Real Estate Agent vs Real Estate Broker - Hamad Al Wazzan

 

The terms “real estate agent” and “real estate broker” are often used interchangeably by the masses. When both, the broker and the agent are licensed to sell the property, it becomes even more difficult for you to differentiate, as the base of both of them are similar. However, In the real estate industry both, the agent and the broker, hold two completely different job descriptions. 

Hamad Al Wazzan, a real estate professional, suggests that before entering the real estate industry you must know the difference between a real estate agent and a real estate broker. Both of them differ from one another, on the basis of responsibilities and educational requirements. Therefore, here are a few differences mentioned by Hamad Al Wazzan that can help you identify the differences between the two. 

 

Real estate agent -

 

A licensed real estate agent connects buyers with sellers and represents both of them for real estate transactions. A real estate agent is an industry professional who facilitates real estate negotiations and the sale of real estate or property under a brokerage. 

A professional agent fulfills all the license requirements by taking and passing all the state-specific courses. However, a real estate agent works under a brokerage and cannot work independently. Generally, agents are compensated through the commission, which is the percentage of the sale of the house and depends upon the state and the brokerage. 

Responsibilities of a Real Estate Agent-

• A professional real estate agent considers the needs of a buyer and seller and attempts to find a match as per their requirements. 

• After finding a suitable property for the buyer, the agent makes sure about the offers and is capable of negotiating until both parties agree upon the terms.

• A real estate agent guides the clients through the process up to the finalization of the purchase. All the tasks such as finalizing paperwork, facilitating repairs and inspections, and navigating the closing of the deal are completed by the agent. 

Real estate broker -

A real estate broker can own real estate firms that agents work for. In simple words, agents work for brokers. Brokers are more trained than the agents. Their training allows them to own a brokerage, facilitate property transactions and supervise the agents. 

Brokers act as the liable party and are responsible for negotiations, arrangements,  overseeing the entire transactions, and also for the action and interaction of the real estate agents. 

Brokers can also handle legal contacts. A broker who owns a brokerage employs other real estate agents under the firm. Keep in mind that a  broker can also act as an agent in real estate transactions while an agent may not function as a broker. 

Responsibilities of a real estate broker

• A real estate broker can do everything that a real estate agent does in a more legalized manner.

• A real estate broker runs the firm, guides,  supervises, mentors, and supports the employed agents. 

Conclusion- 

Hamad Al Wazzan explains that working for a brokerage firm provides an agent with networking opportunities, brand presence, and the opportunity of one-on-one training in the field. Also, being a real estate agent does not limit your career in any way. If you're aiming to be your own boss, you can become a broker by acquiring the educational qualifications and required experience.