Purchasing a house or selling a home in Dayton? You will need someone to help you, but is hiring a real estate agent or broker better? Let’s demystify things to help you choose your situation.
Understanding the Basics
Understanding the definitions of these two roles before comparing them is a good idea. Although agents and brokers offer similar services, they are not the same.
What Is a Real Estate Agent?
A real estate agent is a person who has completed the state exam and received a license to help people purchase, sell, or rent property. They act and perform under the direction of a licensed broker.
You are likely to meet agents at open houses. They are the individuals you talk to when setting a viewing appointment, the ones you communicate with, and the people to whom you offer a deal. They do most of the day-to-day work when you want to look for or sell a home.
What Is a Real Estate Broker?
A broker is a person who has taken their real estate education to the next level, getting a license as a broker. They can do everything an agent can, have their real estate firm supervised by agents, and handle legal contracts. Brokers can be regarded as the next level up. They are more experienced, knowledgeable, and capable of handling more responsibilities.
What Is the Difference?
Education and Qualifications
Agents must complete the real estate coursework in Ohio before taking a state licensing exam. Anyone who wants to work as a broker must be an agent, have two years of experience (or other equivalent), take more classes (usually more than 200 hours), and pass a second, more difficult exam.
Division of Duties and Powers
Agents can only operate under a broker's direction; they cannot work independently. On the contrary, brokers work individually or employ their agents.
Who Does What?
In a real-world scenario:
- Agent: Meets you, takes you around, and shows you homes. The real estate agent aids you with setting prices, marketing your property, and making offers on homes you’re interested in purchasing.
- Broker: Goes through and approves contracts. The broker may also advise agents, deal with complicated aspects of transactions, and make sure that things remain legal.
Some brokers are still in close contact with clients, yet many serve as team leaders or entrepreneurs.
Pros and Cons of Working With a Real Estate Agent
Pros
- Individual attention: Agents tend to take on fewer clients at a time and can also present to you more individually.
- Many options: Dayton has lots of agents to select from.
- Local expertise: Local knowledge is an advantage. Most agents specialize in certain zones and are intimately familiar with them.
Cons
- Strict instructions: The agents cannot make specific decisions without consulting their broker.
- Varied experience: Some of them are new agents. Make it a point to find out how long they have been in the business.
Advantages and Disadvantages of Dealing with a Broker
Pros
- Additional exposure: Brokers typically have years of field experience and a higher level of training.
- Able to support agents: An agent is free to seek the help of a broker with a team to support them.
- Often deals better with more complex situations: Have a hard-to-sell property or complicated zoning issue? A broker has the knowledge and tools to gain the advantage.
Cons
- May be busier: Not all brokers are client-oriented; they may be the boss of a large company, and you will have to work primarily with one of their delegates.
What Is the Best One to Select in Dayton?
Consider Your Needs
Are you unsure where to begin when buying your first home? You need someone to guide you; a local real estate agent can be ideal. Are you trying to sell quickly and conveniently, or do you have a complicated scenario (like foreclosure or an inherited property)? You may need a more experienced broker who is well-versed in the law.
Take Experience into Account (It’s Not Only a Title)
Dayton has agents with more than 15 years of experience and overwhelmingly positive reviews. Some brokers are thin on the ground, as far as business activities are concerned. One should never pass judgment based on the title.
Look at:
- Years in the business
- Experience in the Dayton market
- Communication style
- New reviews by the clients
- Availability
Interview, Interview, Interview
Buying or selling a house is a considerable endeavor and, as such, should be treated like hiring an employee (which is what you are doing). Ask questions like
- How many consecutive years have you been doing this?
- How many closings have you had in the past year?
- Are you a neighborhood expert in Dayton?
- Is it possible to see references from previous clients?
- Will I work with you directly throughout the whole project?
Their responses will inform you better than even the level of their licenses will.
Bonus Tip: Check Out Their Local Reputation
Dayton is a close-knit community. Ask friends, neighbors, or local Facebook groups who they know and love. Find out who has glowing local reviews and strong referrals as an agent or broker.
Also, call and see which local boards they are members of, such as the Dayton Area Board of REALTORs®. That can indicate their willingness to adhere to the high standards required and to keep up with local laws and market tendencies.
Broker or agent? Either of them might lead you through your real estate experience. Your best fit is the one who listens, knows Dayton, and cares about you. Think trust over titles. Select the one who feels like a partner.