A real estate agent is someone who has taken a course and passed a state-administered exam, and is licensed by the Commonwealth of Massachusetts. You cannot help buyers and sellers of residential real estate without a license.
A real estate broker is someone who has taken an additional course and passed another state-administered exam, and is licensed by the Commonwealth of Massachusetts. A broker must also have worked for someone else as an agent, for at least one year. Each real estate office has a “broker of record” – the main broker who is ultimately responsible for all the agents within that office.
A broker is like an agent’s boss.
A “brokerage” is a real estate office.
Oftentimes, however, people call their agent a “broker”. It’s incorrect, actually.
I am a broker. Therefore, I can run my own office.
A Realtor is someone who pays to be a part of a trade organization, the National Association of Realtors. It’s not a law that every real estate agent be a Realtor. There are something like 6 million people with real estate licenses in the United States; NAR, on the other hand, has about 1.28 million members.
Realtors have a separate code of ethics which they must follow.
Anyway, my point is, here is a profile of your typical Realtor:
[T]he typical Realtor is a 52-year-old female … This salesperson has a gross personal income of $62,300 (up from $49,300 in 2004 and $34,100 in 2000), works 46 hours a week, and has been in the real estate business for nine years.
According to the NAR report, 56 percent of all Realtors are female, while 46 percent of brokers and 63 percent of sales agents are female. The median age for brokers is 54. (The median is the midpoint — half are older than 54, half younger than 54).
Approximately 26 percent of Realtors hold a bachelor’s degree, while 45 percent have some college or an associate’s degree from a community college. Approximately 11 percent earned a graduate degree and 9 percent have at least some graduate school instruction.
What do I think? Well, the average real estate agent is OLD. (Although this report only mentions the median age for brokers, I’m sure the median age for agents isn’t much younger.)
Also, I’m surprised by the lack of education by the average Realtor. I guess it makes sense, fitting the profile of a middle-aged woman. This is probably someone who sells real estate as a hobby, on the side. Their friends probably sell Mary Kay
The income reported for the average agent is surprising, and, I think, a bit suspect.
Your average agent in Boston might be making $50,000, which is probably a lot less than you think. And, that’s average income. Meaning, some are making a lot more … and, many are making a lot less.
Source: Coastal markets attract top real estate agents – By , The Boston Globe
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