Brokers are intermediaries in the conclusion of transactions for the sale or purchase of property, as well as in the rental of apartments. Some of their duties include - researching property listings, interviewing potential clients, accompanying them to the apartments they have liked, negotiating and creating contracts.
Want to know more about the profession? We at Lions Group have compiled a short list of the responsibilities, knowledge and skills a real estate agent must have to be truly successful.
Responsibilities of brokers
- Presentation of offers to potential buyers.
- Verification of the conditions under which the transaction is concluded.
- Interviews with clients to determine what property they are looking for.
- Preparation of documents.
- Coordinating transactions and tracking documentation for loans from the bank.
- Negotiating between buyers and sellers and representing one side or the other.
- Promoting properties through various marketing strategies.
- Determining the price of a property.
- Scheduling viewings with clients.
- Create property listings on various websites.
Required knowledge of brokers
Knowledge of the real estate market
Knowledge of the latest trends in buying, selling or renting a home. This includes researching the built-up land and buildings.
Laws on the conclusion of contracts
Knowledge of the laws in Bulgaria in relation to the conclusion of contracts between different parties to change the rights to a property is required. Including the rights and obligations as well as conditions for termination of the contract.
Bank loans and financing
Knowledge of the financial systems of lending and borrowing institutions. Protecting the client's interests and advising on the financing of a home purchase.
Customer care
Knowledge of processes and principles related to customer care. Defending their interests to the end.
Office administration
There needs to be clear processes in place for the preparation of contracts and documents required to conduct viewings and conclude transactions. This includes financial planning, record keeping and good organisation.
Real estate laws
Knowledge of the laws in Bulgaria on real estate. Different laws are a prerequisite for how different property transactions take place, depending on their size and status.
Skills of brokers
Drafting of real estate contracts
The ability to draw up contracts between the two parties in a transaction is necessary - the buyer and the seller or, in another case, the landlord and the tenant. You need the assurance that the contract is legal and complies with the laws of Bulgaria.
Maintaining good customer relations
It's good to build long-lasting relationships with customers to make sure they are happy with the deal. This is done by being with them every step of the process. Serving their interests and answering questions even when the deal is already done builds trust and a good reputation.
Identifying customer needs
One of the most important skills of brokers is precisely the identification of client needs. Using the right questions and active listening are very important to provide your clients with professional service.
Financial statements
Keeping track of financial transactions and filling out all formal paperwork correctly is an important skill that every broker should have.
Real estate market research
Researching properties and their suitability to go to market is done through various channels such as: internet search and offline channels.
Keep your contacts
Negotiating clear rules and policies, as well as amounts and other specifications of a contract, helps to ensure fair deals on behalf of clients. You should be in contact with them at every step of the process.
Property price comparison
In case the price of a property needs to be determined, other homes similar to it are looked at to qualitatively determine its selling price. It can then be renegotiated according to the needs of the buyer and the capabilities of the seller.
Giving information about properties
Giving information should not only be about the positive aspects of a property, but also the negative. Also, information concerning all financial aspects and insurance issues is advocated here.
Collection of financial information
You need to gather information about the state of the market, legal regulations and your client's financial situation.
Tips on property values
The ability to advise on the value of a property is extremely important. Advise your clients of this and the development potential that would drive up the market value of the property.
Negotiations with property owners
Establishing a good working relationship with owners prevents a host of potential problems when rental deals are struck.
Search for new customers
Proactivity is very important when looking for new customers. Initiating activities to attract them is one of the most important skills. Collecting testimonials, phone calls and more can lead to successful transactions.
