Real Estate Brokers - Who are them?
Real Estate Brokers: Valuable Advisors
As a valuable advisor, a real estate broker can assist you with all aspects of acquiring or selling property. Utilizing the services offered by a broker can be an instrumental factor in negotiating a profitable real estate transaction.
What are Real Estate Brokers
Real Estate Brokers, by definition, are agents that for a fee, act as the intermediary between buyers and sellers. According to the Bureau of Labor Statistics Occupational Handbook 2008-09, there are over 160,000 licensed brokers in the United States. A broker, when taking on the role as the buyer’s agent, assists the buyer’s in purchasing real estate for the lowest possible price for the mandated terms. On the reverse, when the broker is acting on behalf of the seller, the focus is on garnering the best possible selling price with terms that are acceptable. In accordance with the law, all of these services are defined in a written agreement and signed by all parties.
The fees of the broker, whether he is acting on behalf of the buyer or seller, are mandated in the written agreement. Before signing, the buyer/seller should have a comprehensive understanding of what compensation will be paid for what services. You should not be afraid to ask questions or get clarification on points that are unclear. Generally speaking, most brokers receive a commission or a percentage of the completed transaction. This commission is also open for negotiation, and one should not hesitate to negotiate. It is in your interest to get the best deal possible.
Real Estate Brokers are all state licensed and have extensive education and experience in conducting real estate transactions. A broker usually started as a sales agent and after working in that capacity for a number years and gaining experience, he then took and passed the state examination that would allow him to own and operate his own brokerage firm. When choosing a broker, a call to the state licensing board is a prudent move as it will tell you if any complaints have been filed against him and how they were settled. You want a reputable broker to handle your real estate transactions.
The broker being a seasoned professional will be able to advise you on all aspects of your area market. This would include things like property values and local trends, financing, and available property. He will take a detailed accounting of your goals, specifications and qualifications, and then devise a course of action.