To fully understand what is the functions and working of real estate broker do, different things must be taken into account. The nature of his work corresponds to that of an independent worker, it implies very differently working conditions from those of an employee. Although this is a profession that can be done with the greatest happiness, only certain types of personalities can find their account.
In this article, we will see what the job of a real estate broker consists of, what are his main functions and working of real estate broker and what his work is all about.
The profession of real estate broker
The real estate broker is the one to whom people wishing to sell or rent their property or those who wish to buy a new property turn. All real estate brokers act under the authority of the Quebec Real Estate Brokerage Self-Regulatory Organization (ICAOQ). The role of this entity is to ensure that the interests of consumers are respected by real estate brokers taking charge of their files.
The functions and working of the real estate broker
The profession of a real estate broker involves different functions. Here are the main tasks that this professional performs in his daily life.
The marketing of properties
The task of marketing properties corresponds to the stage where the real estate broker officially registers a property as being for sale or rent. This involves a detailed description of the different characteristics of the property, taking photos of it, and displaying the asking price.
Advertising of properties sold or rented
Advertising consists of disclosing to the general public information detailing the property and the photos that have been taken beforehand. The tools used to advertise a property for sale are varied, but the most popular with real estate brokers is the website of the real estate agency for which he works.
Support for visits
The real estate broker takes care of the scheduling of visits. This involves managing telephone calls, making an appointment with visitors according to their availability, and facilitating the visit itself. During this, the real estate broker shares all the useful information concerning the property visited.
Vendor representation
Throughout the sale (or rental) process, the real estate broker places the interests of the sellers, that is to say, the current owners of the property, in the foreground. This means being professional when trading with potential buyers, making concrete efforts to adequately promote ownership of the selected advertising tools, and keeping sellers up to date with any information relating to their records.
Support for buyers
In addition to his role as an accompanist with sellers, the real estate broker also acts as an accompanist with buyers. This function applies when a person contacts a real estate broker so that he can help him in his search for property to buy.
This service can be very useful, especially when the buyer does not live in the city where he wishes to acquire a property. At this time, the real estate broker observes for him the properties displayed on the market, then transmits them to him. He can even make visits and correspond at the same time with his client to make him see the property via a remote communication tool.
Representation of buyers
At all stages of the purchasing process, the real estate broker acts as a representative of the interests of buyers who are his customers. In this sense, the properties that takes into account for his clients meet the criteria that they mentioned to him as being important to them. The objective is to meet the requirements of his clients to the best of his ability.
Prospecting
This job involves prospecting. This means researching to fully understand the real estate market in the region it covers and target the types of customers that exist there. In the prospecting process, the real estate broker tries to expand his clientele. This step is necessary to ensure constant remuneration.
The administration
The real estate broker perform various administrative tasks. Indeed, any real estate transaction involves forms and contracts to be completed, the follow-up to be carried out and requests for information to be managed. In addition, as this profile acts as an independent worker, he needs to carry out a constant administration of his income and expenses, renew his practice permit and take the necessary measures to exercise complete safety and legality, through the use of appropriate insurance.
The real estate broker’s workplace
The workplace is very varied since the latter moves from one property to another to take photos and general property information or to make visits to these. About the administrative tasks of the real estate broker, the latter performs them at his own office.
The working conditions of the real estate broker
The working conditions of the broker are very demanding. The hours of work of this one most often correspond to the periods when the buyers and the sellers that it represents are available. As most of them are workers, meetings with them take place in the evening or on weekends. The real estate broker must therefore always adjust his schedule to his clientele, which represents a considerable challenge in his personal life.
On the other hand, the salary of a real estate broker is proportional to the sales he makes. Thus, depending on the number of properties sold and the value of these, the broker’s salary may be high at times while at other times, he may be absent. In general, it takes him around 3 years before benefiting from a clientele large enough to ensure constant and attractive remuneration.
As the real estate broker is self-employed, this implies the same working conditions as all self-employed workers. Indeed, he does not benefit from a pension plan automatically deducting an amount from his pay or an insurance plan, and he has no paid days off. There are programs to which self-employed workers can subscribe to benefit from insurance, but it is up to them to take steps in this direction, just as it is up to them to plan their retirement by making investments and savings to be able to afford a vacation.
Conclusion
In short, the job of a real estate broker involves great responsibilities since his job is to support individuals in one of the biggest financial transactions of their lives. The different functions of the his all have as a central element the smooth running of sales or purchases of properties. A competent real estate broker will be able to take into account the interests of his clientele by offering them a positive client experience which will make them future ambassadors of his services.
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