What is the Difference between a Commercial Real Estate Agent and a Commercial Realtor®?
For most people, “Realtor®” is a term that’s synonymous with “real estate agent”. It is confusing for the general public because a Realtor® performs all the same duties in a transaction that a real estate agent does, and has the same licensing requirements and education. There is, however, a big difference. Realtors® have to abide by a strict code of ethics which is strongly enforced, whereas a “real estate agent” does not. Why would anyone want to work with a professional adviser that is not bound by a code of ethics?
A Realtor®, must become a member of the National Association of Realtors®; “Realtor®” is, in fact, a trademarked name belonging to NAR.
The logo of a commercial Realtor is below:
Founded in 1908, the National Association of Realtors® has more than 1.3 million members and is designed to help maintain a code of standards industry-wide. According to the National Association of Realtors®, Realtor® members must pledge to a tightly-monitored code of ethics.
The pledge to upload the organization’s ethics code is the most significant difference between a Realtor® and real estate agent. Buyers and sellers can find comfort in the fact that NAR practices strict oversight to make sure their Realtor® members are acting ethically and in the best interest of their clients. If not, the Realtor® can be penalized for violating the 17-point ethics code. Members are held to the highest professional and ethical standards, and are expected to adhere to the National Association of Realtors® Code of Ethics. This gives buyers and sellers reassurance that the real estate professional they are working with (who is a Realtor® ) is looking out for their best interest. Non-members of NAR (regular Real Estate Agents) aren’t held to these higher ethical standards, though each state does have laws for regulating real estate agents and their activities.
Quick Guide to the NAR Code of Ethics
The terms of the National Association of Realtors® Code of Ethics are taken very seriously by the organization. NAR exercises their oversight powers, and Realtors® who violate the NAR Code of Ethics will face consequences.
If you are buying or leasing a commercial property why would you not work with a commercial Realtor®” ? The code of ethics is an additional layer of protection for you when you work with a commercial Realtor® . Ask your commercial real estate agent if he/she is a Realtor® and therefore bound by the code or ethics. Don’t buy the lame agrument that a commercial real estate agent may give to justify why he or she is are not a commercial Realtor®”. REal estate involves a lot of money. Would you go to a doctor or attorney who is not bound by a code of ethics? If you are looking for a commercial Realtor® in Tampa Bay, call us