What does a Real Estate Broker do?
Operate real estate office, or work for commercial real estate firm, overseeing real estate transactions. Other duties usually include selling real estate or renting properties and arranging loans.
- Sell, for a fee, real estate owned by others.
- Obtain agreements from property owners to place properties for sale with real estate firms.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Compare a property with similar properties that have recently sold to determine its competitive market price.
- Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
- Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
- Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
- Arrange for financing of property purchases.
- Appraise property values, assessing income potential when relevant.
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
- Manage or operate real estate offices, handling associated business details.
- Supervise agents who handle real estate transactions.
- Rent properties or manage rental properties.
- Arrange for title searches of properties being sold.
- Give buyers virtual tours of properties in which they are interested, using computers.
- Review property details to ensure that environmental regulations are met.
- Develop, sell, or lease property used for industry or manufacturing.
- Maintain working knowledge of various factors that determine a farm's capacity to produce, such as agricultural variables and proximity to market centers and transportation facilities.