Difference Between a Real Estate Agent and a Realtor.

The phrases “real estate agent” and “realtor” are frequently used interchangeably in the Nigerian real estate market. They are not the same, though. It’s critical to comprehend the differences between these two positions, particularly for investors, sellers, and buyers of real estate trying to negotiate the market’s complexity.

A real estate agent is who?
A real estate agent is a qualified professional who helps customers purchase, sell, or rent real estate. Listing homes for sale, assisting clients with property inspections, negotiating agreements, and handling transaction paperwork are just a few of the duties that come with this position in Nigeria. A license from the appropriate regulatory authority, such as the Nigerian Institution of Estate Surveyors and Valuers (NIESV) or the Real Estate Developers Association of Nigeria (REDAN), is required in order to work as a real estate agent.

Principal Duties:
Property Listing: Using a variety of platforms, agents offer properties for sale or rent while highlighting their characteristics and important details.

Client Representation: They assist in negotiating the best prices for buyers or sellers in transactions.
Market Analysis: To give clients reliable information regarding property valuations, they stay abreast of current market developments.

Documentation: They help with the preparation and management of the paperwork required for real estate transactions.

PRIOR TO MANAGING A PROPERTY, HOW DO YOU EVALUATE IT?

A Realtor is who?
A Realtor is a member of the National Association of Realtors (NAR), a US-based organization that specializes in real estate. Because of the NAR’s stringent code of ethics, realtors are held to a higher standard of behavior than other real estate professionals. Although this title is more well-known in the United States, its ideas can nevertheless have an impact on real estate practices everywhere, including Nigeria.

Realtors are able to provide their clients with a superior quality of service because they have access to unique tools, resources, and networks. They are renowned for their devotion to ethical standards, guaranteeing honesty and transparency in all dealings, and they are dedicated to ongoing professional growth.

Principal Duties:
Compliance with Ethics: Realtors are required to follow the stringent NAR code of ethics, which places a strong emphasis on justice, honesty, and integrity.
Professional Development: To keep abreast of the most recent developments in the industry, they frequently seek out continuing education.
Client Advocacy: Throughout the course of a real estate transaction, realtors go above and beyond to represent their customers’ best interests.
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Principal Disparities
Membership and Ethics: Becoming a member of the National Association of Realtors is the main distinction. Not all real estate agents are Realtors, even if all Realtors are real estate agents. Realtors are bound by a particular code of ethics as members of the NAR.

International Recognition vs. Local Practice: The term “Realtor” is not as widely used or acknowledged in Nigeria. However, real estate brokers can strive to meet the professional and ethical standards of Realtors.
Standards and Resources: Unlike other real estate brokers, realtors have access to professional networks and exclusive resources.
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Selecting the Best Expert for Your Requirements
It’s crucial to confirm the qualifications, reputation, and experience of any real estate agent or realtor in Nigeria before working with them. The ideal expert should be well-versed in the local market, uphold high ethical standards, and be dedicated to meeting your needs.

The terms “real estate agent” and “real estate agent” have different meanings, even though they may be used interchangeably in Nigeria. You can navigate the real estate market with greater knowledge if you are aware of these distinctions.

Author: Paul Okoh