If you've ever been confused about the difference between a realtor and a real estate agent, you're not alone! While these terms are often used interchangeably, there are important distinctions between them. Both professionals help with buying, selling, and renting properties, but only one holds a special designation that can offer additional benefits.
Understanding these differences can make a significant impact on your real estate journey, helping you choose the right expert for your needs. Let’s dive into the difference between realtor and real estate broker and see what sets them apart so you can select the right fit for your needs.
Realtor vs Real Estate Agent: What’s the difference?
Let's go through a detailed comparison of realtors vs real estate agents based on several key factors, including their qualifications, responsibilities, and the services they offer.
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Definitions
Let’s take a look at their roles and the professional bodies to which they belong.
- Real Estate Agents: A real estate agent is a licensed professional who helps clients buy, sell, or rent properties. In India, agents are regulated under RERA (Real Estate Regulatory Authority) but may not necessarily be members of any professional body like REAAI.
- Realtor: A realtor is a licensed real estate agent who is a member of a recognized real estate association, such as the NAR - INDIA (National Association of Realtors - India) or other local realtor bodies. Realtors are required to follow a strict code of ethics and maintain high standards of professionalism and transparency.
Similarity: Both Realtors and real estate agents in India are licensed under RERA, which ensures they meet educational and legal requirements for property transactions.
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Educational and Licensing Requirements
Education and licensing are essential for both realtors and real estate agents, but the requirements vary slightly.
- Real Estate Agents: In India, becoming a real estate agent requires completing the MahaRERA Estate Agent Certificate of Competency (CoC) Training and Examination and passing the state-level exam. This process ensures agents are equipped with the basic knowledge of property laws, market trends, and transaction processes.
- Realtors: Similar to real estate agents, realtors in India must also undergo the RERA licensing process. However, realtors typically complete additional training on NAR India’s code of ethics or regional ethical guidelines, making them more aware of ethical standards in their dealings.
Similarity: Both realtors and real estate agents are required to pass RERA-approved training programs and exams in India, ensuring they are qualified to work in real estate.
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Responsibilities
While both roles involve assisting clients in buying, selling, or renting properties, their responsibilities can differ based on professional guidelines.
- Real Estate Agents: They handle transactions, represent clients in buying or selling property, negotiate contracts, and ensure that all dealings comply with the laws set by RERA. They may also offer advisory services but are not bound by any higher ethical standards.
- Realtors: A realtor performs all the duties of a real estate agent but with a stronger commitment to ethical standards outlined by the National Association of Realtors India (NAR - India) or local realtor associations. They often provide additional services like market analysis and maintain a higher level of transparency with clients.
Similarity: Both realtors and real estate agents are involved in the same core tasks of property transactions, including negotiations, client representation, and ensuring legal compliance.
Recommended read:Differences Between a Real Estate Agent and a Real Estate Broker
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Membership and Benefits
A key difference between a realtor vs real estate agent in India is the additional resources available to realtors through their professional memberships, which can provide access to exclusive industry tools and networks.
- Real Estate Agents: Real estate agents may not always have membership in professional associations, which means they may lack access to certain tools or exclusive resources, such as MLS or advanced marketing solutions.
- Realtors: Realtors in India must be members of recognized real estate bodies such as REAAI or NAR - India and must maintain an active membership to access exclusive benefits. These include access to the Multiple Listing Service (MLS), industry training, advanced marketing tools, and networking opportunities.
Similarity: Both realtors and real estate agents in India have access to RERA resources and legal protections, which are essential for conducting property transactions.
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Code of Ethics
Ethical standards are a crucial differentiator in the real estate industry, especially when it comes to maintaining trust with clients.
- Real Estate Agents: While all real estate agents in India must comply with RERA regulations, they are not necessarily required to follow a professional code of ethics unless they are members of a real estate association. This can lead to variations in service standards.
- Realtors: Realtors in India, particularly those affiliated with associations like REAAI, are bound by a code of ethics. This code ensures that realtors act with transparency, honesty, and professionalism, maintaining high standards in all their dealings.
Similarity: Both realtors and real estate agents are expected to comply with RERA’s guidelines and uphold basic ethical standards in their professional practice.
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Services and Tools
Realtors and real estate agents offer a wide range of services, but Realtors often have access to more advanced tools and resources.
- Real Estate Agents: Real estate agents may have access to RERA resources and basic marketing tools but may not have access to exclusive databases or industry-specific platforms unless they join an association.
- Realtors: They have access to advanced marketing tools, MLS databases, training programs, and a broader network of industry professionals.
Similarity: Both realtors and real estate agents in India are required to use RERA-approved tools and resources to manage property transactions and stay compliant with industry regulations.
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Compensation
The way realtors vs real estate agents earn their income is another important factor that sets them apart in the real estate industry.
- Real Estate Agents: Real estate agents in India typically earn a commission based on the property sale price. This commission is often shared with brokers or agencies they work for, and it can range from 1-2% of the final sale price.
- Realtors: Realtors similarly earn commissions, but they also incur additional costs, such as membership dues for organizations like REAAI or NAR. These fees can affect their overall earnings but are balanced by the exclusive benefits they receive from their membership, such as access to special listings and networking opportunities.
Similarity: Both realtors and real estate agents typically operate on commission-based compensation, meaning their income is directly tied to the success of property transactions they facilitate.
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- Task Management: Assign and track tasks for your team or yourself to stay on top of deadlines and improve productivity.
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Conclusion
When navigating the real estate sector, you have to be aware of the difference between a realtor vs a real estate agent. While both play vital roles in property transactions, their membership and ethical commitments can set them apart.
Regardless of whether you're a realtor or a real estate agent, managing leads and staying organized is essential for success. That’s where Sell.do comes in—an ideal solution for real estate professionals. With its robust CRM features, automated workflows, and seamless communication tools, Sell.do empowers agents, brokers, and realtors to increase productivity, close more deals, and build lasting client relationships.
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