A real estate broker is one with a license to arrange and negotiate real estate transactions on behalf of the clients. This includes writing contracts for listing as well as purchasing houses, commercial spaces, and land.
Basically, they assist people throughout the buying, selling, and leasing process. Along with staying updated with the latest real estate laws and trends, their daily schedule is tasked with a multitude of duties and responsibilities such as meeting clients, open houses, and so forth.
Brokers are a bunch of savvy, social, and professional folks. They are different from agents, or your average Joe seller. While brokers also dispense many duties of agents, they have a license which permits them to run their own real estate venture.
When someone works in the real estate sector, their primary responsibility is to sell. It is said that brokers can even sell ice to an Eskimo. At least the good ones can. In this era of cut-throat competition, only the best survive while others simply perish.
Functions of a Real Estate Broker
One of the biggest advantages of working as a broker is that you get to interact with new clients, understand and respond to their changing preferences, and so on. Still, there are some activities which are an indispensable part of a broker’s life.
I. Administrative duties
Every day, brokers indulge in many activities. While some of them aim at generating income, others are strictly administrative. Some of these activities include:
- Completing and filing property-related agreements, documents, and lease records.
- Coordinating appointments, meetings, open houses, and showings.
- Creating and distributing promotional materials for clients such as flyers, newsletters, etc.
- Maintaining traditional and electronic filing system for keeping a record.
- Making a budget for annual, quarterly, and monthly operations.
- Creating marketing plans for listings.
- Maintaining and managing client databases.
- Examining active, pending, and sold listings to develop Comparative Market Analysis (CMA) report.
It is evident that some of these duties can take an awful lot of time, which is why many brokers hire an agent or assistant to handle them. This allows brokers to divert their time and efforts in becoming a more effective and productive realtor.
II. Supervising Real Estate Agents
Many brokers start their own real estate business and hire agents to work for them. In such an arrangement, brokers oversee their work (and are called Managing or Supervising Brokers), whereas the agents do most of the bidding. While supervising the agents, brokers:
- Verify continued licensing of all agents;
- Instruct and train agents;
- Are responsible for agent’s behavior, legal compliance, and performance;
- Provide marketing resources for agents.
III. Working with clients
Whether working on buyer’s behalf or the sellers, brokers usually spend time working directly with clients. When dealing with a seller, one may spend time in preparing a listing presentation, taking photographs of the property, and staging the estate for a lasting first impression.
On the other hand, those working with a buyer may spend more time in browsing Multiple Listing Service (MLS) to find & send appropriate listings to the client, and then show properties according to the client’s taste. They typically accompany clients for closings, inspections, meetings with loan officers, or any other instance where their presence is required or requested.
IV. Continuing Certification, Designation, & Education
Every professional broker needs to be licensed in its state of operation and earn continuing education credits to maintain an active license. In addition to these, brokers also pursue several real estate designations and certifications to rally their credentials as well as marketability.
Although maintaining or earning a license, certification, or designation is not apart of an agent's day-to-day activities, it still plays a key role in their long-term plan to keep on improving their skills, proficiency, and knowledge as a real estate professional.
The Bottom Line
Brokers carefully divide their time between administrative functions and income-producing activities. This usually includes spending time at their office, meeting clients, staging or showing homes, traveling, and so on.
Most agents have a lengthy and varied set of duties and responsibilities that can change at a moment’s notice. As a result, there is no typical day in the life of a realtor – something which many people long for.
We are a seasoned real estate brokerage that analyzes and compares every square foot and its cost before drawing a conclusion. This is what makes us the most dependable residential and commercial real estate broker in California.
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