Real Estate Broker vs. Agent in NYC: [ Ссылка ]
How to Find a Real Estate Agent in NYC: [ Ссылка ]
You’ve heard both terms used before, sometimes interchangeably. So what’s the difference between a real estate broker and a real estate agent in New York City? Is it better to work with a broker or an agent?
Let’s start with the basics: What Is a Real Estate Broker?
A Real Estate Broker is technically the Broker of Record or Principal Broker of a real estate brokerage. The official New York Department of State titles for Brokers of Record are Corporate Broker, Limited Liability Company Broker, or Individual Broker depending on whether the operation is structured as a corporation, an LLC or a sole proprietorship. A real estate broker can also mean a company itself, especially when organized as a corporation.
What Is a Real Estate Agent?
A real estate agent is anyone who acts on behalf of a principal in the buying, selling or renting of real estate. Because this term is so expansive, it can technically include Principal Brokers, Licensed Associate Real Estate Brokers and Licensed Real Estate Salespersons.
In practice, this unofficial term is most often used by Licensed Real Estate Salespersons and sometimes Licensed Associate Real Estate Brokers to describe themselves. That’s because this term is quite popular and well understood by the general population.
Are Real Estate Agent Commissions Negotiable in NYC? [ Ссылка ]
What Is a Licensed Associate Real Estate Broker?
A Licensed Associate Real Estate Broker is someone who has passed the broker exam and is qualified to start their own brokerage but chooses to work under another real estate broker. A broker who associates with another Real Estate Broker is called a Licensed Associate Real Estate Broker.
Real estate agents often take the extra coursework and time to become an associate broker primarily so they can use this officially sanctioned title. There is typically no extra work or responsibility involved just because an agent is an associate broker.
Is It Better to Work with a Broker or an Agent?
It’s important not to over-analyze the importance of titles in real estate. Instead, focus on how many listings the agent has and how many deals the agent has done. Does the agent have good customer reviews? Most importantly, is the agent able to offer you an attractive commission structure? If you’re buying a home in NYC, is your buyer agent willing to help cover some of your closing costs by offering you a buyer closing credit?
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