Major Roles Played By Brokers In Real Estate
Probably you may not know the difference between a real estate broker and a real estate agent. In the home buying process, the both can assume the same role, but the fact remains to be that they are two different people. Regarding licensing and knowledge wise they are all the same although the broker has more experience in the industry. Since real estate brokerage is an ancient practice, a broker is more than a brand icon, sponsor or a property promoter. Things have changed where a broker is more than an agent, and in fact, the agent has to report to the broker.
A real estate broker is a negotiator and mediator and at the same time. Since property cannot be perfect for all homebuyers, a broker has to sweet talk the homebuyers and property owners to the point of fall in love with the property. Sometimes the agent and the client may differ concerning property offer or other property related issues. A broker, in this case, has to chip in and assist in negotiating more on the property. Mediation role comes in when the clients raise claims in regards to the acquired property, and since a broker is licensed and knows more about laws governing property acquisition, he settles the claim in an amicable manner. Simply click here for more.
Brokerage requires a couple of knowledge, and therefore most brokers are accountants in their capacity. Apart from fixing issues and hunting for property buyers, a broker handles the transactions. This calls for his accounting knowledge because he has to open an escrow account where he will have to learn to monitor all the cash transfers.
In the view of work management, a broker is a supervisor to the real estate agents, and this means he has to supervise every activity of the agents who are real estate salespersons. As a result, the broker has to guide and advise the agent on better ways to execute their duties. In case of any agent malpractice, the broker is questionable. So, this calls for total attention from the salespeople to have to taint the name of the real estate company working for. In the same capacity, a real estate broker plays the role of an overseer in the whole brokerage processes.
It is also within the broker's line of duty to be part of the property evaluator to determine the value of the property and fix a customer friendly price.
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