages of their transactions. They complete tasks such as preparing paperwork, coordinating repairs and inspections, and managing the sale closing process.
Real Estate Brokers
A real estate broker is an agent who has completed the broker licensing exam. If you are working with a broker, you should be aware that they previously worked as an agent and obtained experience working for a broker. In addition to the duties of a real estate agent, a broker might operate their own firm and supervise real estate transactions carried out by their agents.
Responsibilities of Real Estate Broker
Perform an agent’s duties independently
A broker’s license allows you to be legally liable for the full real estate transaction. This means that you no longer require the supervision of a senior agent. You may conduct the entire transaction on your own. As a result, brokers who continue to work directly with clients often receive a higher compensation split from their brokerage.
Ensure the Legality of Transactions
Brokers can work alone or manage other agents because they can handle financial and legal aspects of the transaction that agents cannot. Brokers can transfer funds in and out of escrow accounts and settle legal problems arising from the transaction. Finally, brokers are responsible for ensuring that a transaction is carried out legally and that all paperwork is exact and comprehensive. They also make sure all funds are documented and reported accurately.
Own a brokerage and hire other professionals.
Brokers are legally permitted to start their own firms. They can hire other real estate agents and brokers and accept responsibility for all transactions. They profit from this.
Final Thoughts
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