Wednesday, March 30, 2016
Just How Do Real Estate Brokers Facilitate Property Sales?
Paul Kerley of Salem, Oregon, is the owner and president of Commercial Property Resources Inc. A real estate ownership and management firm of repute, Paul Kerley’s Salem firm works with several real estate brokers to facilitate property transactions in Oregon.
Real estate brokers play a crucial role in buy and sell property transactions. Essentially, a real estate broker is an intermediary between the seller and the buyer. The broker matches sellers who want to sell their homes to buyers who want to buy homes, taking into consideration the financial muscle of the buyers together with their preferred location of residence. Brokers must obtain licensure by the appropriate state authorities to practice.
Real estate brokers play additional roles in facilitating real transactions. First, they offer promotional services such as distributing flyers and placing advertisements to quicken the sale of the house. They also provide Multiple Listing Services (MLS), listing the homes across various platforms. They screen potential buyers to accelerate the matching process and once a seller-buyer match has been found, they assist in transaction negotiations, including price recommendations and paperwork.
Real estate brokers’ relationships with the principal buyer or seller are primarily fiduciary. For this reason, their interactions with the principal are subject to heightened regulation. In the event that brokers misrepresent facts to a principal or act fraudulently, dishonestly, or incompetently, they are subject to having their licenses revoked.