Updated: Oct 22, 2019
A “real estate broker” is a person who represents sellers or buyers of real estate. Brokers and agents are licensed by the Government to negotiate sales agreements. This “real estate” could be houses, land, and buildings that are bought or sold for their owners.
A real estate broker is said to be an individual having specialized expertise in the real estate industry. All real estate brokers were once licensed real estate agents, however, not all real estate agents are licensed brokers. Brokers supply the people, process, and technology for real estate agents to carry out successful transactions for their clients.
The role of most brokers, however, doesn’t end at compliance and goes way beyond it. As with any other industry, technology, age of the customer and market disruption has majorly recast the role of a real-estate broker. On a given day, it wouldn’t be uncommon for a broker to deal with recruiting new agents, training them, guiding innumerable agent transactions or even mediating agent disagreements.
The role of a real estate broker can be said to be compliance, paperwork approval, lead generation, and new agent training. They even mediate agent disagreements and guide certain agent transactions. Often, they are the owners of the brokerage as well and are therefore responsible for the overall health of the brokerage and its agents.