Many people think that Real Estate Agent and Real Estate Broker are interchangeable titles, but there are actually key differences. While both are licensed to represent you in the sale or purchase of your residential or commercial property, Real Estate Brokers not only have higher education requirements than Real Estate Agents/Salespersons, they also must have extensive prior knowledge and experience working as an Agent. Brokers can legally work for themselves, whereas Sales Agents must work under the (often indirect) supervision of a Broker. As such, all listing contracts are actually with a Broker and not a Sales Agent.
One of the main benefits of working directly with a licensed Broker is the assurance that you’re working with someone who has greater relevant knowledge and education than a Salesperson or Agent, including more in-depth understanding and training in contracts, taxes, ethics and insurance. Broker education also focuses on real estate legal issues and how the law applies in complicated transactions, real estate investments, construction, and property management.
This extensive knowledge and experience can come in handy if you’re trying to navigate a more complex transaction, and especially if you’re considering a 1031 Exchange, buying a foreclosure or selling your home as a short sale. Thus, you should consider your goals, process and potential complexity of your sale or purchase when making your choice.
Ultimately though, whether you choose to work directly with a Broker or with a Sales Agent, it is most important that you are comfortable with the person (or team) him/herself, that they understand your needs and goals, and are keenly focused on helping you achieve them.