In real estate selling, there’s such a glut of titles that clientele are often confused over monikers. Agent, Realtor®, associate broker, and the most auspicious, broker. What’s in a name? And why might you wish to aspire to something greater?
While any agent or broker can be a Realtor®, subscribing to the NAR and bound by its ethics and rules, the benefits and drawbacks of agent/broker titles vary. To give real estate advice, agents must be licensed, such that jilted customers have a means of recompense. Though license requirements vary by state, all must work under a broker, presenting less responsibility, but less opportunity.
To earn a broker’s license, greater knowledge is necessary to pass the more rigorous exam. However this added investment could net you…
- The ability to venture out on your own, or become a manager.
Agents must work for brokers, but a broker can work by themselves, keeping all commissions earned, or hiring and managing/mentoring others who work beneath them for a percentage split.
- Greater commissions.
While additional career options are a plus, the majority of agents choose to become a broker simply to earn a higher income. The NAR’s 2015 Member Profile illustrates the pay scale difference per title quite effectively.
- Better splits.
For those who don’t wish to venture out on their own or take-on added responsibilities, the position of associate broker at an existing firm typically commands a higher commission split than the average agent.
- Property management.
Every property management business must have a licensed broker on staff by law, offering an additional revenue stream – or an alternative career option. A boon in today’s hot rental market.
- Added marketing opportunities.
Whether you’re competing for a new job or new client, those with the initiative to earn a broker’s license rise above.
Ready to up the ante? Boost your real estate selling career with the help of Properties Online today.