An Introduction to Real Estate Agents and Brokers

There are many decisions associated with home buying. One decision you'll have to make is whether or not you consult a real estate agent or broker. There are a number of things to consider before deciding what works best for you. Here are some of the most commonly asked questions about real estate agents and brokers.

What are the some of the differences between real estate agents, realtors and real estate brokers?

Real estate agent and realtor are synonymous terms. On the other hand, real estate brokers and real estate agents share several differences. The Bureau of Labor, Statistics www.bls.gov, describes real estate agents as independent sales people who may be contracted by a real estate broker. Real estate brokers usually manage multiple real estate agents and supervise their negotiations. Real estate brokers may also rent or manage a homeowner's property for a fee.

Why should you work with a real estate agent or real estate broker?

The Department of Housing and Urban Development, www.hud.gov, recommends using either an agent or a broker for the following reasons:

• They can guide you through the process of buying or selling a home.
• These professionals are familiar with homeowner's concerns about the neighborhood such as safety, quality of schools, traffic volume, etc.
• They can help you determine a price range.
• They save you time house hunting.
• They can help you get a better deal on the home.

Are there any requirements or regulations for real estate agents or real estate brokers?

According to the US Bureau of Labor Statistics, every state requires agents and brokers to be licensed. In order to receive licenses, they must take classes in real estate and pass written exams. The classes and exams review state laws and all aspects of real estate transactions.

How do you find real estate agents or brokers?

There are several ways to find agents and brokers. You could browse local listings in a phonebook or online listings. You could also ask neighbors, friends or family members who are currently selling or recently sold their homes for recommendations.

Before you decide on one agent, you should interview with at least three people. Interviewing with several agents allows you the opportunity to find someone with whom you feel comfortable working woth. Since buying a home is very personal, you want to make sure you're working with someone who won't force you into a purchase.