I was thinking this morning about some of the questions and comments I receive now that I am a licensed Realtor. So, I got to the core of them and listed 4 things that I hope will boost your real estate knowledge!
1) All Realtors have the same access to properties:
I am a member of San Diego County’s MLS (multiple listing service). That means I have access to information about every property that is being sold in San Diego County AND I can show the property to any interested buyers.
2) A home doesn’t have to be listed with me before I can show it:
This is basically the same as number 1 but I have had a lot of friends ask me to send them my listings. Well, right now I am specializing as a buyers agent, so I don’t have any homes listed under my name. I can show any home or even vacant land within San Diego County, and if it is outside of the county or in another state, I can help by interviewing and connecting you with the best agent in the area you are looking.
3) As a buyer, using a Realtor is FREE:
A Realtor representing the buyer is paid at the end of the process after the home is yours, and they are paid by the seller. This is how it works… When someone lists their home to be sold, they agree to a commission rate with the Realtor they are listing the home with. That commission is then split between the person who sells the home (the agent they list with) and the person who brings the buyer to them (agent representing the buyer).
4) What is the difference between a broker, real estate agent, and a Realtor?
- Real estate agent: Anyone who earns a real estate license can be called a real estate agent. State requirements vary, but in all states you must take a minimum number of classes and pass a test to earn your license. The agent then picks a brokerage to work under.
- REALTOR®: Another name for a real estate agent, BUT it also means that agent is a member of the National Association of REALTORS®. They pay a fee to be a member of their local board, state and national associations and must uphold the standards of the association and its code of ethics. For example, although the primary responsibility of an agent is to his or her client, Realtors promise never to mislead or withhold information from anyone involved in the real estate transaction — including the other real estate agent and his or her clients.
- Real estate broker: A person who has taken education beyond the agent level as required by state laws and has passed a broker’s license exam. Brokers can work alone or they can hire agents to work for them.
- Real estate salesperson: Another name for a real estate agent.
What other questions do you have? I’d be happy to answer them for you – 858.376.7117; firstname.lastname@example.org.