Just as every other industry has its significant and unique terminologies, buzzwords, and jargons. Similarly, the real estate industry has its own specific and unique terminologies as well. Among that long list of real estate jargon, real estate broker and real estate sales agent are the two most common terms that people mostly get confused with. Real estate broker and real estate sales agent are the terms that are mostly used interchangeably, however, both the terms are neither interchangeable nor similar in any way.
A real estate broker is someone who has taken their real estate career one step up from agent. To become a real estate broker, the individual must gain proper education so that he/she becomes eligible to successfully attempt the licensing examination. As soon as all the essential and legal requirements of becoming a real estate broker are fulfilled, a person can successfully buy and sell the property as an individual or can establish his / her real estate agency where further real estate sales agents are hired, managed, and supervised by the real estate broker.
Real estate brokers have the liberty to structure their real estate career as per their liking as they have many options such as they can choose to operate alone as an autonomous agent or they can establish their real estate agency and can work as per their comfort as they are their boss and hence, have the flexibility to maintain work-life balance. By acquiring a broker’s license, an individual not only becomes eligible to successfully establish a real estate agency and create job opportunities for real estate sales agents but in turn also broadens the horizons of opportunities for him/herself in the field of property management.
For example, a real estate broker who establishes his/her real estate agency in Pakistan becomes eligible to invest as well as sell real estate property.
Currently, the most attractive and enticing payment plans offered by real estate project developers are Rudn Enclave Payment Plan and Nova City Payment Plan. Nova City and Rudn Enclave, at the moment, are termed as investment hub by real estate experts as every real estate broker, real estate agency of Pakistan are all set to confidently invest in these upcoming grand residential real estate projects of Pakistan. Furthermore, according to Nova City latest updates Nova City developers are now collaborating with Maaksons Engineering Corporation (Pvt.) Limited for all the development and construction activities.
Types of Real Estate Brokers
Real estate brokers are further divided into 3 categories. Designated real estate brokers, managing real estate brokers, and associated real estate brokers.
Designated real estate brokers and managing real estate brokers are responsible for the hiring, training, and management of sales agent, property management, distribution of leads and overseeing marketing, revising and going through contracts, management of real estate agency staff and office, solving internal conflicts regarding brokerage, establishing and tracking escrow accounts, recordkeeping, etc. Also, designated and managing brokers are the communication channel between government/ legal authorities and professional associations.
Moreover, compliance management and fostering healthy relationships with vendors are the most important responsibilities of designated and managing brokers. Whereas, associate brokers’ responsibilities are almost similar to the real estate sales agent such as representing buyer and seller, renting out residential or commercial units prospecting buyer and seller leads, etc.
Here in this article we’ll be discussing the responsibilities and duties of real estate brokers.
Responsibilities & Duties of Real Estate Broker
Working with Buyers
One the key main responsibilities of a broker is working with the clients. Brokers not only assists their clients through difficult transaction processes but also can provide consultancy and advices regarding real estate investments to their clients and prospects. They can also inform their clients about the Nova City Payment Plan and Rudn Enclave Payment Plan, so that the clients and real estate investors can make an informed decisions before investing in their hard earned money in real estate industry of Pakistan. Also providing authentic information and updates such as Nova City latest updates also assists buyers and real estate investors in making a mindful investment decision.
Furthermore, brokers also helps and assists in site visits to property searching according to the real estate investors’ criteria and budget to negotiating to closing and sealing the deal.
Supervising / Managing Brokers
As mentioned above that the brokers are usually more educated and skilled than real estate agents as real estate brokers have gone through licensing exam. Hence, real estate brokers that have real estate agents under them working for them are known as supervising or managing broker.
As supervising agents, they are responsible for verifying the continued licensing of other broker agents. Provide mentoring and training sessions as a resource to the real estate agents working under them, so that critically important information such as Nova City latest updates about Nova City developers collaborating with Maaksons Engineering Corporations (Pvt.) Limited.
Addressing Customers Concerns:
A real estate broker plays an integral part in the entire transaction process, therefore, it’s important that the real estate broker provides quality services in order to assure 100% customer satisfaction. In order to assure customer satisfaction, a broker must understand the customers concerns while providing authentic and genuine information about projects such as thoroughly discuss the Rudn Enclave payment plan or Nova City payment plan.
Furthermore, providing genuine information regarding Nova City latest updates would also help in building long lasting reliable relations with the clients and other real estate investors.
Conclusion
On a final note, just as it is important for a real estate investor to choose the appropriate broker for their real estate investment needs, similarly it is equally important for a real estate broker to recognize and fully understand the real estate investors or buyers’ needs and demands.
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