There is no doubt that the real estate industry is lucrative and before getting your position in the industry, you should ensure to have comprehensive understanding of who real estate brokers are and who the real estate agents are as well. Many people tend to believe that a real estate agent is the same as the real estate broker. To some extent, they are closely related but there are major distinctions between the two professions. There are different elements for both professions like the salary or even the responsibilities. Below are fundamental factors to consider and they will enable you understand who a real estate broker is and who an agent is as well.
The responsibilities of the two professionals; broker and agent are distinctions. A real estate agent has a couple of responsibilities and obligations from negotiating the prices of the property they are selling, getting prospective leads, representing buyers and sellers in the industry and eventually marketing the houses or properties available and showing them. There is therefore need for you to settle for a real estate agent where you have aspirations for buying or selling a house as they keep direct contact with buyers and sellers. Nevertheless, a broker tends to have different responsibilities and these responsibilities tend to vary widely amongst multiple brokers based on their aspirations and positions. A real estate broker has the capability of establishing a business in the industry and proceed to employing agents. Some of the responsibilities that the brokers has is settling disputes, hiring real estate agents, training them, managing their businesses and ensuring to keep records. There are other instances where the broker tends to embraced the responsibilities of an agent as well.
When it comes to growth, the real estate broker is prone to grow faster and more than a real estate agent. It is only where an agent trains that they embrace growth. For a broker to grow, they need to enlarge their business territories.
Education is integral in both extremes and a real estate agent and the broker must have indisputable information and knowledge about the housing market industry. There are state defined guidelines that agents must meet as well as brokers. In most cases, you will find brokers being experienced real estate agents and having a degree in real estate. For the real estate agent, there will be some few hours of training before certifications are availed.
The last but not the least, brokers will eventually earns a higher salary than the agents. This is as a result of the wide scope that brokers has in operations. There is no way an agent working under a broker will earn more than the broker.