Understanding the difference between a real estate agent and a realtor is crucial in the real estate industry. When navigating the world of real estate, however complex it may look, many buyers, sellers, and even investors may use terms like realtor and real estate agent in a sentence. Sometimes, they may even interchange them due to some confusion. While they are both professionals who can help you with buying, selling, renting, and investing in properties, they are not the same.

A real estate agent is a licensed professional whose job is to assist clients in property transactions, while a realtor is a real estate agent who is a member of the National Association of Realtors (NAR) and strictly adheres to its Code of Ethics..

This difference can influence the level of professionalism, service, expertise, and ethical standards they offer you.

It is quite common for those who know nothing about a real estate agent and a realtor to be confused which is why in this article, we will be delving into what differentiates one from the other.

Who is a Real Estate Agent?

A real estate agent is a licensed professional who is tasked with assisting clients in buying, selling, or renting properties.

How to Become a Real Estate Agent:
To become a real estate agent in Nigeria, you must meet the requirements. While some of these requirements may vary depending on the locality or state you are in, they tend to follow the same rules across the country. They include:

• Age requirements. To become a real estate agent in Nigeria, you must be at least 18 years old. This is the same for other countries in the world.
• Residency. You must be a legal citizen of Nigeria, with a valid license,
• Education requirements. To apply as a real estate agent, you must have at least a diploma from a high school.
• Licensing process. You take the necessary pre-licensing courses. This will give you the knowledge and skills you need to become a successful real estate agent. You must pass the real estate licensing exam.
• Continuing education. The real estate market changes and this means that with it, you must also adapt. Attend courses and workshops, meet with people who have been in the business before you, and learn.
  
  

Responsibilities of a Real Estate Agent

• Advertising properties for sellers on the market for sale or lease 
• Assisting buyers in finding and acquiring properties for investment purposes
• Advocating for sellers and negotiating transactions on their behalf 
• Advocating for buyers and negotiating transactions on their behalf 
• Overseeing the progression of real estate sales transactions from the purchase agreement to the closing 
• Providing real estate guidance to clients informed by local market trends 

Who is a Realtor?

A realtor is a real estate professional who is a member of the National Association of Realtors (NAR). They are not only registered with NAR; they are also obligated to adhere to its code of ethics, making them more trustworthy, responsible, and dependable.

How to Become a Realtor:
There are many steps to take to become a realtor. Although these steps are somewhat the same as those of a real agent, there is a significant difference between them. Some of these include:

• Age requirements like that of the real estate agent. You must be 18 years.
• Education requirements. You must have a high school diploma.
• Residency. You must be a legal citizen of the country with an official document to prove it.
• Licensing requirements entail you passing the required national and state real estate licensing exams as required in your country or state.

While real estate agents stops at the licensing and continued education, the realtor is required to be a registered member of NAR, complete an additional training of the NAR code of ethics every three years.

Code of Ethics and Professional Standards

The NAR’s code of ethics was adopted in the year 1913. This code ensures that the consumers are served by realtors in cooperation to further serve their clients better.

The code of ethics is a standard principle set aside to guide realtors in conducting business with fairness, honesty and integrity. It calls for an expected behaviour and promotes ethical decison making among them.

This code allows realtors to put the client’s interests first above theirs, giving them an ethical duty to inform clients about every home available and involve them in every decision they make.

Key Differences Between a Realtor and a Real Estate Agent

What differentiates a real estate agent from a realtor to those who are not in the real estate industry might be confusing and they may even interchange their use and meaning. However, there are some key differences to note between the two of them and they are:

• Professional Designation vs. License:

A license is needed for both practices, however, the Realtors have more certification than the real estate agent. Being a member of NAR is a prerequisite to being a realtor, real estate agents do not have this membership.

• Ethical Standards and Code of Conduct:
  
  

Realtors adhere to a strict Code of Ethics. This code is the one that guides them and is behind their professionalism. This gives them a higher accountability compared to real estate agents.

• Access to MLS and Market Data:

Realtors often have exclusive access to Multiple Listing Services (MLS), and real estate agents do not.

• Networking and Resources:

Real estate agents do not necessarily have access to events organized by the industry, unlike realtors who have access to industry events, training, and tools. This gives them more access to potential clients, more referrals, and resources.

• More visibility

As a realtor and a member of NAR, you get more visibility by being listed in the membership directory which allows potential clients who are on the lookout for realtors to find you in their locales.

When to Choose a Realtor Over a Real Estate Agent

Choosing a professional to help you with your real estate investment can be hard when you are new. The following reasons are why you should choose a realtor and when:

• Complex transactions with  properties of significant value
• the desire for an elevated ethical benchmarks
• Requirement for market intelligence and MLS availability
• Sustained connection with a reliable expert

Common Misconceptions About Realtors and Real Estate Agents

There are so many misconceptions about realtors and real estate agents. This may brew a series of questions like:

• “All real estate agents are Realtors” – Why this is false?
  
  
• Are Realtors more expensive?
  
  
• Do you need a Realtor to sell or buy a home?
  
  

Pros and Cons of Working with a Realtor vs. a Real Estate Agent

• Pros of Working with a Realtor: they are bound by their code of ethics which gives them ethical commitment and professionalism towards your investment. Access to exclusive tools and networks
  
  
• Cons of Working with a Realtor: Membership fees can lead to higher costs making it hard for you to hire them.
  
  
• Pros of Working with a Real Estate Agent: they may offer competitive rates since the real estate market is also competitive.
  
  
• Cons of Working with a Real Estate Agent: They have limited access to NAR resources compared to realtors.
  
  

How to Verify if Someone is a Realtor or a Real Estate Agent

• Checking licenses and certifications if they are genuine
• Using online verification tools
• Asking for proof of NAR membership
• Check their referrals and past jobs

Expert Tips for Choosing the Right Real Estate Professional

• Assess your needs, buying selling, and investing, and choose the right real estate professional.
• Ensure to verify their credentials, experiences, and referrals
• Ask about their specialization
• Check reviews and client testimonials
  
  

Conclusion

What differentiates a realtor from a real estate agent is being a member of NAR, this gives them an advantage. Although being a member of NAR is not important, but in some states, it might be worth mentioning.

As an investor, choosing between a realtor and a real estate agent is your choice, however, if you are skeptical about whom to choose, then you should try a realtor.

Deciding between the two of them may be confusing if you do not know what differentiates them and this why you need to conduct your due diligence, do your research, and be sure of which of them suits the kind or level of investment you want to go for.