Looking to team up with experts to buy or sell your real estate? This article shall guide you about the distinct role of a Real Estate Broker Vs. Real Estate Consultant and What do you need?
With each passing day, real estate is becoming a specialized field requiring diverse roles and skill sets. The expertise has given rise to various associated professions. The most notable of which are real estate brokers and real estate consultants. In this article, we will know the purpose, role, expertise, and differences between the two.
What is a Real Estate Broker?
A real estate broker is a seasoned professional who assists in buying, selling, renting or any type of property transfer. A broker has an official license from SEC or any official regulator, allowing him to either work individually or form a brokerage firm. A brokerage firm hires multiple real estate agents to cover a wide range of projects.
A broker oversees a real estate transaction from the start to finish. When hired by the buying side, a broker is entrusted with property finding, preparing the financial offer, negotiation, finalization of the deal, and the legal transfer of the land. For sellers, a broker plays a key role in property valuation, listing, customer tracking, negotiation, and final agreement.
A broker gets the payment according to his role. If he is an individual, he gets his commission upon the payment transfer. If he has a brokerage firm, the payment is the sum of the commission generated by the real estate agents.
What Should You Look for in a Real Estate Broker?
Quite often the difference between a handsome profit and an avg real estate deal is the capability of the broker. So as a smart businessman, you should be very particular while making this choice.
A good broker should be judged on these things:
Portfolio/Experience
For most people, the past is the window to the future. A broker should exhibit a strong portfolio including a reference list of his projects. The more the projects, the better he is for you.
Since real estate involves huge money, you should never bank on a rookie or relatively new broker for a real estate deal.
Market Research
The broker should have in-depth knowledge of the local real estate market. The research helps in locating the property as per the buyer’s criteria, setting the right value, and deal closure.
Market research results in good PR, which helps in seeking approvals from relevant authorities.
Marketing Tactics
Marketing is an essential element of a broker’s job. It helps in property listing, ads, and price tags. With the right marketing, you can attract more buyers and get the best price for your land.
With the emergence of the metaverse, you can get buyers from across the globe with a well-thought marketing campaign.
Negotiation Skills
A broker should have excellent negotiation skills. They help in finalization meetings and setting the warranty and other legal terms.
A successful negotiation means selling the property without much compromise on the target price and legal terms.
Market Reputation
In the real estate world, trust is everything. Any missed detail or misconduct on part of the broker can result in a profit deduction or a loss.
So as a preemptive measure, always investigate a broker’s market reputation. For that, you should seek peers and previous customers to get a clear picture.
If you are looking to buy/sell any residential or commercial property in UAE, reach out to Land Sterling Properties. We have an RICS-certified team, with experience in more than 10,000+ projects ready to help you.
See also: real estate management companies in Dubai
What is a real estate consultant?
A real estate consultant provides expert advice to clients looking to invest, buy or sell a property. The advice is based on market research, ongoing trends, and future cost.
A financial consultant isn’t actively involved in selling or buying. A consultant only provides the right advice after investigating the strategic location, property valuation, and development costs. Based on that, you can determine the long-term outcome of your investments.
A consultant is associated with a consultancy firm. They are an integral part of all commercial and major residential real estate deals. A consultant is paid either project-wise or on an hourly basis by the firm.
What Should You Look For in a Real Estate Consultant?
A real estate investment consultant is the brain behind every real estate project. Considering this, you should look for these characteristics before hiring one.
Analytical Skills
A consultant should possess strong analytical skills. This helps in determining the long-term impacts of different variables.
Meticulous Approach
A consultant should pay attention to every detail. Having an eye on minuscule details is the key to the evaluation of a project.
Communication Skills
Communication skills enable a consultant to understand the investor’s requirements. A consultant should comprehend these needs and provide the solution accordingly.
Polished Research Skills
Research is the heart and soul of real estate consultancy. It helps in project costing, property development, investment optimization, and technical due diligence.
For a comprehensive real estate solution, contact Land Sterling -UAE’s premier real estate consultant.
Real Estate Broker VS. Real Estate Consultant – Who Do You Need?
Both real estate brokers and consultants are an integral part of the real estate industry. When it comes to hiring, the answer lies in your requirement.
If you are looking to close out the buying or selling of a real estate transaction, you need a real estate broker. But if you want expert advice on how a property transaction will play out either in the present or future, you should go to a real estate consultant.
Take Away
Real estate brokerage and consultancy are different fields requiring diverse skill sets. Although some parts of the job overlap, they can’t be confused with one another. A broker helps in closing out seal/purchase deals while a consultant provides advice based on market conditions and future trends.
Land Sterling provides the best consultancy and brokerage services in UAE. With more than 12+ experience of working in UAE including projects like the iconic Burj Khalifa and Dubai Islamic Bank, we can help you maximize your real estate profits. Contact here for any query regarding real estate.
Frequently Asked Questions
Can estate agents force you to use their broker?
No, they can’t. An estate agent can only advise but only you hold the deciding power.
Is hiring a broker or consultant worth it?
Yes, it is. A real estate transaction involves ranges from thousands to millions of dollars and beyond. It is advisable to get expert advice before making a decision.
What are the qualifications of a real estate consultant or broker?
No, it doesn’t require any educational degree to become a real estate consultant or broker. They only need a license from an official government regulator.
