Have you ever tried to buy or sell a piece of property?
If, like me, you’ve tried buying or selling property, then you’ve probably encountered the terms such as ”property appraisal”, “land registration”, “real estate property tax” and “ad valorem tax.” And if like me, you tried doing the sale all on your own, then you’ve probably experienced these same feelings upon seeing all those words: anxiety, confusion, stress.
At first glance, it’s a lot to take in, especially for someone who is buying or selling property for the first time. Whether you're getting a new home, or putting your old one on the market, real estate brokerages can be pretty intimidating. It wasn't hard for me to get lost under the mountains of paperwork, sales jargon and legal processes that I tried to understand and go through. But that is why the practical move for me was to find someone that you can rely on to help you and go through everything with you, step by step.
I needed to find a trustworthy real estate broker.
How Do Real Estate Brokerages Work?
Real estate brokerage is a very broad topic since it covers everything from houses, to rented spaces, to commercial properties, to inherited estates. But for beginners, the simple way to explain would be that real estate brokerage is the complete and lawful management of buying and selling property done directly by independent, licensed real estate brokers, or hired real estate agents.
When getting into real estate, the first person people typically get in touch with is a real estate agent, or a real estate broker, since these are the most commonly heard titles. And while these two roles do have similarities in which they are both involved in property sales, they have key differences as well.
Real Estate Professionals: Agents and Brokers
Real estate agents conduct the day-to-day tasks, and are accredited by the Professional Regulation Commission (PRC) to work for a broker. However, they are not authorized to sign legal documents.
Real estate brokers on the other hand are able to do the work of an agent and more, including handling all the legal work necessary for the sale. Brokers are also in charge of appraisals, dealings with the Land Registration Authority, the paperwork on taxes and the deed of sale, etc. They are also responsible for marketing the property to potential buyers, using ads, vlogs, and even tools such as 3D house tours. So if there’s anything that I’d like to ask when it comes to the nitty-gritty details of selling or buying a house, I’d go ask a real estate broker.
Brokers are licensed by the PRC and Housing and Land Use Regulatory Board, which allows them to work and earn independently. So apart from earning from shared commissions with their hired agent, they can also earn commissions from their own deals. Having a license also means that even after passing their exam, brokers are required to continuously educate and update themselves with property laws and regulations by attending seminars, and must adhere to the timely renewal of their license.
Brokers Are the Real Deal
While it’s not often talked about, real estate brokers can have a huge impact on the buyer's/seller's life and financial success because they are the ones that facilitate and make the sale of a property official and permanent. If a sale is done haphazardly, or conducted by dishonest or even an unlicensed broker, this can result in big, irreversible mistakes that can be costly for the buyer/seller, and can damage the client’s reputation. This is why it's important to find brokers who will be transparent when doing business, and will give you the best kind of service that you need at the right price.
Connecting You To Your Goals
More than just a ton of rules, regulations and paperwork, real estate brokerage is about creating solid relationships by providing the right type of service with the correct value to the client, allowing for seamless transactions. After all, as technical and transactional as it can be, the sale is still all done through connections. With their reliable pool of connections and know-how, getting an experienced real estate broker who has been immersed in the industry is your best bet for a hassle-free experience when it comes to selling or buying property. Similar to working with doctors, lawyers, architects, etc., it’s important to find real estate brokers that you are comfortable with, and who won’t let you down during important milestones in your life or business.
Looking for a trustworthy partner in business to broker for you? Presello offers a variety of services that can cater to your needs. Get in touch with our experts today to move one step closer to your dream home.
