Real Estate broker
Source:
bls.gov
One of the most complex and significant financial events in peoples' lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.
Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients' needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent's sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers during which the details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do. Brokers supervise agents who may have many of the same job duties. Brokers also supervise their own offices, advertise properties, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, with their real estate business.
Besides making sales, agents and brokers must have properties to sell. Consequently, they spend a significant amount of time obtaining listings-agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Once the property is sold, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission.
Most real estate brokers and sales agents sell residential property. A small number-usually employed in large or specialized firms-sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the region's transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the client's particular requirements.
Before showing residential properties to potential buyers, agents meet with them to get a feeling for the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract which states that the agent will be the only one to show houses to buyers. An agent or broker then generates lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties in which they are interested. With a computer, buyers can view interior and exterior images or floor plans without leaving the real estate office.
Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, they may emphasize the convenient floor plan, the area's low crime rate, and the proximity to schools and shopping centers. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their client's instructions carefully and may have to present counteroffers in order to get the best possible price.
Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. For example, the agent must make sure that the mandated and agreed-upon inspections, including that of the home and termite and radon inspections, take place. Also, if the seller agrees to any repairs, the broker or agent must see that they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. While loan officers, attorneys, or other persons handle many details, the agent must ensure that they are carried out.
Site Links
Real estate for sale by builders; house & lot for sale
Computer-aided architectural design; custom home construction costs...
Resume of home builders in the Philippines; architects & contractors
Home builders in the Philippines join us
Philippine real estate latest news
Hiring a contractor; house construction tips; hiring an architect...
Company profile of contractors in the Philippines; construction firms
Reasons for moving to the Philippines
How to buy real estate in the Philippines; condotel; second home...
Send money to the Philippines; loan to finance house construction...
To learn more about a particular planned/gated community, click on the corresponding link below. The communities are sorted by location.
Alabang
Portofino
by Brittany
Corporation
Bulacan
Alta Vida at San Rafael Estates
by Filinvest Land
Florida Villas
by SYSCO Development Corporation
Provence
by Communities Philippines
Cavite
Crown Amalfi
by Crown Asia
Laguna
Ayala Greenfield Estates
by Ayala Land
Brentville International
by Filinvest Land
Georgia Club
by Brittany Corporation
La Marea
by Brittany Corporation
Verdana Homes Mamplasan
by Ayala Land
Pampanga
Avida Residences San Fernando
by Ayala Land
Citta Del Sole
by Grayline Realty
Hacienda Royale
by St. Catherine Realty
Punta Verde
by St. Catherine Realty
Villa Del Sol
by St. Catherine Realty
Quezon City
Treviso Quezon City
by Filinvest Land
Rizal
Cottonwoods
by Crown Asia
Mille Luce
by Crown Asia
St. Alexandra
by Ayala Land
Timberland Heights
by Filinvest Land
Woodberry
by Crown Asia
Zambales
Alta Vista
by GP Homes
Club Morocco
by Sta. Lucia Realty
Subic Bay View
by Earthfield Development Corporation
Best of Filbuild
Florida Villas in Malolos City, Bulacan
Serendra Condos in Taguig City
Club Morocco in Subic, Zambales
T
Subdivision house & lot packages; homes for sale in master-planned communities by land developers...
Building professionals / design & build contractors / construction companies...
Condominium / condotel / apartment units for sale / rent...
