What is real estate brokerage?

Real estate brokerage is the process of providing mediation services between individuals or companies wishing to sell, buy or rent real estate. A real estate broker guides interested parties through the buying, selling or leasing process, helps them determine appropriate prices and conducts transactions legally and appropriately.

Real estate brokerage includes searching for suitable offers, advising on local laws and regulations related to real estate, arranging purchase or sale offers, negotiating between parties, and following up on legal and administrative procedures until the deal is completed.

Real estate brokerage is an important profession because it helps facilitate real estate operations and provides greater transparency and security to individuals and companies operating in this sector.

Definition of real estate broker

A real estate broker is a person or entity that acts as an intermediary between individuals or companies wishing to sell, buy or rent real estate. His main job is to facilitate real estate operations and provide advice to clients to reach successful and profitable deals. The real estate broker performs multiple roles, including:

Research and analysis: He searches for suitable offers for his clients based on their needs and budget, and provides an evaluation of available properties.

Advice: Provides advice and advice on local laws and regulations related to real estate, and helps determine the appropriate price and buying or selling strategy.

Negotiation: He is responsible for negotiating offers and conditions between sellers and buyers or between lessors and tenants.

Legal procedures: Assists in completing the legal and administrative procedures related to the deal correctly and in compliance with the laws.

Completing the deal: He works to successfully close the deal, sign the contract, and deliver the property.

The success of a real estate broker depends on his experience and knowledge of the local real estate market, professionalism in dealing with clients, and the ability to negotiate effectively.

Duties of a real estate broker

The duties of a real estate broker include a set of responsibilities and obligations that he must undertake to serve his clients well and ensure the safety and transparency of real estate operations. Here are some of the main duties of a real estate broker:

Advice: A real estate broker must provide honest and professional advice to clients regarding available properties, prices, market forecasts, and laws and regulations related to real estate.

Research and analysis: The broker must search for, analyze and evaluate suitable offers based on clients’ needs.

Negotiation: The broker must negotiate effectively between the seller and the buyer or between the lessor and the lessee to reach an agreement satisfactory to all parties.

Transparency: The broker must deal transparently and provide accurate and correct information to clients regarding the properties and terms of the deal.

Legal procedures: The broker must guide clients regarding legal and administrative procedures related to real estate and ensure that the transaction is completed in accordance with the laws and regulations.

Maintaining the confidentiality of information: The broker must respect the confidentiality of the information shared with him and not disclose it to third parties without the client’s permission.

Follow up on the deal: The broker must follow up on the progress of the deal and ensure that it is completed smoothly according to the agreed upon timelines.

Integrity: The mediator must act fairly and honestly and refrain from any illegal or unethical actions.

These are some of the basic duties of a real estate broker, all of which are aimed at providing professional and fair service to his clients in the real estate market.

Real estate broker license

A real estate broker’s license is an official permit granted by local authorities or competent regulatory authorities to individuals or companies wishing to practice the real estate brokerage profession. Requirements for obtaining a real estate broker’s license vary from one country to another and from one state to another, but they usually include the following steps:

Training and qualification: There may be requirements to pass a recognized training course in real estate brokerage and pass relevant examinations.

Good background: The authorities may require checking the applicant’s background to ensure that there is no criminal record or legal problems that hinder him from obtaining the license.

Submitting the application: The applicant must submit an official application to obtain a real estate broker’s license to the competent regulatory authority.

Payment of fees: The applicant usually must pay a real estate license fee to obtain the license.

Compliance with professional standards: A real estate broker must adhere to the professional standards and laws applicable in his area.

Once licensed, a real estate broker can legally practice his profession and provide brokerage services in real estate deals. It is always encouraged to check local regulations and requirements for real estate brokerage licenses in the area in which you wish to work.

Real estate brokerage law in Türkiye

Regarding the real estate brokerage law in Turkey, in 2019 the Turkish government announced new procedures related to the real estate brokerage system centered around that whoever practices real estate brokerage must have a certificate and license from the Turkish Professions Licensing Department to practice this profession. The real estate broker is also required to have a high school diploma as a minimum, and the work of real estate brokerage must be practiced within an office work environment, and there are special specifications for the office, such as its area not being less than 40 square metres, and even those who will use the Internet as a means of publishing advertisements must do so. They obtain the same certificates and licenses.

Real estate broker commission in Turkish law

In Turkish law, the real estate broker’s commission and its details vary according to the deal and agreement between the parties. A real estate broker’s commission percentage is usually set as a portion of the value of the property sold or rented. The percentage usually extends between 2% to 4% of the deal value.

However, this percentage can be changed according to prior agreement between the seller and buyer or the landlord, tenant and real estate broker. In addition, the agreement between the parties must be formally documented when using the services of a real estate broker in accordance with Turkish law.

To ensure compliance with current laws and regulations in Turkey regarding real estate brokers’ commission, it is always best to speak with a lawyer or legal consultant who specializes in real estate in Turkey.