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Real Estate Broker Job Description

Rujuta Borkar
A real estate broker helps people in buy, sell or rent out properties. He/she is thus required to have a thorough knowledge of several factors that are essential and important for the process and perform varied functions to facilitate the same.
Planning on buying or selling a home or getting one/giving one on rent? Unless you are well informed about the real estate market, it can get to be quite a confusing task. That's where a real estate broker comes in - the one person who can help you with all your real-estate problems.
An expert in the field, he knows everything about the different houses that are out in the market, the best prices being offered and other details necessary for buying, selling or renting out property. You need to contact a real estate broker for all the information needed for the best possible deal. Here are all the duties that a real estate agent performs.

Job Description

Most real estate brokers own a real estate firm and then hire agents to carry out the selling and renting of property. They pay the agent a commission on each property that is sold or rented, while they themselves get a fixed pay from the owners. The job may seem simple and direct, but it has many facets to it.

Knowledge of the Market

  • This job demands a thorough knowledge of the real estate market.
  • They should have up-to-date listings of the different properties for sale or rent along with their pricing and growth prospects.
  • They are required to know the local zoning and tax laws that are necessary for this purpose.
  • They review all the properties to make sure that the environmental regulations are met.
  • They are expected to be adept in all the property management tactics.
  • The brokers compare the market prices of all the properties that are for sale on the market and determine a competitive price on all the properties.

Dealings with the Owners

  • The brokers obtain listings - which is an agreement given by the owners that allows the broker to place their properties with the firm and on the market for sale.
  • Brokers are expected to have a knowledge of the (financial) sources that will provide them with the required finances for buying properties from previous owners.

Helping the Clients

  • They need to know the budget of their customers and make appropriate deals for them that will act as positive real estate investments. These need to be the best possible ones in terms of budget, location and size.
  • Some brokers give their buyers a virtual tour of the property sites. They then meet with the potential customers numerous times in order to show them the different properties before finalizing the deal.
  • Some brokers might also ask buyers to sign a loyalty contract that states that only that agent will show them properties and that they will not use the services of any other agent.

At the Time of Sale

  • They supervise all the agents┬áhandling the transactions and deals and help out if there are any problems.
  • They are present when the sellers and buyers are striking a deal and help in the real estate negotiations of price and other factors.
  • They make sure that all the terms and conditions are met (of both parties) before they sign a deal or contract.

Salary Details

According to the Bureau of Labor Statistics,in May 2017, the median annual salary of a real estate broker was US $55,680.
This amount depends on the years of experience that a real estate broker gathers, the city he works in, his educational qualifications (it has been seen that earning a degree in business and real estate has garnered the maximum salary for this job) and the like. After a period of 10 years and more, the average range could be around US $64,100.
Having a thorough knowledge of the nature and duties of this job profile is extremely important if one is looking at taking this up as a career. Now that you have the basic working knowledge of the same, you can make an informed decision for yourself.