Submitted by: Otto Holmes

Most people use these terms interchangeably. However, there are quite a few differences between these terms and these differences could influence your chances for buying a home or when you are planning for a mortgage home loan.

Who Is a Real Estate Agent?

A real estate agent is a licensed professional who helps a person find a house to buy. They gather this information through individual enquiries or any other means. A real estate agent can work independently or under a real estate broker.

Who Is A Realtor?

When the real estate agent is also a member of the National Association of Realtors, then that real estate agent is also known as Realtor. The Realtors pledge themselves to follow a certain Code of Ethics which protects the interests of their clients.

This Code of Ethics is an attempt to ensure that the conduct of the affiliated real estate agent (Realtor) is ethical and morally better than the non-affiliated real estate agent.

How Does Such A Difference Help You?

Many people would prefer a Realtor to a real estate agent keeping in mind that the former has a strict code of conduct and as a result, is expected to be more inclined to cut a better deal than a regular real estate agent who is not bound by such a code. This could possibly mean better terms for you when applying for a mortgage home loan, better deals for when buying a home and lastly and most importantly an overseeing entity that controls the basics of such deals.

In case you find that the Realtor has not behaved in an ethical manner, you could always send a complaint to the National Association of Realtors. The fact that you have a fall-back plan in case something goes wrong is a great advantage.

Which Should You Choose?

This is not saying that Realtors are better than real estate agents. Rather that the Realtors are held to a higher standard than a real estate agent. However, to be fair, there are many excellent real estate agents as there are Realtors. Whether you should choose a real estate agent or a Realtor when buying a home would depend on what types of professionals are available in the region where you are buying. You would need to ask for references and check out the background of the prospective Realtors or real estate agents before you can use their services.

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Source:

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