The job of a realtor is quite similar to that of a real estate agent, in fact, one could say there is no difference at all. While the real estate agent is in charge of connecting buyers and sellers of real estate, the realtor is more of the professional, whose job it is to make sure the transactions between both parties by acting as intermediaries and supporting them through the process of buying and selling the property, thus ensuring a successful outcome. A realtor is also in charge of connecting buyers and sellers of real estate; however, because they are licensed, it makes them more trustworthy, transparent, and ethical compared to a real estate agent.
A realtor must be licensed and be a member of NAR. NAR, National Association of Realtors is an organization of real estate brokers, known as realtors and they are tasked with the job of promoting the real estate profession and ensuring the professionalism of its members stays intact. They are also bound by a code of ethics that requires that all its members adhere.
Becoming a realtor is no easy task, there are so many hurdles and steps you need to take and procedures to complete.
In this article, we will be discussing who a realtor is and how you can become one, the responsibilities, the benefits, and the importance of being a realtor in real estate.
Who is a Realtor?
Definition of a Realtor
A realtor is a licensed real estate professional who is a member of the National Association of Realtors (NAR). They are licensed professionals whose job is to facilitate transactions between buyers and sellers.
According to NAR, a realtor is someone who is federally registered, a collective membership mark that gives a real estate professional the identity of being a member of the association and subscribes to its code of ethics.
They are bound by the Realtor Code of Ethics, ensuring integrity and professionalism.
As a realtor, you are expected to be an expert in your field and must follow the NAR’s code of ethics with clients, customers, the public, and other realtors.
Realtor vs. Real Estate Agent: What’s the Difference?
Realtors and real estate agents may sound similar based on their definitions and task. However, the major difference between them is quite significant. All realtors are real estate agents, but not all agents are Realtors. A real estate agent is licensed by their state to help people buy and sell their properties, however, a realtor is a real estate agent who is a member of the National Association of Realtors. Realtors have additional ethical obligations and access to exclusive industry resources.
Roles and Responsibilities of a Realtor
- Helping buyers, sellers, and investors with real estate transactions
- Performing market evaluations and pricing properties appropriately
- Bargaining agreements and managing legal documentation
- Ensuring adherence to real estate regulations and ethical practices
How to Become a Realtor
Becoming a realtor in Nigeria involves a series of steps and guidelines designed to ensure that as a professional in the real estate industry, you are well-equipped with all the necessary skills, knowledge, and ethical standards.
Below is a guide on how to become a realtor in Nigeria:
Understand the Real Estate Sector in Nigeria
Before you decide on a career in real estate, it is very important that you first understand how it works. Understand the market dynamics, and familiarize yourself with the state of the Nigerian real estate market. This includes the trends, demands, patterns and factors that influence the prices of properties. Gain insights into various sectors of real estate, the residential, commercial and industrial. Understand the opportunities they would give and challenges while also identifying the potential area for growth and investment within the Nigerian real estate sector.
Meet the Basic Eligibility Requirements
To qualify as a realtor, you must meet the minimum age requirement, typically 18 or 21 years old. You must have a legal residency, a Nigerian, and a resident of the state where you seek licensing. You must possess a high school diploma (or equivalent). You must be of a good character with no fraud inclinations, or convictions.
Complete the Required Real Estate Education
Having a high school diploma is the minimum education requirement to become a realtor. However, pursuing a higher education will enhance your credibility. Enroll in an accredited real estate pre-licensing course, and ensure the courses cover real estate law, contracts, property management, and ethics. Consider obtaining a degree in estate management, urban and regional planning or any related fields to gain an understanding of real estate and property valuation. Seek certifications from recognized institutes such as the Nigerian Institute of Estate Surveyors and Valuers.
Pass the Real Estate Licensing Exam
After attending an institute and taking the necessary courses, sit for the state-administered real estate exam. The exam format is usually a multiple choice with 75-150 questions, spanning over 2-4 hours, and is usually divided into national and state-specific sections and then scored individually. Depending on your state and location, you must have a 70-75% pass on your exam. And if you fail, you can retake the exam after a few days.
Obtain a Real Estate License
Apply for a real estate license with the state’s real estate commission. Submit your necessary documents, including proof of education, professional certifications, and evidence of experience to the relevant authorities. Ensure you pass any required licensing examinations that can assess your knowledge of real estate laws and practices. Pay licensing fees as required by the body.
Gain Work Experience and Find a Brokerage
Join a real estate brokerage to gain practical experience. To become a successful realtor, you need to have basic skills, communication and negotiation skills. Look for mentorship opportunities and hands-on real estate training. Understand market analysis, this will allow you to advise clients accurately while also upholding integrity and professionalism in your practice.
Build a professional network
To become successful in the real estate industry, networking is one of the basic skills to possess as a realtor. Attend industry events, and participate in seminars, workshops, and conferences that will strengthen your connection with peers. Engage in discussion platforms that are specific to real estate professionals. And seek guidance from experienced realtors to allow you to navigate the industry effectively.
Join the National Association of Realtors (NAR)
Apply for an NAR membership, without it, you cannot practice as a realtor. Joining the NAR is beneficial and important as a realtor, you get access to MLS, networking, and certifications.
Continue Education and Specialize
Keep up with your education and take additional real estate courses for professional development. Enroll in courses and workshops to stay informed on the latest trends and changes in the industry. Regularly analyze the market and be on top of any changes to advise your clients better with knowledge of current information. Be informed of any new laws and changes in regulations affecting real estate practices in your locality. Specializing in luxury real estate, commercial properties, or investment consulting.
Build Your Brand and Network
Develop a marketing strategy to attract clients. Be innovative, and keep up with new trends to put yourself out there. Leverage social media, real estate websites, and referrals. Maintain your integrity and keep up with technology. Understand the real estate investment strategies and how they will help you when advising your clients.
Benefits of Becoming a Realtor
- Higher credibility and trust in the industry
- Access to exclusive market data and real estate resources
- Networking opportunities with top professionals
- Higher earning potential compared to non-Realtor agents
Conclusion
Being a realtor comes with so many benefits. It gives you a sense of professionalism and integrity. It allows you to know more about real estate and how well to influence and even make use of your knowledge to generate more money for your clients.
Understanding the difference between a realtor and a real estate can be quite hard, but you should know that being a realtor means you have an issued license and certification which give you bigger advantage over a real estate agent.
The professional aspect of being a realtor has to do with your being a member of NAR. it grants you advanced knowledge and quick access to clients. It is a way of building network, trust and establishing authority since clients are more likely to trust a realtor due to their reputation for being ethical and professiona in their practices. This also leads to more referrals and repeat businesses.
Education matters a lot in real estate, and that is why you must not be found lacking in any of the areas. Advancing your skills and having an ability to quickly adapt to market changes are what will make you a successful realtor and differentiate you from your peers. Integrity, transparency and accountability are very important attributes you must possess.
As an aspiring realtor, you should note that knowledge of real estate investment for beginners while also honing your skills as a realtor. Ask questions where necessary and attend seminars, and workshops that will give you more insight into the real estate market.