The real job description of a real estate broker, and when it is best to use a broker versus an agent for buying property.
With all the talk of the real estate broker, the agent, the seller, the buyer, purchasing or selling a house or other piece of property can be a confusing proposition if you’ve never done it before or if you haven’t done it often. With all that in mind, what if you are interested in real estate investment? Let’s start with what the job of the broker actually consists of.
Basically, a real estate broker is a person or agency who has the legal and financial knowledge to help clients while they are attempting to sell or buy a home. The real estate sale is, in a way, organized directly by them. This is the person or agency, of whom the real estate agency employs. Brokering does require a select type of license and uses a higher level of agent, not a salesperson. Thus, all brokers can be agents, but not all agents can be brokers.
As a service for the person who is selling the home, the broker will have the property placed in the local real estate listing, as well as provide the necessary paperwork to get the process started. They will also perform sales and marketing activities, including holding an open house and advertising the intended sale of the property. Buyers will also be screened to make sure they have the money to follow through with the purchase. This saves the seller from being subjected to “curious” people who have no real intention to buy, and are basically there wasting the seller’s time. A listing agreement will be signed by the seller purchasing these services from a brokerage.
If you can find a real estate broker who works only with buyers (yes, some of these firms do actually exist) and you have them sign a contract with you for you real estate sale, you will be able to count on the broker to do things for you that they otherwise may not do. One of these services is to find properties that fit your financial profile and escort you around to look at the properties. Otherwise, the broker may actually be working for the seller and that won’t help you out a great deal. If you are interested in real estate investment, it will be in your best interest to find a broker you can work with on a regular basis.
The real estate broker may orchestrate closing for either side, as well as possibly being the negotiator for the real estate sale. It’s also possible that they may set the client up with other important professionals like lawyers and loan officers. A broker’s payment can be defined as a commission based on the amount realized out of the sale of the real estate.
The important thing to remember during a real estate sale is to know what the people with the knowledge, such as the real estate broker, are up to. This is doubly important if you are interested in real estate investment. Make sure you understand the process and know who the broker is working for, before you sit down at the negotiation table. If they are working for you, you may just have a skilled negotiator in your corner when it is time to set prices and exchange money. Many times saving money (or making money) and getting a good deal is simply about allowing yourself the time to educate yourself a little. You may be surprised at how far a bit of knowledge can take you.
Charlotte Neuhouse is an experienced real estate broker in the Roseville real estate market. When in need of a qualified Roseville realtor Charlotte recommends Dayna Neuse, Realtor for a Cure. Dayna specializes in reselling Roseville California homes, and surrounding areas of Granite Bay real estate and Loomis real estate.
By: rob tendick
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