The selling process for any real estate business is implemented either by marketing campaigns or sales teams or through a network of brokers, realtors, or channel partners. The channel partners, brokers, and realtors act as helping agents for the client’s convenience.
The marketing campaigns, along with the help of the local brokers and channel partners, are considered a more effective and result-driven way of selling properties. Mere advertisement and marketing campaigns might not ensure guaranteed sales as the buyer or seller looks for a human touch and prefers relying on a person rather than a website or some bot.
Thus, Real Estate Brokers, Realtors, and Channel Brokers are essential tools for selling and buying properties. However, one often gets confused between these three and considers them all the same. These terms are often used interchangeably, but they aren’t the same.
Let us look into each one of them in detail.
Who are Real Estate Brokers?
In layman’s terms, a broker generally buys and sells things on behalf of others. They are the middlemen between two parties. A broker is an individual or a firm that executes ‘buying’ and ‘selling’ for a fee or commission. Thus a real estate broker facilitates the sale of a property.
A real estate broker does the same job as an agent but is licensed to work independently and may employ agents. They do the same tasks as that of a real estate agent. Real Estate brokers who work directly with buyers look for properties that match the criteria set forth by the clients, conduct negotiations, prepare offers, and help the buyers with any other issues.
Advantages of Real Estate Brokers
A great deal of documentation goes with real estate transactions, and it turns out to be a tedious task for a buyer or seller. Real Estate Brokers have the necessary command of all the legal documentation necessary for the transaction of a home. Thus, the buyer and seller are both saved from unnecessary stress and hustle.
The real estate broker provides the necessary assurance to the client that they have traded a fair deal. Real estate brokers have access to a wide knowledge of the real estate market, and hence they help clients make a fair deal. Buyers and sellers assure themselves the best possible outcome when dealing with a real estate broker.
Real estate brokers offer clients protection throughout the entire transaction. Real estate brokers are competent experts governed by the code of ethics in their trade. Thus he or she must honour strict collaboration rules and laws to protect the buyer and seller.
Who are Realtors?
The word realtor is also used to refer to agents or businesses that help property owners to sell or lease out their property. “Realtor” is often inappropriately used to refer to real estate agents, brokers, or developers.
Realtors are responsible for negotiating a property’s purchase price, scheduling home inspections, and setting up home viewing appointments. They primarily act as a middleman between the sellers and buyers, earning a commission on each transaction, typically a percentage of the sale price.
Who are Channel Partners?
Real Estate channel partners are alternate channel companies proficient in sales and marketing activities (ATL & BTL), with a dedicated salesforce deployed for a particular project to help facilitate smooth transactions between the buyer and the developer. They invest money and time in marketing campaigns and a skilled workforce.
ATL and BTL refer to two different styles of marketing agencies, especially in promotion marketing and communication. “ATL” stands for “Above the line”, which means that the advertising is going to be deployed around a broader target audience like TV, Radio, or billboard. “BTL” stands for “Below the line” which suggests that the advertising will target a specific group of potential consumers.
The channel partners have an organized setup. Channel brokers provide consultation services for free as they work alongside the developers. The channel partners work like an extended arm of the developer’s sales team who facilitates sales of the projects. The channel partner assists and guides the buyer during his property transaction. He is a trusted point of contact for the buyer in case he has any queries regarding the property or cannot get information about specific issues from the developer’s sales team.
Working with Real Estate channel partners can be beneficial in many ways. It is essential to realize the importance of them.
Advantages of Channel Partners
Real estate channel partners often provide other services, the sole aim of which is to give the customers the right offer conveniently and securely within the budget.
A Deal Negotiator
Negotiating is a complicated task in the property buying and selling process. It requires much industry knowledge and tactics to negotiate a deal. The channel partners assist in negating an agreement on behalf of the customers.
A channel partner guides the buyers and offers them a comparative analysis in their desired location. The tedious task of finding interested salespeople, making appointments with them, negotiating, and documenting the process will only be significantly simplified.
The different roles of Real Estate brokers, realtors, and channel partners may now be clear with the above points. They provide varied services, and the quality of services also differs from one another. So the next time, you know who you are partnering with and the different functions they all provide.
Gist of MyMagnet
Well, now you might be wondering who is mymagnet.io. So let us tell you a little about mymagnet.io. Mymagnet.io is a tech-enabled, co-broking platform founded in 2019. We work exceptionally to facilitate the broker community and make the brokerage transaction process smoother & hassle-free so that brokers can maintain healthy profit margins.
Through this, we are on a journey to create a growth model for everyone in real estate, which would progressively improve deal conversions. Till now, we have grown stronger with 8000+ brokers/channel partners. We hold 4.9 stars on Google Rating.
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