Who Is A Real Estate Broker?
A real estate broker is a person who mediates between buyers and sellers of real estate or property. A real estate broker’s job is to find the people who want to sell and the people who want to buy and then become their brokers. Being a real estate broker is likened to a double-edged sword.
Firstly, when working with a seller, the broker must find a way to get the seller to sell his/her property at the highest possible price and under the best terms. On the other hand, when working with a buyer, the broker also needs to find a way to ensure that the buyer is buying a property at the lowest price and under the best terms as well.
To become a broker who will be able to deal with potential buyers and sellers, one must be licensed.
The list of services that a real estate broker can offer to a buyer or seller of a property are endless, but here are just a handful:
- Comparing market analysis
- Exhibition
- Facilitating a purchase and/or sale
- Preparation of FSBO documents
- Full Residential Assessment
- Home sale kits
- Consultation on an hourly basis
- Rental and/or leasing
- Property management and exchange
- Property auctions
- Drafting of contracts and leases
Differences between a real estate agent and a real estate broker
Experience, education, and licensing requirements are the major differences between a real estate agent and a real estate broker. They both have a licensing requirement in the state in which they operate, but the requirements vary significantly.
The requirements for licensing differ from one state to another, but most states require that you first complete a predetermined number of courses before taking a licensing exam.
Also, there are various other requirements to becoming a broker. Most states require that a broker should practice for several years first as an agent before enrolling to take the broker’s license exam.
Why should I hire an Exclusive Real Estate Broker?
Here are the reasons why you can benefit financially from hiring an experienced broker. A broker with years of experience can help you evaluate all alternatives objectively, without potentially biased viewpoints.
A broker’s knowledge of the market is a key factor in ensuring that all available properties are sent to you for consideration. Maximize your broker’s knowledge base by focusing on you.
- Accountability
Your broker is directly accountable to you. You don’t get as much responsiveness, dedication, and responsibility with a non-exclusive broker.
- Added value without costs
Treat the real estate broker as your real estate service without paying for it. A property owner usually compensates the real estate broker. Most landlords already have real estate fees included in their real estate leasing plan.
- Selection of brokers
One of the very advantages of using an exclusive broker is the option of selecting and retaining the best professional available. Before hiring, consider interviewing three real estate brokers at the very least. Do not be surprised as the broker that has been calling on you may not eventually be the broker of your choice. Consider only retaining a real estate professional with the best and proven track record in the area, whether they are the first to show up at the door or not.
- Indicate a serious prospect
Hiring your broker signals to the brokerage community that you are a serious prospect. This can make you stand out from the crowd when competing for a property.
- Negotiating experience
A broker’s experience in negotiating a lease or purchase will result in getting better terms for you. The broker’s “negotiating experience” is essential for you to achieve your financial goals.
- Efficiency and/or minimization of legal entanglements
A dedicated broker gives you a single point of contact. Without a dedicated broker, you risk wasting your valuable time searching through a multitude of brokers, ownership calls, and/or listings.
- Industry contacts
An experienced broker has many contacts with owners, sellers/contractors, and the brokerage community. These long-standing industry contacts save you time and money.
- Lease Ownership Analysis
An experienced broker has the financial analysis tools and access to information that will allow you to evaluate the best real estate solution.
FINAL NOTE
Whether you’re buying a home or a property, or you want to sell, you probably will need a little help. Having a dedicated and kind real estate broker at your disposal can be invaluable to you as well as provide you with valuable help which you cannot get from someone else.
The Smeenge Group is a leading real estate company of two talented professionals in the real estate industry using their style, knowledge, and market expertise to serve clients. They specialize in buying and selling homes throughout Chicago land, North Shore, and broader suburbs which are some of the highest demand properties in the world. To get help buying or selling your property, and for an exceptional real estate experience, contact Smeenge Group.
Read also: REAL ESTATE BROKER – WHY YOU NEED ONE
