A real estate agent, realtor or broker is someone who promotes buyers or sellers of real estate property. While a realtor can work on his or her own, most agents now work under an agency agreement with a brokerage firm to represent clients on their behalf. This allows brokers the ability to handle multiple real estate transactions at one time and be paid based upon the volume of business that they are able to generate for their brokerage firm.
The first major distinction between a realtor or real estate agent occurs in the area of compensation. In most instances, a realtor will receive a flat fee for any real estate transaction he or she is involved in. Some brokers however, are compensated on a commission basis, which means that they are paid an additional amount of money each time their client makes a sale or purchases a property. This additional amount of money is typically referred to as “service dollars” by brokers. In some instances, a broker will receive an upfront lump sum of money from the buyer or seller if the transaction goes through, but will still receive the service dollars for the work that they did.Visit Merrick Property Group – Real Estate Agent for more details.
Another major difference between a real estate agent and a realtor involves the manner in which the services are rendered. While the majority of real estate transactions are completed face-to-face between a realtor and a client, there are a growing number of properties that are being sold online via an agent. In some instances, sellers may prefer to sell their property using the power of the internet to save time and money rather than having it sold face-to-face with a realtor. While this scenario does not necessarily alter the fact that a realtor performs a beneficial service to a buyer or seller, the nature of their relationship has changed as has the manner in which they are compensated.