Realtors act as mediators between buyers and sellers of real estate, while real estate agents focus on executing the sale. Certification and training are required in many countries, but attorneys can also function in the same capacity. Buyers and sellers can complete transactions without the use of a real estate agency.
Realtors are real estate professionals trained to act as mediators between buyers and sellers of real estate. This essentially differentiates the realtor from the similar profession of the realtor, which is primarily concerned with selling real estate. Realtors will take the proactive approach of identifying buyers who are looking for the type of property a seller wants to sell and will work to ensure that both parties come to terms that are mutually agreeable.
Real estate agents are often associated with local agents, although there are freelance agents who choose to focus on high-profile projects outside of a local geographic area. It is typically understood that real estate agents are the agents’ sellers and will work closely with the agent to help cultivate relationships between buyers and sellers that appear to be a good match. However, the agent is more focused on successfully executing the sale, while the broker tends to be more proactive in getting sellers to sign up with the agency and allowing the company to represent their best interests. As such, real estate agents generally receive no commission for their work, but compensation through the application of agency fees related to the services rendered.
In many countries around the world, the ability to function as a real estate agent is regulated. Some formal degree of training is often required, accompanied by certification by a recognized and accredited real estate body. Most jurisdictions have at least some specific legal stipulations that must be observed by the broker in order to receive adequate remuneration for the services rendered.
However, it should be understood that everyone involved in the task of matching a buyer to a seller is not necessarily a realtor. Depending on the circumstances, an attorney may function in that same capacity and still receive a fee for their services in connection with the sale. Additionally, buyers and sellers who choose to complete a transaction without the use of a real estate agency will be able to do so without either party having to be a certified real estate agent.
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