If you were an athlete, would you want to discuss your compensation, conditions and contract with a sport club’s management team? Or would you prefer to delegate this responsibility to a person acting on your behalf? The same applies when it comes to a major transaction like buying or selling a home. Getting personalized and professional support can make all the difference. Let’s define a real estate broker’s role in this decision-making process.
Definition of a real estate broker
A real estate broker concludes real estate activities (selling and buying properties) year-round. You benefit from this accumulated experience when you retain the services of a professional.
This person acts as an intermediary by representing the buying or selling party during a real estate transaction. When working with a buyer, their role is to find properties that meet specific search criteria, then negotiate a fair price and conditions for their client. When working with a seller, they help set the value of a property, list it on the market and manage offers and paperwork.
Simply put, a broker facilitates all the steps of a buying or selling transaction, including visits, inspections, back-and-forth discussions and drafting documents (including the brokerage contract). They are the conductor who ensures that your real estate project runs smoothly.
What’s a real estate broker’s mission?
A real estate broker performs several functions and some main duties include:
Representing and defending their clients
A real estate broker has to fulfill all their responsibilities in accordance with standards set by the Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ). They advise clients they represent on how to protect their interests in a real estate transaction and ensure all steps in the process are carried out in accordance with current laws and regulations.
Their role is to assess the needs of the buyer or seller and then negotiate the best possible conditions for their clients. By acting in this way, they ensure not only the legal standing of transactions, but the peace of mind of the party whom they represent.
This is directly related to the mission of the Confia real estate agency: to simplify your real estate project by recommending a real estate who meets your needs and will represent you.
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Supporting their clients throughout a transaction
One of a broker’s duties is to guide clients during the buying or selling process – they provide information related to every step of the transaction.
A broker is available to the buying or selling party for the duration of the transactional process. They can answer questions, offer reassurance and guidance until a purchase or sale is finalized. Using the services of a real estate broker will ensure a transaction is managed effectively.
If you’re selling, the person you decide to do business with will advise you on how to stage your property, negotiate offers, then manage the paperwork and various documents. They will arrange visits, ensure things run smoothly and also gather feedback to ensure your property is properly positioned on the market.
There are significant advantages to note when a broker guides a seller, who can save on time, energy and administration. In particular, this includes being accompanied by an experienced person during visits, then benefitting from relevant recommendations and advice before considering a promise to purchase.
Knowing about real estate market conditions
Loaded with in-depth knowledge of current market trends, housing and neighbourhood prices, brokers offer solid advice on the value of listed properties and recommend the best buying or selling strategies. They’re also in a position to be able to assess the market value of your property when you put it up for sale.
Creating a buying or selling strategy
A real estate broker determines a buying or selling strategy for properties in accordance with Organisme d'autoréglementation du courtage immobilier du Québec (OACIQ) regulations.
If they’re tasked to sell a property, they analyze the market in order to support the seller as they set a price that meets their needs. A broker can also suggest improvements to undertake to boost a dwelling’s appearance and implement a targeted marketing plan to attract potential buyers.
If they’re helping clients buy a property, a broker helps define search criteria, suggests properties that respond to client needs and negotiates sales conditions in their best interests.
Helping their clients prepare to apply for a mortgage
A real estate broker helps clients gather all the documents they may need for their mortgage application.
Although a real estate broker is by no means a mortgage specialist, they are certainly well positioned to guide buyers to the right resource to get financing: their financial institution.
Real estate broker’s invaluable know-how
A broker needs to have a few more essential skills to succeed in this field, including being able to navigate through legal documents, current real estate laws and regulations. It’s a broker’s responsibility to stay up-to-date with laws in effect to be able to continue to do their job and keep their title.
Another key quality is the ability to communicate clearly and openly. This means acting with integrity and keeping the various parties informed about anything that may impact a real estate transaction.
Diploma needed to become a real estate broker
Before becoming a real estate broker in Quebec, you have to take a training program at an educational institution accredited by the OACIQ, pass the certification exam administered by that organization, and meet eligibility requirements that include having a high school diploma and proficiency in French.
You can register for a training program in a public or private institution. There are assorted options, including doing training by correspondence or in virtual or hybrid mode. There are many essential components, including laws relating to brokerage, architecture and construction, learning how to draft contracts and other documentation, as well as the ins and outs of a real estate appraisal.
Discover three advantages of doing business with a real estate broker
It’s no secret: buying or selling a property can be challenging and stressful. Bringing a real estate brokerage specialist on board will help the process go smoother and comes with several advantages.
1. Real estate broker compensation: commission
What about brokerage fees? Real estate brokers are usually paid a commission. How this is determined varies by broker depending on their service offer, add-ons, as well as their business model.
Services include listing a property using professional quality photos and/or video, offering home staging tips, developing a marketing plan for increased visibility and much more. This fee varies depending on the project and will be discussed with clients before a contract is signed.
2. A real estate broker knows how to negotiate
What happens when a property receives multiple offers and emotions start running high? A broker relies on their professional experience and keeps their cool while analyzing all offers that come in to advise you accordingly.
A broker can take the lead during negotiations and achieve significant gains for their client. They can adeptly manage offers to purchase, respond to any objections a buyer may have and masterfully maximize a property’s sale price
3. Property condition is fully taken into account (pre-purchase inspection)
A buyer can avoid costly surprises cropping up over the long term by investing in a home inspection prior to signing on the dotted line. Experienced brokers have access to established networks their clients will need, including building inspectors and other trusted real estate specialists.
Why ask Confia to find your real estate broker?
Whether you’re looking to buy or sell, a real estate broker knows what invaluable advice and resources to provide to get the project done. So why do business with Confia to find your little piece of paradise?
Confia ensures you’re well cared for every step of the way. A broker will first establish your needs and can then take full charge of your project. They’re always available to answer any questions you may have. A personalized pairing service is just one tap away on the Confia mobile app and helps you find the broker who best matches your profile.
These brokerage professionals are committed to customer satisfaction. By using a broker recommended by Confia, you’re choosing peace of mind and you can’t put a price tag on that.
The broker you select will accompany you during all steps of your project and look after your interests throughout, from the search for listings to the promise to purchase until the signing of the deed of sale with a notary.
Start a buying or selling projectFAQ
What’s the difference between the profession of real estate broker and real estate agent?
Since Quebec’s Real Estate Brokerage Act was updated in 2010, the term ‘real estate agent’ is no longer used. Real estate broker is the appropriate term now.
The Association des courtiers et agents immobiliers du Québec (ACAIQ) therefore had to be renamed. It’s now called the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ).
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