BUYING REAL ESTATE IN THE USA: WHAT IS THE ROLE OF THE BROKER?
BUYING REAL ESTATE IN THE USA: WHAT IS THE ROLE OF THE BROKER?
Among the players involved in real estate purchases in the US is the broker. A state-licensed intermediary who negotiates the sale or rental of a property on behalf of buyers and sellers. A broker also negotiates transactions between landlords and tenants.
Depending on the legislation in force in the state where the broker operates, the latter may also fulfill other roles such as real estate management, appraisals and investment advice.
Realtor, broker, agent: roles in real estate buying in the USA
Many people associate real estate professionals with "Realtors." It's important to know that the term "Realtor" is actually a term used only to describe professionals who are part of the NAR , the National Association of Realtors. The term "Realtor" is therefore patented. These are real estate agents whose role changes depending on their responsibilities: broker, sales agent, or Realtor .
In the United States, the majority of sellers list their property using a broker, also known as a "listing broker." The term could be translated as "listing broker." A broker tasked with selling a property is a selling broker . They work in partnership with the listing broker. The commission, usually paid by the seller, is thus shared between the listing broker and the selling broker.
Why use a real estate broker?
The advantages of using a broker when buying or selling real estate in the USA are essentially access to:
To properties listed on MLS (Multiple Listing Services)
To properties listed on the national MLS
To off-market real estate
To real estate for which sellers are hesitant
To unclassified goods, on confidential list
To real estate that lenders have repossessed
To public goods
To properties sold at auction
For homes for sale through a legal professional following a divorce or bankruptcy
What makes a good broker?
A good broker can be defined by their ability to negotiate. This skill is important, as negotiation is one of the key elements of success in real estate.
An investor who has found the right fit and identified a suitable property calls on a broker to act on their behalf and make an offer to the seller. Outside of booming economic times, when buyers may be asked to make offers that exceed the amounts requested by buyers, few transactions result in the initial price. If a house or apartment has been on the market for a while, or if it has received several counteroffers, the broker will be able to determine a price that the seller will most likely accept.
A broker also benefits from information regarding the prices paid by buyers for similar properties. If there are no comparable properties at the time of sale, the professional contacts, among the specialists responsible for the valuation, people who can provide him with information that, generally, remains at their level and does not reach the public.
It's important to trust a broker, listen to their advice, and above all, remember that real estate transactions aren't just about price. Furthermore, brokerage fees, like everything else, are negotiable.
Since a real estate broker is constantly immersed in the world of real estate sales and purchases, they will be able to advise you on the best offers in terms of loan financing. An organization that already works with a broker will also be more likely to be open and accommodating to a buyer, in order to maintain a good relationship with the broker.
Brokers can also advise buyers and sellers on which specialists to contact: lawyers, accountants, surveyors, architects, appraisers, etc. Their address book is therefore also particularly useful for accessing quality professionals.
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