Real estate brokers connect homeowners looking to sell their property with potential clients. Mortgage brokers connect individuals hoping to buy a property with financial institutions willing to act as lenders. Brokers don’t use their own money in the sale, purchase or loan, but do earn commissions from the transactions they arrange on behalf of their clients. Brokers work in agencies and for banks, while professionals with an entrepreneurial drive often find success as independent agents.
Real Estate and Mortgage Broker Job Description
Real estate and mortgage brokers primarily facilitate transactions as expert mediators. They are hired to help negotiate rates and provide advice to individuals looking to buy a first home, invest in a new property, or find funding for a desired purchase. Professionals in this field have excellent interpersonal skills, an eye for detail, and a grasp of key factors that influence the real estate market.
A mortgage and real estate broker’s responsibilities include:
• Setting the asking price for a property
• Advertising, listing and showing a property to potential clients
• Providing all necessary paperwork for a property sale or home mortgage
• Negotiating competitive mortgage rates on behalf of potential borrowers
• Providing risk assessment for potential lenders
• Ensuring a proper inspection of properties up for sale or to be mortgaged
• Offering advice based on an understanding of market conditions
Real Estate and Mortgage Broker Projected Demand
The real estate and mortgage brokerage field is projected to see a slight increase in available entry level positions over the next few years. This is due mainly to workers in existing positions quickly approaching retirement age. The average salary of real estate brokers in Canada is approximately $58,000 a year, while mortgage brokers can expect to earn around $49,000.