Breaking into the world of real estate is a common goal for many people given just how many potential career options there are in the industry. Among the most common to consider, however, are the paths of becoming either a real estate agent or a real estate broker. While many people often consider these two career paths to be the same, there are important distinctions that make one or the other right for different people.
Between the two potential career paths, that of a real estate agent is far more well-known than a real estate broker. In short, a real estate agent is simply the middleman between a buyer and a seller in a real estate transaction. They can represent either side of the transaction, and they are almost always paid in commission based on the sale that is taking place.
An agent can specialize in commercial real estate, residential real estate, industrial real estate, as well as other sub-specialties. However, the most commonly seen real estate agents are those within the residential space.
On the other hand, a real estate broker can do everything a real estate agent does, but so much more. Rather than just helping facilitate the real estate transaction between a buyer and seller, a broker actually ensure that everything is legally compliant. This includes ensuring everything is filed properly, double checking that all money has been transferred legally, and watching to make sure records are completed on time. A broker typically earns a portion of the commission that is paid out to a real estate agent.
Given that individuals in the above two careers seem to do the same job, it’s only natural to wonder whether or not there is a difference between the two paths. Just because a broker does everything an agent does, however, doesn’t mean that the requirements to become each are the same. A broker is required to pass more educational courses, along with a specialized broker exam.
This exam and additional education differ from that assigned to agents in that it allows a broker to set off on their own to create a brokerage. They can then hire a number of real estate agents under themselves who report to the broker on various transactions.
While becoming a real estate agent or a real estate broker may not be the ideal choice for someone, it is a guarantee that it is a dream career for someone else. By learning everything there is to know about these two paths, a person can determine if either career choice is something they wish to seek out. Once a person has launched their career in this field, it’s worth looking into how to build your book so that you can network successfully in the industry.
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