The broker/agent distinction
Published: Oct 21, 2013
I am always being asked to explain the difference between a real estate agent and a broker. The only difference between the two is that a broker is licensed to own and manage their own real estate company and an agent is not.
Real estate agents need to work under a Bahamas Real Estate Association (BREA) licensed broker for a minimum of three years before they can apply for a broker’s license.
During these three years, an agent wishing to become a broker will have to complete several real estate courses and will also need to be actively selling real estate in order to meet the sales quota that is required by BREA.
A real estate agent who has qualified to become a broker by meeting all the requirements explained above can now open his/her own office, hire agents and manage their own real estate business. The broker and agent jobs are similar – they both help clients to sell and buy homes and both need to be equally knowledgeable about the local market, mortgages and the sales process.
Running and managing a company, especially one with several agents, is a full-time job. A broker will have to do double duty in order to manage and sell at the same time, and let us not forget that he/she will also have the entire responsibility of paying the company bills at the end of the month.
In some instances, a broker will choose to work under another broker as an agent without the stress of owning their own business.
A broker and agent will follow the same rules and regulations set forth by the Bahamas Real Estate Association and the Real Estate Act 1995.
A broker and an agent will both have to pay an annual membership fee and Multiple Listing Service (MLS) fee to the Bahamas Real Estate Association in order to have a current and valid license. When it comes to licensing and membership fees, a broker’s fee will be slightly higher than those of an agent.
• Carmen Massoni is president of Bahama Islands Realty and has 18 years of experience in the real estate profession in The Bahamas. She has been the recipient of many international awards recognizing her as a top producer amongst her peers. If you have any questions or need real estate advice, call 322-7770 or email Carmen@BahamaIslandsRealty.com.
|Last Updated on Monday, 21 October 2013 15:57|