Home Buying in 60629>Question Details

Marcy Sutton, Both Buyer and Seller in Chicago, IL

What's the difference between "broker" and "agent" and which is the best to go with when buying/selling a home?

Asked by Marcy Sutton, Chicago, IL Fri May 16, 2014

I'm trying to sell my home and buy another and was wondering what my best option is when considering an agent or broker, such as, is there a difference in cost?

Help the community by answering this question:

Answers

8
A broker has usually gone through additional training, classes and licensing. You have to be an agent first, and in some states for 1-2 years before you can be a broker.
0 votes Thank Flag Link Fri Mar 27, 2015
There is no difference all agents are broker now after the title change and additional eduction requirements no in place.
0 votes Thank Flag Link Fri Mar 27, 2015
One sounds better than the other.

Broker is the new 'vice-president'
0 votes Thank Flag Link Fri Jun 20, 2014
A "Broker" is the "New Agent". -- Our titles changed in 2013 and the title "agent" is no longer used.

No difference in fees because of this title change. -- Just let me know if you still need help.

Thanks, John Meyers (Meyers Realty)
0 votes Thank Flag Link Fri Jun 20, 2014
In Florida we have licensed agents that might also be REALTORS or they might not. The license law calls them sales people and their license has a prefix "SL" All "SL" work under a "Broker". Some
Brokers own the real estate company while other Brokers are Managers and Some work under a broker like I choose to do as a "Sales Person" Regardless of the position all of our licenses have the prefix "BK". As a sales person I am called a Broker Associate indicating I work under another.

Not all agents are REALTORS and as a result are not held to the highest standards ethics that REALTORS are. A prime example are the agents that sit in new homes in large developments. These agents actually are not required by the state to be under a Broker either. One more reason to take a REALTOR with you when you are looking t new homes

Hope that makes everything as clear as mud
0 votes Thank Flag Link Fri May 16, 2014
They are the same now in Illinois. The only difference is one is a broker and one can be a managing broker.
0 votes Thank Flag Link Fri May 16, 2014
In Illinois, they just did away with the salesperson license and Broker is the only license other than for a managing Broker.
0 votes Thank Flag Link Fri May 16, 2014
Both can sell property but the broker has achieved a higher level of licensure and should have a bit more experience. However, if basing your search on "title" alone, you can literally flip a coin to make your decision.

Look for someone that is doing real estate "full time," has a high degree of visibility, knows their market, annually produces a high volume of sales, and is approachable. Of course, it's also very important that you feel this individual is someone with which you will be able to trust and work closely with.

The real difference between an agent and a broker is that both can list and sell property while a broker can have multiple agents working under their license with them exclusively.

Hope this is helpful.

Bill

billeckler@michaelsaunders.com
941-408-5363
Michael Saunders & Company
0 votes Thank Flag Link Fri May 16, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer