What is real estate brokerage?

Real Estate brokerage sector is one of the most essential parts of real estate! It plays a major role in selling properties between a seller and buyer by acting as a mediator between the two parties. The business transfer agents or intermediaries, assist buyers and sellers in the buying and selling process. Real estate brokerage industry accounts for nearly 6.3% growth rate in the real estate scenario.

The prime real estate portal for buying luxury flats in Kerala, luxurykeralaflats.com tries to shed some light on the subject - What is real estate brokerage? Read on....

Real Estate agents evaluate a property and advertise it for sale. They also handle the potential buyer interviews, discussions and negotiations in a business sale. The broker is responsible for ensuring that the brokerage complies with the Real Estate and Business Brokers Act, 2002 (REBBA 2002), and its regulations. He is also liable for maintaining the brokerage trust account and reviewing and signing trade record sheets.

Most people don’t like the idea of doing a real estate deal through an agent. They like direct negotiation between buyers and sellers and allows the parties to look after their own best interests. But according to the RERA act, real estate professionals should be transparent because they are licensed professionals. Hence working with a licensed real estate portal like luxurykeralaflats.com is beneficial as we act in our clients’ best interest.

Real estate agents can be both sellers’ and buyers’ agents. When an agent or broker sells a property from a different broker or agent, the two agencies split the commission.

Duties of a Seller’s Broker

• Listing properties for sale through various media

• Advertising the property on social media and other venues to attract potential buyers

• Advising the property seller to prepare the property for pictures or for showings

• Sharing the listing with other real estate professionals

• Supervising the showing, including arranging a time between the buyer’s agent or broker and the seller

• Reporting any feedback and/or offers to the seller

• Assisting the seller with offer negotiation, delivering documents and explaining all the proceedings related to the sale. 

• Executing a purchase contract between the buyer and seller smoothly

Duties of a Buyer’s Broker

• Locating properties for buyers that meet their needs

• Showing buyers new properties

• Assisting the buyer in creating an offer and also the purchase agreement

• Negotiating on behalf of the buyer, according to the buyer’s wishes

• Making sure the transaction goes smoothly once both parties have come to an agreement

• Working with the buyer on documents required for the transaction

• Assisting in conducting due diligence by coordinating inspections

What is Real Estate Brokerage? 

When a property buyer or seller decides to work with a broker, the two parties will agree upon the percentage of commission the broker will receive. Usually brokers charge nearly 2-3% commission on the sale of properties. 

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