If you’re in the market for a commercial property, you’ve most likely had titles such as real estate and mortgage agent thrown at you. And even though you might have a general idea of what each position entails, if you’re like most, chances are you’re a bit foggy on the details. For this reason, you might be wondering to yourself: what’s the difference between a real estate agent and a mortgage agent?
Granted, they share similarities. As experts within the real estate industry, both assist their clients with acquiring residential and/or commercial real estate. However, it’s their functions and tasks that separate them. For example, real estate agents assist their clients with finding or selling property, while mortgage agents assist their clients with securing financing to purchase property.
The Differences Between Real Estate Agents and Mortgage Agents
Real Estate Agent
Many real estate agents typically have a background in sales and marketing. The industry standard requires all of them to be licensed. This line of work usually requires long hours as they’re constantly showing properties to potential buyers — oftentimes without a sale. Other duties include:
- Monitor local market
- Negotiate favourable terms for buyer or seller
- Search for properties to sell for buyers
- Show properties
Again, the main differences that separate these two vocations can be found in the daily tasks and responsibilities of each one.
At the end of the day, a real estate agent’s fundamental task is to make the buying, selling, and renting process easy and effortless for their clients. Their job is to quell your uncertainties and make you feel comfortable doing business with them so you can step into your new commercial space with ease and delight. If you’re unsure of whether you’d like to buy or lease your next property, you may just need additional information about sales and commercial property leasing in Calgary to help you come to a sound conclusion.
Mortgage Agent
While real estate agents work with clients on finding (and selling them) the right property, mortgage agents work to find them deals in regards to financing said property. Mortgage agents work to find their clients the most favourable mortgage terms as well as the best interest rates for their commercial properties. Here are some other duties that are part of the mortgage agent itinerary:
- Connect mortgage buyers with mortgage lenders
- Find the best interest rates
- Work as an arbitrator with financial organizations
- Negotiate on your behalf
- Protect your credit score
With one of the job requirements of a mortgage agent being to find their clients the best options for loans, they must be knowledgeable of lending rates, lending organizations, as well as terms and conditions. For this reason, being acquainted with the standards for creditworthiness are crucial for mortgage agents. Typically, mortgage agents tend to have experience in sales, marketing, as well as finance. They must have a broker’s licence, which is issued by governing bodies within the real estate industry — the qualifications for the licensing will vary from province to province.
Summary: Real Estate Agent Vs Mortgage Agent
Both real estate agents and mortgage brokers help clients manage their properties when it comes to buying, selling, or financing. However, real estate agents help guide their clients through the buying (or selling) process. And mortgage agents work on behalf of their clients to get them the most favorable interest rates and best financing options.
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Disclaimer
The material presented in this blog is provided for general information and educational purposes only. It is not a substitute for professional advice. All information is subject to change regularly and without notice. CMS Real Estate Ltd. assumes no responsibility for any errors in the information provided, nor assumes any liability for damages incurred as a consequence, directly or indirectly, of the use and application of any of the contents of the blog/website page.