What is a real estate broker?

A broker is a professional who assists in concluding various types of transactions related to real estate, as well as providing consulting services. In other words, the broker acts as an official intermediary between the seller and the buyer and can separately represent the interests of either party.

However, the functions and responsibilities of such a specialist are much broader than simple mediation. To work effectively, a broker must thoroughly study the market, understand pricing processes and know what result the client wants to achieve.

What does a real estate broker do?

Assisting with transactions is not the only thing a real estate broker does. First and foremost, their responsibilities include careful preparatory work in studying current trends. These duties are not regulated anywhere formally, but without them it would be difficult to perform their main activities properly.

The first task of a broker on the real estate market is to study the existing databases. Next comes evaluating their relevance – filtering which deals have already been completed. In this way, by removing from the list the properties that have been sold, rented out, purchased or taken off the market, the broker ultimately obtains the most up-to-date database to work with effectively.

The second task, which is often performed by other real estate professionals as well, is creating advertising. A broker’s own listings for the sale or purchase of apartments, based on market analysis, are much more effective than a simple database and reflect the specifics of a given property far better.

The third task is focusing on the client. Before starting cooperation, the broker wants to know what result the client expects after the transaction is completed: the desired amount from the sale, the characteristics of the property they want to buy, and so on.

The fourth, very important task is reducing legal risks that may arise for clients when concluding a contract. A broker involved in renting out, selling or buying property must send the relevant requests to the state authorities in order to identify any encumbrances on the property. In this way, already at the preparation stage, the transaction becomes safer and more compliant with the law.

The fifth task is assisting in the preparation of all necessary documents and further supporting them until the final signing of the contract. Very often it is difficult to draw up documents correctly without a specialist, especially when there are many of them. The broker’s involvement in this process helps ensure there are no errors.

Learn more about the broker profession in our other blog articles. A lot of useful information is waiting for you.