When you decide to become a real estate agent or broker, you have to know what is the difference between the two. To start off with, a real estate agent works on his own. He has to find houses for sale and find a buyer who will pay the mortgage amount. A broker on the other hand does the same but deals with houses as a third party. He finds the right buyer for the house and negotiates the deal. However, there are some differences between the two.
The difference between brokers and agents really lies on the scope of work that they are doing. Real estate agents work for a specific company and may not have other companies as partners. This means that they do not work on their own, but rather work for one particular company. You can ask them for details on the kind of partnership that they have. Some agents have to close deals on their own, while others help close deals for their colleagues. Brokers on the other hand do not really work alone.
The biggest difference between agents and brokers lies in the time that they take to find the properties. While brokers spend a lot of time looking for the perfect property, real estate agents don’t really go out searching for a property. Instead, they simply go to the current market and try to get a property. They might go to neighborhoods where they know a property is available and see if they can grab a potential deal from there.
Another big difference between the two is in the kind of contracts that they both need to have. Real estate agents, by law, have to have a written contract with a buyer who is the client. This is required by the law, so that the agent can show the home to the buyer and make a fair deal for themselves as well. In contrast, an agent has to draft a different contract for each transaction he handles. This means that when an agent gets an offer for a property, he has to consider all the offers that he gets and choose the best deal for himself.
There are other differences between brokers and agents too. Most importantly, brokers have to set up their own office. Real estate agents in Oakville, ON, on the other hand, usually work on commission, so they don’t have to set up their own offices. However, if they need to meet prospective clients in person, they have to do it within the said office. The other big difference is that brokers need to have certain licenses, whereas agents don’t have to have any. These laws were made to prevent the brokers from deceiving people, but this may not always be the case.
So, is it better to be a broker or a real estate agent? It all depends on what you’re looking for in your job. If you want to make more money, then it would be better to become an agent. However, if you want to work from home and provide a service to people, then it would be better to be a broker. The choice is yours, though, and whichever one you pick, you will always benefit from the job.
1235 North Service Rd W #100,
Oakville, ON L6M 2W2
+1 (289) 937-1107