There are many names so be careful while dealing with the terminology realtor or real estate agent as although both mean the same there can be confusion. Sometimes we tend to overlook the importance of choosing the best and tend to compromise often because we do not differentiate the appropriate traits or are unaware of the distinctions to look for when choosing a realtor while buying or selling a home.
It’s simple “realtor” but commonly we misuse the term. Generally a realtor is an individual who assists you to buy or sell a property this the root cause of the confusion. In legal terms an agent or realtor is the ambassador of a brokerage, business or real estate company who represents the buyer or seller. With the help of a buyer representation agreement or a typical listing agreement contract an agency formalizes relationship. All these formal procedures ensure buyer/seller and the brokerage have agreed upon set terms and there is often a team involved and a realtor or an agent is does not operate as a sole individual entity.
Real Estate Salesperson/ Broker
It’s just the title but technically they both work to perform similar tasks and both titles are used interchangeably . A salesperson, or broker manages cordial relationships between the brokerage and explains all the formalities to clients who are looking to sell/ buy properties. Often the salesperson is the same individual who explains everything about the buying/selling procedure on behalf of the brokerage company he or she represent. All Brokers and salespersons are legally bound under the terms and conditions laid by the Real Estate and Business Brokers Act, 2002. While choosing to connect with a real estate salesperson/ broker keep in mind the following pointers:
Registered: All brokers and salespersons must be employed and registered with RECO in order to efficiently participate in any trade in real estate in the Ontario.
Education: Having indepth knowledge is really crucial but often education too distinguishes a broker from a salesperson as all salespersons become brokers by passing exams.
Benefits of working with a registered real estate professional
More than the designation, the most important benefit about working with a registered real estate professional is the consumer protection inclusions:
Professional Standard: All real estate agents ensure professional standards and constantly emphasize on fairness, honesty and integrity and strive to protect consumers. Also seldom if things go wrong there is always an option for the consumer to complain and seek assistance from RECO while dealing in Ontario region will investigate the complaint and take steps to hold the real estate professional accountable for their actions.
Insurance: Often this is the best benefit as with insurance the consumer is secure against any loss or misappropriation by a brokerage.
Century21President is a leading real estate company situated in Brampton. For all requirements in the Greater Toronto Area, Etobicoke, Mississauga and Oakville feel free to contact one of our sales representatives today.