When it comes to buying a home, you learn a lot of lingo. Same can be said for who you choose to help you make your big purchase. There are real estate agents or salespersons and there are real estate brokers. What is the difference? Well let’s just dive in and learn what each of their roles are and what they do for you!
Real Estate Agent Vs Real Estate Broker
A real estate agent acts as a liaison between the seller of a home and the buyer. They have the access to homes that are on the market and can take on the task of making negotiations on your behalf. They understand the tricky business of contracts and understand the legalities of a home purchase. In North Carolina, real estate agents must follow the following criteria:
- Be at least 18 years of age
- US Citizen
- Complete 75 hours of state approved courses in a live classroom
- Pass the state licensing exam with at least a score of 75%
North Carolina considers their real estate agents as real estate brokers however, they are not a broker-in-charge and cannot work independently as a broker. They must report to a broker-in-charge.
A real estate broker-in-charge typically does all the same as a real estate agent but they can establish escrow accounts and manages the earnest money deposit. A broker-in-charge typically will work on their own or open their own office and hire brokers underneath them. In order to become a broker-in-charge there is post licensing education required within 3 years of your initial licensing as a real estate agent. There are 3 90-minute classes to complete and a form of intention that must be filed in order to be granted the new status.
Really, What Do They Do For Me?
With all the homes on the market, and several folks trying to sell their home without an agent, why should you truly hire someone to help you buy your home? Let’s first consider the legal ramifications of home buying. There are contracts and negotiations. You will need an inspection done on the home. All of these things are not easy to navigate and the average person has no idea how to navigate them. Real estate agents have the education and experience to know exactly how things should be worded in a contract, how to negotiate effectively, who to contact for inspections, and lead you into the foray without fear.
Your agent is also a buffer. Once you lay out what kind of home you want and the ideal location, they are going to do the searching for you to find the best prospects. Try doing that on your own and you could find yourself spending hours looking at all the wrong properties. What happens if you aren’t 100% sure what you want but you know what your budget is? That agent can at least inform you of what is in your price range and help you navigate your likes and dislikes to whittle away at the options.
Your agent also has the connections. The longer they have been in the business, the more connections they have. Not only to fantastic properties but to reputable contractors, inspectors, and home repair businesses in the area. They can also tell you about the best things the neighborhood has to offer and highlight some of the best things to do in town. That’s an added perk when you are moving into a completely new area or state.
Of course, we don’t recommend you buy or sell your house on your own. Let us help you find the home of your dreams. Real estate agents work hard to make the process as painless as possible so that you can truly be excited for your new home. Isn’t that the point of buying or selling a home?