Building Productivity for the Real Estate Professional
Generally, the job of a real estate broker is to act as a middle person between the sellers and the buyers on the real estate property that is being negotiated about by two parties. Similarly, he or she is also the one who finds sellers who wish to sell and buyers who wish to buy properties. In the United Kingdom, a real estate broker is otherwise known as estate agent. He or she is the one who markets real estate on behalf of the clients. However, there are significant differences between the actions and liabilities of brokers and estate agents in each country. Beyond the United States, other countries take markedly different approaches to the marketing and selling of real property. In this country, real estate brokers and their salespersons (commonly called “real estate agents” assist sellers in marketing their property and selling it for the highest possible price under the best terms. And, with a signed agreement, they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller’s interests. A real state broker must have first a license before he or she can receive payment for the services being rendered. Unlicensed real estate activity is considered illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed. They are allowed to handle real estate sales for compensation without being licensed as brokers or agents.
(http://en.wikipedia.org/wiki/Real_estate_broker)
Furthermore, real estate legislation allows the real estate brokers to work or deal with their buyers or customers with a legal written agreement. In the same manner, the state law also permits the real estate broker to sign a contract with buyers. A buyer client is someone you sign a contract with, agreeing to do everything possible to help her secure the best price on a property and get it to closing. On the other hand, a customer is someone that the real estate broker works with more informally, facilitating the transaction, but without a contract and without as much personal involvement. Correspondingly, most real estate agents are required to make a written or verbal disclosure during their first contact with buyers, providing them with facts about whom they legally represent. Buyers who deal with seller’s agent are customers; therefore, they must be treated with honestly and fairly. Somehow, the role of the real estate broker may change the decision of the buyers. Some states allow real estate brokers to work as facilitators. People who bring the parties together and help them get to close the business deal.
(http://www.netplaces.com/real-estate-agent/working-with-your-buyers/buyer-clients-vs-customers.htm)
Accordingly, there are many success stories in real estate brokers. Let us take for instance, the story of Michael Tornabene; he graduated last May from the University of Southern California. And, now he is working for Msheireb Properties in Doha, Qatar. Another inspiring story is the Shawn Amsler, a 37 year old student in Columbia University master’s program. He is already negotiating to various Brazilian companies about his interest in working after graduating. Majority of the real estate brokers and sales agents must have a thorough knowledge of the real estate industry. They should know which neighborhoods that will best their clients’ needs and budgets.
(http://online.wsj.com/article/SB10001424052748703703304576299370641709308.html)
One of the most complex and significant financial events in peoples’ lives is the purchase or sale of a home or investment property. Because of the complexity and importance of this transaction, people typically seek the help of real estate brokers and sales agents when buying or selling real estate. In the same way, they must familiar with the local zoning of the tax laws, and know where to obtain financing for the purchase of property. Both real state brokers and agents do the same of work, but brokers are licensed to manage their own real estate businesses. Agents must work with a broker. They usually provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers, as independent business people, often sell real estate owned by others; they also may rent or manage properties for a fee. They work long hours, even work during evenings and weekends for the benefit of the clients. Even that is the case, the real estate brokers and agents have a very flexible time schedule compared to the employees who are stuck in the office for the whole day.
(http://www.bls.gov/oco/ocos120.htm)
References:
(http://en.wikipedia.org/wiki/Real_estate_broker)
(http://www.netplaces.com/real-estate-agent/working-with-your-buyers/buyer-clients-vs-customers.htm)
(http://online.wsj.com/article/SB10001424052748703703304576299370641709308.html)
(http://www.bls.gov/oco/ocos120.htm)
Credit:ivythesis.typepad.com
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