Real Estate Brokers Fall Into Two Main Categories

Category: Finance.

Buying or selling real estate- especially for the first time- needn t be the equivalent of unlocking a book with seven seals.

Authored by the Federal Trade Commission, the Federal Government s consumer watchdog agency, the pamphlet itself is surprisingly brief and to the point. That s the word from Uncle Sam, aka the United States Government, which recently published an informative pamphlet designed to guide the real estate novice through the red tape of inking a first- time real estate deal. Entitled" Selling Your Home? Despite its brevity, this quick read still presents concise, useful information that can benefit first- time buyers or sellers of property. Tips for Selecting a Real Estate Professional" , this PDF document tips the scales at just four pages. The pamphlet s main focus is on presenting the ins and outs of working with a real estate broker or agent.

Real estate brokers are the licensed professionals who assist sellers and prospective buyers of homes. While the distinction between a broker and and agent may seem like a distinction without a difference to some, the FTC makes the point that it s still a distinction worth understanding. Real estate agents, on the other hand, are also licensed professionals, but they work under the supervision of a licensed real estate broker. Real estate brokers fall into two main categories. Commissions earned from the sale or purchase of real estate go to the real estate broker, who in turn pays the agent part of the commission. Traditional, or full- service brokers, offer a complete palette of services that range from preparing a property for sale and recommending an asking price to advertising the home, setting up meetings and negotiating with prospective buyers, and handling the, arranging home inspections many details associated with closing the transaction.

To belabor the restaurant metaphor a bit more, you choose from a menu of services you want the broker to perform and pay accordingly, usually in the form of a flat fee or reduced commission rate. Non- traditional, offer many of, or discount brokers the same services as their full- service counterparts, but do so on a so- called" a la carte" basis. An important point to remember is that the fewer services you choose, the more work you ll have to do on your own to sell your home or property. Of course, there s more to understanding the real estate game that being able to tell a real estate broker and agent apart. For example, if your go with a non- traditional broker for the sole purpose of listing your home with your local Multiple Listing Service, you, or MLS ll have to handle things like advertising, negotiating with potential, open houses buyers, and closing the sale. Here, too, "Selling Your Home?

The pamphlet is particularly strong in its advice on finding and interviewing an agent, negotiating commissions and explaining the two basic kinds of listing contracts you can enter into with a real estate broker or agent. Tips for Selecting a Real Estate Professional" covers surprising ground in explaining some of the more crucial aspects of interacting with a broker or agent. You can read the rest of the publication at ftc- dot- gov- slash- credit. To find a broker or agent, talk to friends or neighbors who have recently bought or sold homes or check your local or online yellow pages for a list of real estate professionals in your area. Make sure you interview several real estate brokers or agents before deciding to list your home.

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