Realtor, Real Estate Agent, Locator? What’s the Difference?

One of the biggest questions I get as a Locator is the difference between a Locator, Real Estate Agent, and a Realtor. Here is a quick rundown of what each is:

Locator

In the state of Texas, a locator is a person who is qualified to act as an agent to their clients in helping them find a home or apartment for lease. The process is largely a referral-based and is free to their clients as they get paid by the apartments offering a percentage of the first months lease as a commission or a flat fee. The same goes for private owners who offer agents a commission or flat fee for helping them find a tenant. New laws under TREC require that a person is knowledgeable within the city or cities they are locating, so its important that your locator is familiar with the area(s) you are searching to be sure that your are receiving the best service possible.

Real Estate Agent

A Real Estate Agent is someone who has been licensed by their local state to practice real estate and act as an agent to their clients in either the role of Buyer, Seller, or Lessee in transactional agreements involving real estate. One must complete their real estate education and exam to obtain their license through their state and national organizations.

Realtor

A Realtor is a type of Real Estate Agent who has joined the national Real Estate board, NAR (National Association of Realtors) as well as their local boards. In the case of Austin, Realtors join ABOR (Austin Board of Realtors). As part of these boards, you are granted access to the MLS (multiple listings service) which grants a Realtor access to the largest database of homes where they can post homes for sale as well as search for homes for purchase, and lastly this is also where the bulk of home leases are.

Things to Know:

• If you are specifically looking for a house to lease, most locators, unless they are also Realtors as well, will not have access to the MLS simply due to the fact that with the expensive yearly fees to join the local and national Real Estate boards it is not worth investing in gaining access to the MLS unless they are also acting as a buyers and sellers agent in transactional real estate agreements.
• For more information about Texas Real Estate laws, a great resource is TREC, or the Texas Real Estate Commission. TREC regulates Texas Real Estate Laws and Statutes that help keep our market fair and safe for everyone involved. Click on the hyperlinks in this page to find out more information about each organization!