Buying or selling a property can be a complex task, and many people seek professional help to ensure a smooth transaction. However, with the variety of professionals in the real estate industry, it can be challenging to know who to consult.
In this blog, we’ll explore the differences between the titles real estate agent, REALTOR®, and Accredited Buyer’s Representative (ABR®).
Level 1: Real Estate Agent
A real estate agent is a licensed professional who helps clients buy, sell, or rent properties. They have completed the required coursework and passed the state real estate exam to obtain their license. Real estate agents work under brokers, who are responsible for overseeing and guiding their activities.
Real estate agents can represent either buyers or sellers, although some may choose to specialize in one area. They typically receive a commission based on the sale price of the property and work on behalf of their clients to negotiate the best terms possible.
Requirements:
- At least 18 years old
- US citizen or legal resident
- Completion of a specific number of hours of real estate education
- Successful completion of a state real estate exam
- Pay a licensing fee
- Get sponsorship from a licensed real estate broker
Level 2: REALTOR®
A REALTOR® is a real estate agent who is a member of the National Association of REALTORS® (NAR). The NAR is a professional organization that provides resources, training, and advocacy for its members. To become a REALTOR®, an agent must complete the same licensing requirements as a real estate agent and join the association.
REALTORS® pledge to uphold a strict code of ethics and standards of practice set forth by the NAR. This code of ethics includes obligations to clients, other REALTORS®, and the public. As a result, REALTORS® are considered to be more ethical and trustworthy than non-member agents.
Requirements:
- Active real estate license
- Active engagement in the industry
- Clear civil and criminal legal history for the 7 prior years
- No pending bankruptcy
- No professional sanctions
- Agreement to abide by the NAR Code of Ethics
- Completion of an orientation course
- Pay membership dues
Level 3: Accredited Buyer’s Representative (ABR®)
An Accredited Buyer’s Representative (ABR®) is a REALTOR® who has a proven track record and has completed specialized training in representing buyers in real estate transactions. They have obtained an additional certification from the Real Estate Buyer’s Agent Council (REBAC), which provides advanced education and resources for buyer agents.
REALTORS® with an ABR® designation have a deep understanding of the buyer’s perspective and can help clients navigate the complex process of buying a home. They can provide valuable insights into market conditions, negotiate on behalf of the buyer, and protect their client’s interests throughout the transaction.
When choosing a professional to help you buy or sell a property, it’s essential to consider their qualifications, experience, and reputation. By understanding the differences between real estate agents, REALTORS®, and ABR® designees, you can make an informed decision and find the right professional to help you achieve your goals.