What is Real Estate Broker?Generally, real estate broker is an individual who represent real estate companies. They can work as a single corporate independently or under a real estate company. People often misunderstood them as real estate agent. There is a fundamental difference between them. While the broker needs higher level of educational preference, real estate agent is simply a salesperson who works under the brokers. To put it simply, broker may substitute the role of an agent, but it doesn’t work vice versa. Thus, the requirements for being a real estate broker tend to be higher and much more complicated than a real estate agent.
Real Estate Broker DefinitionReal estate broker is defined as a licensed person who may or may not work under commercial real estate company whose job is to oversee real estate transactions. They are a professional consultant who assists the trading between the sellers and buyers of landed properties. Their work environment spreads from offering properties to setting up a contract meeting for the interested candidates and the owners. Also, they are specifically expertise in marketing management and business administration. Further requirements for their position are including bargaining and communication skills, as well as license-equipped people.
What does a Real Estate Broker do? ExampleA real estate broker may work on behalf of either the buyer or the seller, or even both. Some of their duties are:
1. Registering homes for sale in their work areaThis is the basic assignment for all real estate brokers, where they need to list every property available for sale around them. Basically, it is more like collecting information and data to be presented to the buyers later. They need to compile a full-detailed list of houses or estates, including size, number of rooms, style, and most importantly the price and their payment plans available.
2. Assisting each or both parties to reach a transactional deal over landed propertiesIf the broker act on behalf of the seller, they should be able to explain detailed disclosures, documents and any transactional items their company has to offer. On the contrary, if they represent the buyer, they are demanded to locate any suitable properties that meets the buyer’s needs and conditions.
3. Taking actions where trading closure happensThe closure can be pretty much anything that settles along the trading contracts period. When both parties reached an agreement, they should oversee the moving-in process of the buyers. Eventually when the contract time runs out, they should make sure that the moving-out process is going as smoothly as ever.
Also read "What is Prime Brokerage? Definition and Example"