REALTORS®, Agents, or Brokers: What’s the Difference?

Seniors often ask, “what’s the difference between an agent and broker, aren’t they all Realtors©”?  Great question and not knowing the difference can cost Seniors stress, thousands of dollars, and time when buying or selling a house.

An agent is licensed by the state to help buy, sell, rent, or invest in real estate.  A broker is an agent who has taken advanced training and passed the broker exam.  In Indiana, all real estate agents are brokers.

Brokers in Indiana take 90 hours of real estate education, pass a state exam, and complete 30 hours of post-licensing training to earn a license.  A managing broker oversees brokers in Indiana.

A managing broker has taken advanced training and held an active license for at least 2 years.  Managing brokers can act independently and often own a real estate company.

REALTORS® are members of the National Association of REALTORS® (NAR).  Membership is voluntary and Realtors© commit to following a strict Code of Ethics.  NAR exists to protect the public and Realtors© are held accountable to the high standards.

An SRES® is a Senior Real Estate Specialist with advanced training from NAR who passed a certification exam.  The SRES training is specific to the needs of those 55 and over in buying, selling, renting, and investing in real estate.  The real estate needs of Seniors are different from other generations.  The SRES is knowledgeable to help seniors with reverse mortgages, Power of Attorney, family conflicts, Medicare, Medicaid, taxes, federal and state laws, and senior housing.

Some clients believe the extra training and credentials cost more in commission and fees.  However, the opposite is true.  Memberships, training, and certifications give professionals insight into current best practices that save time and money for the client.  Also, professionals who commit to higher standards are trusted advisors and decrease your risk of scam or fraud.  Both are common among seniors.

Collins Realty Group, Inc. Realtors

Georgene Collins is a Certified Senior Advisor©, Senior Real Estate Specialist®, and Managing Broker-Owner with Collins Realty Group.  She helps seniors and families downsize, buy and sell a home, and move.

Shaw Collins is a Realtor with Collins Realty Group.  Shaw is also a licensed Home Inspector and FAA licensed drone pilot.

Collins Realty Group gives sellers free services including a free pre-sale home inspection, aerial photography and drone videography, custom home address website, and professional staging consultation.  Call Georgene today at 219-315-6569 to find out about her value-added listing package-home, inspection, custom website, staging consultation, and drone marketing.