At some point, we all have had an unpleasant experience with what we commonly refer to as a ‘broker’. But we still put up with them, because for one, we can’t tell them they are uncompetitive as that is straight-up rude and we can’t be rude right? Well, Things are different now and before getting to the part where I tell you how things are different, let me explain to you who is a Real Estate Broker.
What is a Real Estate Broker?
A Real Estate Broker is a professional who assists clients with buying and selling homes by providing expertise and services. That also includes assisting clients with paperwork, settling, and legal observance. They have an intimate knowledge of local market conditions, trends neighborhoods, and other factors that come into play when buying or selling a home.
There are generally two types of brokers: buyer’s agents and seller’s agents. Buyer’s agents are brokers who represent buyers in their pursuit of new homes; sellers’ agents represent sellers in their attempt to sell an existing home.
What Does a Real Estate Broker Do?
A Real estate broker does the following:
Supervise and help agents who are looking to purchase a new property.
Giving guidance to the Clients on what they need to do to prepare their property for listing.
Go over important documents like purchase agreements and contracts with a fine-toothed comb.
They promote their listings to their existing client base and the general public.
Helping a property owner with property-related paperwork like drafting or filing paperwork.
Negotiation, facilitating purchase agreements that please both parties.
Coordinating buyers and sellers to meet deadlines and industry standards.
Witnessing the signing of real estate contracts and other legal transactions.
Present Condition of Real Estate Brokers in India
The earning opportunities in the Indian Real estate brokerage are endless. The brokerage sector contributes about 6.3% growth to the Real estate sector. Real estate brokers who connect buyers and sellers or builders, form a largely ignored segment under the regulatory and operating structure.
Shubhika Bilkha, Business head at REMI says, “To remain relevant, brokers will need to upgrade their skills as their role evolves from just mere introducers to key service providers or facilitators of the real estate transaction. This will enhance their credibility, as well as allow them to earn additional fees based on their value-added offering”
Till now, Real Estate brokers weren’t recognized as much as they are recognized at the present. In the past, people loved the transparency and they found every broker to be a shady person.
Now that people are aware of the real estate industry, they now prefer bringing in a broker to make a deal.