People who are new in the real estate market have often asked themselves the difference between a broker and a real estate agent. These terms are also quite commonly found in industry titles and are often used interchangeably. But there are distinct differences between a real estate agent and a broker. It is also important to understand the distinctions between these two professions so you know whether to look for flat promoters in Chennai or a real estate agent.
Real Estate Agent Vs Broker: What is the Major Difference?
The clearest distinction between a real estate agent and a broker lies in each of their certifications. To have a better understanding of the differences between a real estate agent and a broker, let’s take a closer look at each of them.
What is a Real Estate Agent?
A real estate agent is a licensed professional who provides assistance for buying and selling properties. Flat promoters in Chennai are often interchangeably used with the term real estate agents in Chennai. They are professionals and can work on any kind of property- residential and commercial. Some real estate agents may also have a special area of practice such as a rental agent or buyer’s agent.
Real estate agents have to register themselves under the Real Estate (Regulation and Development Act), 2016 (RERA) in order to earn a license. With the establishment of the RERA, the Central Act has mandated the registration of a real estate agent with the respective state-level real estate authority. This license remains valid for five years.
What is a Broker?
A broker plays a wider role in comparison to real estate agents. A broker is a professional with a technically sound knowledge of real estate and has proficiency and qualification (RERA Certified) in the real estate sector. They might work as independent individuals or own a brokerage (might need to pay GST as per the sales) whereby they put other real estate agents to work. Brokers are also eligible to receive commission after the completion of sales.
Brokers who employ real estate agents in different states of the country must achieve a higher level of certification or license. If you want to hire a flat promoter in Chennai, you must look for someone who is experienced and holds a legitimate license. Without experience in the field of real estate, hiring an amateur broker can lead to an unpleasant experience.
What are some of the Key Responsibilities of a Broker or Promoter?
Take this as an example- Mr Sudhir wants to buy some property. But he cannot decide whether to buy plots for sale in Thiruporur or opt for plots for sale in OMR. In such a situation of dilemma, he should reach out to an experienced broker or a real estate agent as they have a number of responsibilities.
- Understanding the needs of the client
- Ensuring customer satisfaction
- Visiting sites and coordinating with both parties
- Documentation
- Negotiation and sale
To ensure that your goal of buying property is fulfilled without any hassle, you must look for licensed and experienced professionals such as a broker or a real estate agent. They are equally competent and can help you make the right choice.
