What is a Broker?
A broker is a licensed professional who acts as the intermediary between buyers and sellers of real estate. The broker’s job is negotiating contracts, advising clients, reviewing documents, and providing information about the property market. A real estate broker may also help lease or sell a property for his/her clients.
Brokers must be licensed to operate in the state or province where they practice. In many cases, a real estate broker must have completed an approved education program and passed a licensing exam before becoming qualified to act as a broker.
In addition to their work as intermediaries, real estate brokers also:
- Provide clients with advice on what type of property to purchase and the best locations and price ranges.
- Assist in the negotiation process between buyers and sellers while looking out for the best interests of their clients.
- Research comparable properties to establish market values and trends that can influence buying decisions.
- Market properties for sale by arranging open houses, advertising in newspapers and online listings, and using other methods to find potential buyers.
- Write contracts for sales and leases that meet the state’s legal requirements.
- Oversee closing procedures such as inspections, appraisals, insurance verification, title searches, and financing approvals.
Brokers can also specialize in areas such as:
- Residential real estate: Buying and selling residential homes.
- Commercial real estate: Investing in office buildings, retail spaces, warehouses and other commercial property.
- Investment properties: Buying and managing rental or investment property for clients.
- International transactions: Working with clients abroad looking to buy or sell foreign real estate.
- Property management: Managing rental properties on behalf of owners.
- Appraisal services: Assessing the value of a property for sale or purchase.