ALT-1 How to become a Realtor
What is the difference between a real estate agent and a Realtor? The terms “real estate agent” and “Realtor” are often misused to describe the practice of selling property. A Realtor is a member of the National Association of Realtors (NAR), who is also a real estate agent. To use the name Realtor implies that the individual subscribes to the code of ethics set down by the NAR and is bound by the rules of membership.
Most Realtors begin as junior assistants in real estate companies. They may work as letting agents or general office assistants while they study for their licence examinations. In the United States, estate agents must only practice under licence. You will find that having a good general education will help you secure employment in a real estate office, including good English language and mathematics skills. Speaking a second language such as Spanish will also give you an advantage in both the US and the UK.
It is possible to be both a real estate agent, a real estate broker and a Realtor at the same time. While a real estate agent generally helps individuals and businesses rent, sell and purchase property, they do not offer finance schemes to facilitate the transactions. Real estate brokers have a more in-depth knowledge of the financial packages available and may even offer their own finance deals to clients in the form of mortgages and other loans.
In the United Kingdom, there are no legal requirements for registration of any estate agent. Under the Estate Agents Act 1979, anyone can set themselves up as an estate agent as long as they have not been previously declared bankrupt. However, it is recommended that anyone using an estate agent in the UK looks for membership of recognised professional bodies such as the National Association of Estate Agents or the Association of Residential Letting Agents.
The profession of real estate agents is taken very seriously in the United States. For an individual to become an estate agent, they must take a written examination. In some states, trainee estate agents may take other professional courses that will give them credits towards their final examination pass mark. Once an estate agent has passed the licence exam, they often continue with a programme of professional development in order to obtain a further broker's licence for example.
Professional education courses are offered by a number of organisations including the NAR. These can often be studied part-time or even on-line. The more expertise an individual real estate professional can accumulate, the better service they can offer their clients. This in turn means they are able to command a higher fee and will build up a good client base that is promoted by word-of-mouth as well as traditional advertising.
Becoming a Realtor requires dedication, significant personal investment of time and a genuine desire to help people. You will need excellent customer service skills and a cheerful disposition. The ability to see the potential in a property and enthuse your buyers is the key to becoming a successful Realtor.
