Most people assume, albeit incorrectly, that a realty and a real estate agency are one and the same. Certainly, both are businesses that buy and sell properties, but there are some distinct differences. It can be quite confusing for people looking to buy or sell their homes, and that is why the following will help you sort out the confusion.
A Real Estate Agency
An agency is an established company or business with a trademarked name attached. For example, a real estate agency like "ReMax" is a trademarked name. It has hundreds of locations nationally and internationally. It also has thousands of agents working for the same company, based on the same business practices, business statement, and job descriptions in every location. It is both a corporation and a conglomerate, as each office location operates independently, but with all of the rights and responsibilities to the company that are expected.
Almost all of the employees that work for a real estate agency are titled "real estate agents." The agents can become realtors if they meet certain criteria and apply for a realtor's license. If that happens, you can have an individual agent that is also a realtor.
A realty is not an agency. It is an independent real estate business that operates on its own with no attachments to a "parent company." In fact, most realties are owned by realtors and operated out of the realtors' own homes. A realtor can choose to rent office space, or work from home since he or she is an independent salesperson for real estate. Each realty may have only one or two people working in it and from its location.
A realty can have a real estate agent working there, but only if the agent is also a licensed/certified realtor as well. Those who are only agents do not work in a realty, with the exception of an informational or support role only (i.e., administrative assistant with a real estate background). When you meet with a realtor, expect to meet with him/her most of the time in a space in his/her home designated for his/her business.
Which Is Better?
Those working in real estate will argue that a realty/realtor is better because they have additional licensing and certification. While that is technically true, you really could use either/or to find a home or commercial property. The choice is ultimately up to you. To learn more, contact someone like Randy Green.Share