A little known fact outside of the real estate community is that there exists a difference between a Real Estate Agent, Broker, and Realtor. An agent is a licensed real estate professional and it typically requires 40-90 hours of classes to become an agent, but this can vary from state to state. A Realtor is someone who is licensed by the NAR (The National Association of Realtors). An agent can be a Realtor, but being a Realtor is not required in order to be an agent. It’s just an extra bit of education that gives agents more credibility. Which leads us to the main point…
What is a Real Estate Broker?
Real estate brokers are the backbone of real estate transactions. They oversee and approve the official contracts that facilitate these transactions. Agents and Realtors both work under Brokers as salespeople. A real estate broker is the only person licensed to execute the transactions while salesperson (Agent) is only allowed to assist the broker in bringing together the transaction. For instance, if you’re investing in commercial property, an agent can help you find the space you’re looking for, but the broker finalizes your purchase.
Becoming a Broker
In order to become a broker you must first serve as an agent for four years. During this time, 270 hours of coursework is required which entails all aspects and nuances of the real estate industry. Additionally, a bachelor’s degree from an accredited university is required. Once all of the coursework is complete, a licensing examination is conducted. Similar to the bar exam in law, the brokers exam is different in each state, and requires a wealth of knowledge and true understanding of the real estate industry.
How Our Brokers Can Help You
In large real estate firms, it’s nearly impossible to find a licensed broker to assist in your investment. They are simply too busy processing contracts sent in by their large group of salespeople. Thus, you’ll most likely be dealing with an agent working under the broker. Additionally, you don’t have to be an agent or a broker to own a real estate company; you just need a licensed broker working for you. However, at Greenberg & Company, this is simply not the case. Our brokers are always available to assist our clients. They have decades of experience in the real estate industry and bring the knowledge capable to gain leverage for their clients in tight negotiations. Furthermore, Greenberg & Company is founded by a licensed real estate broker, David Greenberg, and can provide you with the knowledge and experience necessary to ensure your next real estate investment is executed smoothly.