What's the difference between a publicly traded REIT and a non-traded REIT?

Publicly traded REITs trade on stock exchanges like any stock, so they are liquid, transparently priced all day, and cheap to buy through any brokerage. Non-traded REITs are sold by brokers or advisors, don't trade on an exchange, and often carry upfront commissions of 7 to 10 percent, high ongoing fees, and severe liquidity limits, meaning you may not be able to sell for years and redemption can be suspended. The SEC and FINRA have repeatedly warned investors about non-traded REIT fees and valuation opacity. For most people wanting real estate exposure, a low-cost publicly traded REIT index fund is simpler and far cheaper. If a salesperson pushes a non-traded REIT, treat the commission as a red flag and read the prospectus carefully before committing money you can't access.