The real estate industry is composed of a number of different professionals that perform specific functions during the sale and purchase process of a property or building. One such professional is the real estate Broker.
During the process of the sale, both the seller and purchaser must be on the same page. The function of a broker is to bring the purchaser and the seller of the property together to ensure a smooth transaction. The broker will find property sellers and match them with potential buyers. Their duties can include promoting the real estate to attract buyers, and work to sell or buy it for the best possible terms and the best price that satisfies both the seller and buyer. When working with buyers, they help secure the best possible price for the property.
Brokers are normally required to have a special license before they can work as a real estate broker. There a few states where an attorney can work as a real estate broker without having a license. To be a broker that requires a license, one will have to take a broker’s exam. Once licensed, a real estate broker can start their own firm or work in an already existing firm. As well, they can hire agents to work for their company.
It is important to check your particular state or province to find out the criteria to become a broker. Types of services brokers can offer include: arranging for a sale, arranging for a purchase, marketing property, performing a comparative market analysis on the value of a property compared to others in the area, preparing the appropriate documents for a sale, providing consultations services, arranging for an auction of a particular property, preparing leases and contracts, and exchanging properties.
The broker will sign an agreement with the buyer or seller which will include the amount they will receive which is usually in the form of commission. The agreement is an explanation of how the broker will represent the client and what it entails. In residential sales, the broker will be a legal representative of their client. There are some cases where the broker will be representing both the buyer and seller, however, this becoming less common as many states prohibit dual representation.
One of the most exciting times in many people’s lives is the purchase of a home. It is a major life investment that must be handled with great care. Because the sales process can be complicated, it is highly recommended that one has a professional representing them throughout the sales process. Brokers make the process much easier and quicker and they can help make sure you get a fair price. They understand the real estate industry and have helpful insight into how to get the best property at the best price.