What is a Real Estate Broker?
Purchasing or selling real property involves a series of complexities that are challenging to the average property buyer or seller. Understanding the “red tape” at the state and federal government level, contractual verbage and other variables that go into the purchase or sale of real property can be emotionally taxing and incredibly time consuming. Real Estate Brokers are a state licensed intermediary that assists either buyers or sellers in purchasing real property.
The term broker is somewhat ambiguous and can refer to: a person in charge of a brokerage firm, a brokerage firm, or a licensed real estate agent with a broker’s license. The simplest answer to what a real estate broker is that it/they will negotiate the best possible deals and the best terms for whichever party they work on behalf of – buyer or seller.
Role of a Real Estate Broker as a Buyer’s Agent
When working with someone looking to purchase a specific property, real estate brokers will: find out what buyer is willing to spend, negotiate the best possible price for the property, prescreen buyers to make sure they are qualified, showcase properties and more.
Role of a Real Estate Broker as a Seller’s Agent
Depending on the type of property, the role of a real estate broker working on behalf of a seller can vary. In most cases, real estate brokers will: handle the marketing strategy of the property, list the property on a Multiple Listing Service, coordinate buyer viewings (i.e. – Open Houses), indicate pricing to prospective buyers, pre-screen potential buyers, negotiate sales terms and more.
Finding a Certified Real Estate Broker
It’s imperative that you utilize licensed real estate brokers, especially when money is involved. Brokers must complete a series of courses and state-sponsored exam in order to act as an agent, with the total amount of coursework ranging between from 40 and 90 hours.
Typically, a real estate brokerage firm or broker will list their credentials, including their licenses and certification on the company website, business cards or other highly visible locations.
