Top 7 Skills to look for when Hiring Real Estate Broker
Published on January 6th, 2023
Who are Real Estate Brokers?
Real estate brokers are licensed professionals who act as intermediaries between buyers and sellers of real estate properties. They typically have a higher level of education and experience than real estate agents and are responsible for overseeing agents' work and other professionals within their brokerage firm.
Brokers also have the authority to negotiate deals independently and handle the legal aspects of real estate transactions.
What do their Jobs Entail?
The job of a real estate broker typically entails a wide range of responsibilities, including:
- Listing properties for sale: Brokers work with property owners to list their homes or commercial properties for sale on the market. They typically help the owner set a price, create marketing materials, and advertise the property to potential buyers.
- Showing properties: Brokers often accompany buyers to view properties and provide them with information about the features and condition of the property.
- Negotiating deals: Brokers are responsible for negotiating the terms of a sale between the buyer and seller. This includes the purchase price, closing date, and any contingencies that need to be met.
- Handling paperwork: Brokers are responsible for handling all of the paperwork involved in a real estate transaction, including the purchase and sale agreement, title documents, and closing documents.
- Supervising agents: In some cases, brokers may also be responsible for overseeing agents' work and other professionals within their brokerage firm.
- Staying current on market trends and regulations: Real estate brokers must stay up-to-date on the latest real estate market trends and regulations in order to provide accurate and reliable information to clients.
Skills of a Real Estate Broker
1. Local Knowledge
If a person does not understand their community, they will never be a successful real estate broker. Prior to dealing with customers, it's beneficial to develop a solid working understanding of other relevant communities and localities.
Understanding local laws and ordinances and being aware of the likely worth of a property are two advantages of having local knowledge. It's important to be aware of additional locations that offer clients great real estate prospects.
2. Strong Communication Skills
The most effective real estate professionals are good communicators who understand their client's needs.
An agent with good communication skills can discuss any issue before a contract is written. An agent should be able to haggle over every element of a deal once everything has been negotiated to the mutual benefit of both parties.
Honesty is among the most crucial qualities of a successful real estate broker.
Being dishonest, unethical, and immoral can permanently damage a career.
Working with an agent that has a bad reputation is not preferred by anyone. Before choosing to engage a broker, both buyers and sellers would probably inquire for recommendations in order to get the most returns on their deals. An excellent applicant should have a solid clientele that can offer raving testimonials of previous successful deals.
An agent stands out from the crowd by being dedicated to their work. It takes a lot of time and effort to persuade both parties to agree on terms before they sign a contract when selling or purchasing a home.
For this reason, a competent real estate broker never gives up and makes every effort to buy and sell homes. People won't want to hire a sloppy or careless realtor because purchasing or selling a home or other piece of real estate is a significant decision.
5. Knowledge of Rules & Regulations
A real estate agent is aware of the laws and policies that pertain to real estate in a specific area.
The broker must be knowledgeable about the laws pertaining to a property in order to avoid giving clients false information or deceiving them in any other way.
The broker walks customers through all the required documentation and intricate legal requirements associated with a sale. When buying or selling a home, the majority of homeowners are unfamiliar with real estate regulations, therefore they rely on a real estate broker to help them navigate this challenging process.
Many real estate brokers who want to succeed in the business fall short in one crucial area: follow-up. You have a lower chance of becoming a high performer if you don't follow through on every lead you receive. It's essential to follow up on every lead if you want to succeed.
Real estate agents who are successful don't wait for calls from clients. All meetings, appointments, and viewings are personally monitored by them. Additionally, they are adaptable and will change their timetable at the client's request.
Real estate agents that love what they do for a livelihood are popular and successful.
They must be passionate about helping customers by guiding them to the greatest properties available within their price range. In order to accommodate, satisfy, and make happy people from all cultures and neighborhoods, estate agencies also respect diversity.
A successful estate agent is never sluggish, angry, or depressed about their work.
Good agents take pride in their appearance, are presentable, and are excited about what they do. They are in the real estate industry to both assist their clients in making profitable real estate investments and to advance their own prosperous real estate careers.
How to Assess a Real Estate Broker?
1. Use Pre-employment Assessment
Use HireQuotient’s Real Estate Broker Test to gauge your candidate for the job role.
Our assessment is an AI-based pre-hire test for recruiters to assess an applicant's ability to understand customer complaints, and questions, and provide customers with solutions about products and services.
It also assesses a candidate's capability to be patient, empathetic, and passionately communicative toward customers.
Additionally, it also gives you an analysis of how all the candidates performed in the assessment to give you an overview and make your decision easier.
2. Ask the Right Questions
Interviewing the potential candidate is a key step in assessing the character and knowledge of the person. Ask these questions to gain an understanding of your applicant.
- How many homes, on average, do you sell each year?
- How do you use the internet and social media to sell homes?
- How do you stay organized to make sure you make every appointment and are always on time?
- Talk about a time when you had a hard time creating a relationship with a tenant, owner, or investor. How would you have handled that differently?
- What’s the hardest part of keeping your clients focused on home tours?
- What qualities make you a good real estate agent?
- What questions do you ask clients to make sure their needs are met?
Have the Real Estate Broker engage in role-playing exercises to simulate real-life customer interactions and evaluate their ability to handle various types of situations.
Build scenarios with different types of customers and make the candidate take the presentation and monitor how they are wooing them.
Tips to Hire Real Estate Brokers
1. Write an Exceptionally Superior Job Description
In addition to your requirements and qualifications of the candidate, there are two other things that will make your JD stand out among the crowd.
- Choose attractive words: Include heavy, creative unique words in your job description which will surely attract the best candidates. Use authoritative keywords and crisp points to keep the applicant interested.
- Showcase your company culture: Include links to your website that showcases your culture and how you treat your employees. Also, add all the perks and benefits you offer to your employees to create a buzz about your company and the job role.
2. Consider Aptitude Tests
Aptitude tests for Real Estate Brokers can give you insight into the areas such as communication, problem-solving, and interpersonal relations. These tests may also include multiple-choice questions, situational judgment exercises, and role-playing scenarios.
This will give you a sketch of the overall personality of the candidate and parse them out from total dud candidates.
3. Use Unique Candidate Sourcing Channels
Candidates are not going to buzz around your building just because you have an opening. You need to announce your opening through different channels and attract candidates to you. Here are a few tips for the same:
- Job Boards: Because they feature open positions from throughout the internet, job boards are an excellent place to find new hires. Find niche job boards to advertise your real estate opportunities, and think about focusing on particular nations or regions.
- Social Media: Social media is a great platform to connect with prospective candidates. Reach out on Facebook, LinkedIn, Twitter, Instagram and other social networks to find a whole new set of candidates.
- Employee Referral Program: Put your employees on work and ask them to refer candidates from their network who might be a good fit for the position. In return, you can pay them incentives in the form of bonus, gift coupons or paid vacations.
- Recruitment Agencies: You can work with a recruitment agency if you don't know where to begin or don't have the time to find real estate brokers on your own. Recruitment firms are experts at locating and vetting people for particular positions, so they can assist you in finding the greatest match for your business.
Are you Ready to Hire?
Hiring can be a difficult task, as it involves finding the right candidate who not only possesses the necessary skills and experience, but also aligns with the company's culture, values, and goals.
It requires a lot of effort and resources to attract, screen, and evaluate potential candidates, and there is always a risk that the chosen candidate may not be the best fit for the role or the company. It also requires attention to detail and good judgment, as well as the ability to assess candidates not only by their qualifications, but also by their soft skills, work ethic, and cultural fit.
Make use of pre-employment assessments to clear your judgment and hire not only the best person but also the right person.
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Radhika Sarraf is a content specialist and a woman of many passions who currently works at HireQuotient, a leading recruitment SaaS company. She is a versatile writer with experience in creating compelling articles, blogs, social media posts, and marketing collaterals.
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