A real estate broker works to negotiate and arrange real estate transactions. This licensed individual has daily duties that include writing contracts and overseeing transactions for sales and purchasing activities on homes, land and commercial properties. A broker has attained a higher-level license than a real estate agent and can hire real estate agents to work as a team under their supervision.
In some states, every real estate professional is licensed as a broker, such as in Colorado and New Mexico. However, even if you are licensed as an independent broker, you must attain another higher-level license if you want to hire agents or other brokers to work under you. There can be considerable risk involved if agents are not properly trained and supervised, particularly with regard to fair housing and environmental regulations. Brokers who allow agents to make major mistakes can end up sharing in the penalties, both financial and legal.
Agents often set up their websites. A supervising broker assumes the responsibility of reviewing their agents’ websites periodically to make sure no regulation violations exist.
Real Estate Brokers Working for Sellers
While an agent working on a broker’s behalf will often take on the following duties, the broker handles transactions for sellers as well. In some states, all licensed individuals are brokers, though only some are licensed to supervise agents. Some of a broker’s duties on behalf of sellers include:
Listing homes for sale on the local, MLS, Multiple Listing Service
Sharing the brokerage listings with other MLS broker members to get buyers to the property
Sharing the listing commission with successful buyer brokers
Advising the home seller in preparing their home for listing and showings
Supervising showing, report to sellers results and feedback
Submitting any offers to the seller for consideration
Helping the seller negotiate offers to try and execute a purchase contract with a buyer
Working on the seller’s behalf in coordinating the transaction process
Delivering and explain documents, disclosures and transaction items
Working with the seller through the closing and their move-out from the home