Real Estate Broker

A real estate broker, realtor or agent is someone who deals directly with buyers or sellers of property or real estate. While an agent may work on their own, most often an agent works under an officially licensed brokerage to legitimately represent clients. These agents get together monthly or yearly to meet and make deals for their clients. They assist in locating and purchasing property and negotiating contracts, if necessary. They help their clients with all the paper work and ensure that their interests are met. Agents get paid based on the sale price of the property and commissions vary based on the state.

There are many states where an individual real estate broker can act as an agent for their clients, such as in Maryland and Virginia. However, there are few other states in which an individual must work under the supervision of a licensed brokerage. The majority of brokers are independent salespeople that work for a commission on each transaction they close. Though there are more brokers in this field today than ever before, they do not work in isolation. Most of them work in conjunction with other professionals to complete a successful real estate deal for their clients.

Investor

One of the primary responsibilities of a real estate broker is to register the agent’s name on the national Multiple Listing Service (MLS) database. This helps all potential clients know the name and contact information of the agent. In addition to helping potential clients find the right agent, the MLS is an excellent source for home inspections, locating the best mortgage rates, and researching property values and local market trends. When a client chooses to use a particular real estate broker on the MLS, this broker must also list his or her contact information on the MLS. In turn, other brokers in the area who want to list their services on the same list must refer clients to the broker on the list. In turn, these referrals mean that a large portion of the advertising budget is now being spent by the real estate agents on behalf of the sellers and buyers in the area.

Becoming a Real Estate Broker

Not only does the MLS listing provide buyers with a list of homes available for purchase, it also provides real estate brokers with a great resource for finding the right home for their clients. Some states require realtors to be licensed or registered with the state’s Department of Real Estate and Public Safety. Because these real estate brokers are required to meet certain requirements, many local government agencies have designated specific departments or officers that handle complaints involving realtors and their clients.

Not all states or local municipalities license or regulate real estate brokers. Therefore, not every real estate broker has been trained or is required to be certified in each area of the state where he or she intends to work. In fact, some states consider the licensing of a real estate broker to be as important as having a license to sell automobiles. Because of this requirement, most real estate brokers carry a business license that proves they know the rules and regulations associated with their state. For example, in Nevada, real estate brokers must pass a written exam and take an ethics test before they can legally sell or broker any type of real estate in the state.

Most states and local municipalities require realtors to have liability insurance and workers compensation coverage. However, these policies are typically not enforced. Therefore, when choosing to become a realtor, it is important for you to research the local and state laws related to real estate agents and their clients. It is also advisable to find out if your prospective clients have filed complaints against your real estate broker in the past. By keeping yourself informed and addressing any concerns they may have beforehand, you will ensure a smooth and satisfying experience when working with your new real estate professional.