There are many real estate professionals including real estate agents and real estate brokers. Both help in buying and selling properties. Though both the terms are often used interchangeably there is a difference between the two. Real estate brokers can work as agents; however, agents can not work as brokers unless they have a licence. Let’s go through the difference between a real estate agent vs real estate broker in detail.
Real Estate Agent Vs Real Estate Broker: What is a Real Estate Agent?
Real estate agents are certified professionals who help individuals buy, sell and rent properties. Agents are paid on a commission basis, which is usually a percentage of the property’s selling price. The minimum age to apply for a realtor’s licence in the UAE is 21 or above.
Those thinking about how to become a realtor in Dubai, must know that before applying for the licence, they will have to complete the DREI training course and clear the RERA registration exam.
Transactions between buyers, sellers, owners and renters are organised by real estate agents. They are responsible to carry offers and counteroffers between each party, in addition to the queries they may have. Real estate agents help clients in the process of filling out paperwork. They also ensure that the requirements are fully mentioned to their clients.
These include requirements to complete the sale, including home inspections, moving, and important dates such as the closing.
Agents representing sellers are called listing agents. Real estate agents determine home value by setting the listing prices and suggesting updates to increase chances of a successful sale. They also help with home staging and market the property by listing them online on dubizzle and various other channels.
Seller’s agents also negotiate the sales prices, closing costs, and other fees in addition to helping prepare, submit, and file documents. Here are a few useful negotiation tips for sellers.
Moreover, agents who represent buyers are known as buyer’s agents. These agents help find properties according to the buyers’ preferences and price range. They help negotiate on the buyer’s behalf, provide valuable market insight, arrange property visits and assist with the paperwork and legal requirements.
Real Estate Agent Vs Real Estate Broker: What is a Real Estate Broker?
The job description of a real estate broker is almost the same as a real estate agent. However, real estate brokers are licensed to work independently, start their own brokerages and hire agents to work for them. Brokers are also paid on a commission basis, but they also receive commissions from the agents working for their brokerage.
Real estate agents can facilitate the buying and selling of properties; however, they can’t close the transactions. That is done by the brokers.
Other responsibilities of real estate brokers include recruiting, training and managing agents. Write contracts for property transactions, manage the brokerage staff and communicate with professional and government associates. Generally, there are three types of real estate brokers:
Associate brokers: They have a broker licence but work under another broker and usually don’t supervise other agents.
Managing brokers: They oversee transactions and daily operations, recruit and train agents and manage the administrative staff.
Principal or designated brokers: They supervise agents and ensure they are working in compliance with the real estate laws.
That is all about real estate agents vs real estate brokers. However, if you wish to buy or rent properties, here is a list of properties for sale in the UAE. Those looking to rent accommodations can go through this list of properties for rent in the UAE.
Moreover, you can also list properties for sale on dubizzle.
Stay tuned to dubizzle’s top property blog for more on real estate professionals and more.
