One common mistake laymen do is using the terms “realtor” and “appraiser” interchangeably. Though many of their functions overlapping in most occasions, both play crucial roles in buying or selling a property.
If you’re planning to enroll at a real estate school of SC, their difference is one of the most fundamental things you need to learn.
Primarily, a realtor or a real estate agent is tasked to assist clients to buy or sell a property — may it be residential or commercial. In a typical setting, such person works closely with a broker (or someone who manages brokerages or real estate firms). Nonetheless, there are also cases when a realtor works independently.
While a real estate school of SC teaches an aspiring realtor the techniques and methods to be used in buying and selling a property, the realtor frequently specializes in just one aspect of the industry. Allowing to focus on one expertise helps establish their “brand” or “identity” either as a listing or a buying real estate agent.
In the process of working with clients, a buying agent helps in determining how much someone is willing to shell out to acquire a property and what are the benefits he or she is expected to gain once the purchase is completed.
On the other hand, a listing agent aids in identifying a certain property’s market value. This type of realtor also recommends that property’s best possible asking price.
Toward the end of every project or deal, both type of agents also help out their clients in completing all the procedures and necessary paperwork.
The process of appraisal — or determining a property’s market value through thorough inspection — is a vital part of any real estate transaction. The general role of a real estate appraiser is to examine properties and identify its value either at the time of their development or sale.
While doing physical inspections, an appraiser looks into the measurements and conditions of all the structures within the property. They take photographs of the real estate’s interior and exterior. They are also responsible in gathering details about the community or setting wherein the property is located — is it near key establishments? Is it along a noisy thoroughfare?
Furthermore, an appraiser has access to public records so they can gain insight about the property’s geographic region. His or her duties also involve double-checking whatever public data that are available about the property and its location.
Before enrolling at a real estate school of SC and deciding which career path should you pursue, you need to know the key differences between the two.
One is the way they use data. Though most of the data they’d gather are similar, a realtor is keen to use it for the benefit of his or her client. An appraiser, on one hand, is a third-party entity that needs to deliver reports as it is.
Another main difference is that agents are usually paid on a commission basis (especially if they’re an independent one). Meanwhile, appraisers can be paid right away.
Keep in mind a real estate professional can both be certified as an agent and appraiser. Nonetheless, he or she can only act as one of these two at a time.