Real estate brokers are people who help others to sell or purchase property. Most of the time the property being sold or purchased is a house or empty land. The broker must understand the market value of each property under consideration. They should be able to assess the positive and negative aspects of each property and know how to advertise and negotiate a sale. They often work with financial institutions and help people obtain the loans that are needed to buy a property. They normally work on commission and earn a small percentage from each sale they complete.
In order for someone to buy a house, the broker first finds out what type of house the client desires, the amount they are willing to spend and the desired location. The agent then finds properties that are for sale that they believe will meet their clients' expectations. They take their client to the property, communicate the negative and positive features of each home and answer any questions the client may have. If the client wants to buy the house, the real estate broker helps them make an offer price and gives the price to the agent involved with selling the house.
When a client wants to sell a house, the real estate broker helps them set a price. They will advise their client on how to prepare/"stage" their home and how to make it as appealing as possible. The broker will then advertise the home. When someone is interested in buying the home, the broker will show the home to the potential buyer. They can hold open houses and answer any questions that the potential buyers may have. When an offer is made, they will help their client decide whether or not to accept the offer. A real estate broker normally has formal and on-the-job training. Only when a real estate broker has a license can they legally work. College degrees are not always required but they are certainly beneficial.
Real Estate Broker Tasks
- Identify and meet buyers, building long-term relationships.
- Visit properties and assess potential, current value and to set prices.
- Work with sellers and documentation to create accurate listings.
- Connect sellers and buyers, conduct market research and reach price agreements to close sales.