KNOW YOUR DEALS
Know all about agents and realtors
R. BALAJI
Helping hand: For the best property buy, bank on brokers
There are more than 10,000 terminologies in usage in the global real estate industry. In this article, we shall deal with some of them.
Real estate: Land and anything permanently affixed to it, including buildings, fences and other item attached to the structure. It has become a universal term.
Real Property: Synonym to the term ‘real estate,’ but not in common usage.
Real Estate agent/broker/attorney: Various terms indicating a mediator, who is not a real owner, but acting on behalf of the owner (or) property seeker. In many other countries, mediation is not done by one agent for both the parties. If one agent works for owner as well as for property seeker, the deal may become biased. To avoid this, the buyer as well as seller have separate agents, who are called as buyer or seller agent. Unbiased deal can be expected if the agent represents only one party. Buyer and seller approach a ‘Real Estate Attorney’ who will not mediate, but provide legal assistance in real estate transactions.
Agent & Broker: A real estate agent represents buyer/seller in real estate transactions in exchange for a commission. Agents are individuals who normally work for a broker. A company/firm involved in real estate mediation will be called a broker. Brokers are entitled to get a portion of the agents’ commission. Revenue will be based on their agents’ network.
Realtor: It is a registered trademark of the National Association of Realtors (NAR). An agent/broker who becomes a member of NAR will be designated as realtor. It is the biggest forum for global real estate agents/brokers.
Realtist: A designation for an agent or broker who is a member of the National Association of Realtors.
(The author is CEO, Propmart, an end-to-end property solutions provider)
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