Did you know that 156,000 US citizens became realtors between 2020 and 2021? However, not all realtor types do the exact same job.

Choosing a realtor for your specific needs can be a bit confusing. Do you know all the different types of realtors and their advantages?

The following guide will explain how to choose a realtor with confidence. Read on to learn about the best real estate agents for your next purchase or sale.

Real Estate Brokers

Real estate brokers are professionals that meet the state requirements to run a real estate company. Licensing requirements typically involve a background in the sales agent industry.

Other requirements include advanced coursework and passing a test. Some states allow attorneys to become brokers even if they haven’t worked as agents.

The broker of a real estate company acts like the boss and takes accountability for all the agents. Sometimes they’re called principle brokers or qualifying brokers depending on your location. 

Some licensed brokers don’t operate their own company but choose to work as agents for another firm instead. This position is referred to as an associate broker.

Real Estate Agents

An agent has taken classes and passed a state-issued test to get a license to sell properties. Educational requirements depend on each state’s real estate laws and rules.

Real estate agents work under a broker’s management. They’re sometimes called subagents or sales agents depending on where you live.

Real estate agents and brokers essentially do the same job for their clients. Although, brokers usually have much more experience, education, and licensing. Brokers often charge higher operating fees for their service.

Seller’s Agents

A seller’s agent or listing agent works solely for the seller. You’ll usually negotiate with a seller through their seller’s agent.

Any agent involved in selling the property is a subagent of the listing agent. Once you’ve entered into an agency agreement you’ve both decided that person is now your representative.

Buyer’s Agents

A buyer’s agent works exclusively for the buyer and represents their interests. Representation includes the entire transaction from finding a property to closing the deal.

A formal agreement gets signed by you and a certain agent to begin the process. It guarantees that the buyer’s agent represents you and only your best interests while purchasing a property.

Dual Agents

A dual agent is one agent that represents the buyer and seller in the same transaction. It’s legal in most states but the agent must get the consent of both parties.

Keep in mind that dual agency can cause conflicts of interest during the transaction. The biggest benefit is that it speeds up processes like offers and counteroffers.

Understanding Types of Realtors

Now you know the different types of realtors and what they do. Remember that a broker might be better than an agent for more complex transactions. Also, dual agents might be a good option if you’re limited on time.

Check out the rest of our site for more helpful real estate advice and information.