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Property Investment 101: What Is a Real Estate Broker?

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Property Investment 101 What Is a Real Estate BrokerMany millionaires say one of the best ways to get rich is to invest in property.

That sounds like a solid plan and easy enough to pull off. But the actual process of buying a new property can be very technical and difficult to work through. Which is exactly why you may need a real estate broker.

Let’s take a deeper dive into what is a real estate broker and how they can help you.

What Is a Real Estate Broker?

There is some confusion among people new to the real estate industry regarding the titles “real estate agent” and “real estate broker”. They are, in fact, two different jobs.

A real estate agent is the bridge between the prospective property and the potential buyer. Agents often handle a lot of the research part of buying by matching listings to their client’s needs.

They work with the agents from the other side of the sale to find a deal that works for everyone. They then help their client through the closing process.

A real estate broker, on the other hand, takes their responsibilities one step further than an agent.

These individuals have completed more educational training than agents. In order to be given this title, they must pass another exam and be certified. This extra training includes deeper knowledge of real estate law and complicated transactions.

Real estate agents must work under a real estate broker. This is done to ensure that quality service is being given and standards are upheld.

A broker can work for themselves, work under another broker, or start their own brokerage. So they have a few more options than an agent or realtor.

What Does a Real Estate Broker Do?

The extra training that a real estate broker receives allows them to handle more during a property sale transaction.

A real estate broker can represent either side of a transaction (selling or buying) and each role comes with a few different responsibilities. Let’s take a deeper look into exactly what do real estate brokers do.

Seller Transactions

When a real estate broker is helping a client sell a property their main goal is to ensure that the desired price is obtained.

One of the first ways they do this is by helping their client get the property ready to sell. They won’t be doing the handy work, but instead, advise on things that could make the property more appealing.

Before someone can become a real estate broker they must be a real estate agent for at least three years. That time gives them a lot of experience in understanding what will help a sale and what won’t.

After the property is ready, they then list it on the MLS and other real estate sites. The broker will handle the advertising efforts needed.

When an offer is made on the property, the broker will handle the delivery. They will then advise on how to proceed (either countering the offer, accepting, or declining). Once an agreement has been made, the broker will help their client through the whole closing process.

A broker is especially helpful in the sale of a complicated property. They will know the best course of action to receive the best outcome.

Buyer Transactions

The responsibilities of a real estate broker who is working for the buyer-side of a transaction are fairly similar.
Instead of helping to list the property, they will use a list of client needs to search available listings and find one that fits. The broker will help facilitate any walk-throughs and viewings of the property.

Then they will help their client submit an offer, work through the negotiations, and eventually through closing on the property.

Other Roles

One of the main roles of a real estate broker is to help others perform their duties in the real estate industry.
A principal real estate broker is in charge of all of the real estate agents in their office. As we mentioned earlier, a real estate agent must work under a licensed broker in order to comply with the law.

This broker will oversee transactions and step in whenever they become complicated or difficult.

Principal brokers are often involved in real estate broker sponsorship as well. Any new real estate professional has to work with an approved, qualified person to activate their new license. This type of mentorship sets them up for success.

When to Hire a Real Estate Broker?

Most often during the sale or purchase of a property, the client won’t work directly with a real estate broker. They are more commonly involved with the big picture and overseeing all the agents in the firm.

It’s really beneficial to hire a real estate broker when you are working with a more complicated scenario, though. This might include a foreclosure, a short sale, or a multi-part property.

These sales have different requirements under the law and a real estate broker will have the training to understand these requirements.

Though not necessary, working with a real estate broker can bring greater peace of mind through your transaction. Their extended knowledge will give confidence that the transaction will be handled properly.

Find a Real Estate Broker

Real estate investment is often a very smart financial decision. This type of ownership can have real, lasting positive effects on your financial health.

But this type of investment is also intimidating, and sometimes, complicated. When these transactions are more than you can do on your own, hiring one of the more than 465,000 real estate professionals can make a big difference.

Now that we’ve answered, “what is a real estate broker” you can find the right one to work with. And they can find you the right property to invest in!

If you are interested in learning more about how to achieve maximum success in business, check out our other articles!

3 Ways to Improve Your Medical Office Management and Workflow

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StrategyDriven Managing Your Business Article |medical office management |3 Ways to Improve Your Medical Office Management and WorkflowThe sounds of phones ringing and multiple lights blinking to alert the front desk staff of calls on hold. Stacks of paper, and sticky notes littering desks, visible to patients. A stressed-out staff isn’t delivering the best service that they can. They can be overwhelmed with putting out fires constantly.

Would you come back to a medical office like that?

Earning a patient’s trust for medical care starts with the first experience with you. If a patient knows they have access to a medical care provider that values them, they are more likely to return.

A proper workflow and clear medical office management strategy can improve everyone’s experience.

Integrate Answering Services

One of the first things that medical office management can do is help with the incoming calls. Patients are still trained to call the office. They schedule appointments, inquire about prescriptions, and ask follow up questions to nurses and doctors.

If they can’t get through to speak with someone, patients can’t experience what you have to offer. Integrating a third-party app or website to help assist with calls during busy hours of the day can leave a burden on the staff.
When reception gets overwhelmed with incoming calls, an integrated answering service can help. Finding medical answering services that work for you can manage the influx of calls during busy hours.

An answering service lets patients know that their call is valuable. Medical office management will be able to communicate with patients better. Making sure that every call is answered, and messages relayed, helps everyone.

Scheduling Option Availability

Give patients a 24-hour, 7-day a week option. Allowing patients to schedule, cancel, and move their appointments is a way to ease the onslaught of calls to a front desk.

A scheduling app or website empowers patients. It gives them the peace of mind to have some control over their appointments.

A scheduling program can also record patient behavior and show a pattern behavior. Chronic canceling, last-minute reschedules that result in gaps–are missed opportunities to create income. Knowing which appointments to watch can help to get last-minute gaps filled faster.

Track And Observe Behavior, Hold Meetings

Create accountability in the staff’s practices and behaviors. This will help to streamline the processes of the office. Finding hiccups in the process, or where things start to back up, can help open ways to better work through an issue.

Holding both individual and staff meetings can address widespread and personal practices. This will help everyone assess what is working and what is creating more stress.

Get input from staff to find out what can be tweaked to get patient and staff concerns ironed out. This can help the medical office management address issues head-on.

Regular meetings can help get everyone on the same page, quickly.

Ready To Improve Your Medical Office Management?

Improving medical office management helps improve patients’ experiences in your office as well.
Have you implemented an answering service? What has worked for you in your office?

The Benefits of Time Blocking

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StrategyDriven Practices for Professionals Article |Time Blocking|The Benefits of Time BlockingTime is one of the most important factors when it comes to business. Too little of it and you rush, anxiety levels increase, and you can miss vital bits of information. Too much of it and you can overwork your ideas or slip into the world of procrastination.

Managing your time will increase productivity and also help you unwind and relax, giving you a healthier work-life balance. It promotes productivity and is particularly useful for people who work remotely or are separated from their team.

One of the most effective ways of creating efficiency in your days, and reaching project deadlines, is time blocking.

The method really is as simple as it sounds. Unlike a timetable, you set your calendar and tasks into dedicated blocks. You are committing a set amount of time to each task. Colour coding will help you differentiate between projects and personal tasks.

Not only does this help you to structure your day, but it can also help your team understand how you are working and structure their time blocking around you too—giving you maximum team productivity.

Every business, small or large, should make time management the foundation of their working day, learning this simple method is the cornerstone of a more successful and productive atmosphere at work or home.
Does time blocking really work?

The simple answer is yes, even the easily distracted among us benefit from time blocking.

Making To-Do lists is a great start. However, most of us will recognize that a to-do list doesn’t always help us manage our time effectively. There are specific tasks that we know should take a couple of hours, but end up taking a full day because we are distracted or interrupted. We also tend to rush through tasks at the end of the day to ensure we complete them, or forget to reply to emails and lose potential business.

Time blocking for remote workers or sole traders is particularly useful for days you have family members around. If your family can see the blocks of time you have set to work on specific projects, they know not to disturb you, giving uninterrupted hours for you to dedicate to the task set.

If you are part of a team in a busy office, the method can be very effective. Sharing your time blocking calendar enables your colleagues to see your timeline and to avoid disrupting you. It’s like a friendly ‘do not disturb’ sign. It will make the whole project management team more dynamic and effective, giving you a positive pathway to your deadlines.

A team of individuals can be hard to manage on group projects. Every person naturally has a different time in their day when they are least, or most, productive. Establishing these times and creating a team time block will help you to get the most out of all team members, leading you to your deadline and allowing for contingencies too.

An important thing to remember is that time is fluid. You should be able to adapt your time blocking to any unexpected issues that arise in your day. The method makes this simple as you can effectively move blocks around the remaining hours of your day.

What are the main benefits?

When a team leader works out how to manage projects successfully, they often will be working on simultaneous project briefs. With time blocking, you are prioritizing the most critical tasks first.

With extended deadlines and a simple to-do list distractions slip in, and workers may be tempted to help a colleague with something or agree to a meeting with a potential new client. The process of time blocking gives accountability and a mini deadline. There is a clear directive, and everyone understands that certain hours will be dedicated just to one task.

Breaking a to-do list into daily, weekly or even monthly time blocks makes sure that those high priority tasks are completed, and everything else comes second.

When you create your team’s time blocks, always add a contingency into the timing. Tight turnarounds can increase pressure on individuals, and while some may thrive on this, others will crumble. The contingency should be a small amount of extra time in each block; up to 30 minutes is usually a good starter.

Another benefit is with fewer distractions comes efficiency. If you are self-managing a time block, then it’s worth switching off all your communications devices, such as your phone or notifications. Team leaders setting high priority tasks could add this to the time block. Suggesting that during individual blocks that all communication devices are set to ‘do not disturb’ this will give even more focus to ensure projects are completed without distraction.

Time blocking is also an excellent tool for setting realistic timelines. It can be easy to be pressured into quick turnarounds on projects. Still, it is better to underpromise and over deliver on time than it is to pressurize your team or set yourself impossible deadlines. The project manager should utilize the method as part of the pitching process, to enable them to know what is possible.

Saying ‘no’ to people isn’t always easy, mainly if it is an important client asking for a quick favour or one of your bosses calling you into a meeting. Having a dedicated time block allows you to turn down any interruptions that could cause a delay in the project while allowing you to see if you could fit it in during the rest of your day or week.

Finally, it sets our reminders on a deadline too. Many businesses are guilty of not completing a quote or a pitch for new work because live projects are getting in the way. Having an effective time blocking system will help remind you to reach out to new or past clients and ensure your after sales are on point, and you are still attracting new clients and projects.

How do I start time blocking?

It’s pretty simple to get started, especially if you are already an avid to-do lister.

The process should start with a simple list of everything you need to get done. You may find it easier to start with a day, or you might prefer to do a whole week or even a month.

Once you have your list set out, you then need to work out the order of priority, which jobs are most urgent, what order is best to do them in.

It’s then time to look at your working day. This will either be the time you are in an office, or if you work from home, you may decide to set your day up into the most productive times. This depends on your personal circumstances. Some remote workers prefer to work early in the morning or late at night.

The high priority jobs need to be allocated first and should happen when you feel you are at your most productive.

Your time blocking should also include moments in your day for rest, including mealtimes or socialization. A typical working day includes trips to the restroom, cups of tea and periods of exercise, by scheduling these into blocks, you will be more productive on your priority tasks. It can also help to leave one hour free, in case any emergencies or revisions come into your day. You can then move around your blocks. While the method does require commitment, it should also be able to move organically to fit with a realistic schedule.

Once you have set up a rough version of your time block, it’s time to move it onto a calendar. There are lots of different ways you can do this, including making your own and printing it out. Having a hard copy helps us access and stick to our tasks much easier. Setting the alarm on each time block will also help you know when its time to move on to the next project.

When you start to add your tasks to the calendar, use a colour-coded system. It helps to have a theme for personal and for work, then different colour selections for high priority and lower priority.

As you get used to working this method, you may find you complete tasks quicker than expected. If this is the case, you should move all your tasks back. You can use any time you have at the end of the day to complete lower priority tasks or to pat yourself on the back and take a well-earned rest.

The more you use time blocking, the more productive you will become. It may seem a little complicated to begin with; however, once you have formed the habit, you’ll make light work of building your projects into time blocks.

So, if you have been struggling with deadlines or managing multiple projects and people, this method is an excellent foundation for driving your business forward, building new strategies and helping guide your workforce and clients towards a healthier working day.

Long Hours of Screen Time? Here’s What You Should Do

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StrategyDriven Practices for Professionals Article |Screen Time|Long Hours of Screen Time? Here's What You Should DoMore and more of us are spending most of the day in front of a computer. All this time looking at the computer can have a real impact on your health and, without the proper support, there could be long term consequences too. We’ve all seen the pictures of what we might look like by the time we retire or how humanity could evolve and it’s genuinely scary.

Now that more people are working remotely, this is a good time to examine how you work and what is best for you. For many people, the realization that their chair at home is better or that they are more comfortable in a particular light has a significant impact. This is the moment that employees and employers alike should be considering the future of work – the where and the how.

So what should you consider?

Working in Comfort

Back problems and eye strain are classic symptoms of long hours in front of a screen. Many people experience headaches and tiredness as a result but you may also have tingling sensations and a bad mood too!

Let’s deal with eye strain first. Experts have created computer glasses to help people focus on screens that also reduce exposure to harmful blue light. A bit like reading glasses, these glasses are designed to bring a computer screen, which is usually a little farther away, into focus without making you strain. You should also take a few minutes each hour to stare off into the distance to allow your eyes to relax.

Back problems often come from sitting in a poorly designed chair for far too long. The first thing to do is to make sure that your chair is suitable for you. Even ergonomic chairs can be problematic, especially if you are shorter than 5’2”! But no matter how tall you are, the best way to sit in a chair is to have your feet comfortably flat on the ground (or possibly a stool), your back straight but not tense and whatever you are looking at should be at eye level.

Taking Breaks

Even with the most comfortable setup, you should still take regular breaks. Going for a walk in your lunch hour is ideal as this will get your body moving and prevent your muscles from seizing up. Walking is exceptionally good for your back as it is low impact and you can do it anywhere.

You might also like to think about whether you really need to spend so much time at the screen. You might find that some activities can be done with a pen and paper or through other techniques. When you take a more creative approach, you might even find you have more innovative ideas.

But let’s also consider what you do at home. If you get in from work and then spend the evening in front of the TV or yet another computer, you might like to think of alternative things to do, at least a few nights a week. Mix it up!

COVID-19 Brings An Entirely New Dimension To Risk Management

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StrategyDriven Risk Management Article |Risk Management Strategy|COVID-19 Brings An Entirely New Dimension To Risk ManagementRisk management has always been an essential pillar of managing a successful company. But the current global pandemic is bringing it into sharp relief and showing many firms that their existing strategies simply aren’t up to the task.

In the past, executives planned for a range of common disaster scenarios: data loss, power outages, flooding, and financial collapse. For many, though, the current pandemic came out of left field. The majority of bosses didn’t see it coming. It wasn’t even on their radar.

COVID-19 is a “white swan” event, not a black swan, according to Nicholas Taleb, the man who came up with the definition. He points out that the world knew about the risk of a global pandemic but instead chose it to ignore it. In his view, the coronavirus that started in China is something that was a known risk (like an asteroid impact). Therefore, it was something that people could plan for.

He contrasts it with the experience during the financial crisis where nobody could see how events might play out (because of the complexity of the financial system).

Risk management, therefore, needs to change fundamentally. Companies can no longer go about their business, assuming that everything will continue as usual. We’re now living in a world where every executive knows that things can come to a screeching halt overnight with practically no warning. The challenge is to ensure that companies survive.

So, what changes are we likely to see?

StrategyDriven Risk Management Article |Risk Management Strategy|COVID-19 Brings An Entirely New Dimension To Risk ManagementCompanies Will Insure Against More Known Risks

Now that executives have had a taste of real risk, we’re going to see them increase their demand for business interruption insurance. More companies will want to know that they have a safety net, should something similar happen in the future. Furlough schemes protect workers, but they don’t provide comprehensive cover to allow companies to escape tricky market conditions following a disaster. Even with government support, a lot of companies we know and love today won’t be here in the future.

Companies Will Save More

Over the last decade, companies have borrowed a tremendous amount of money. Part of it has to do with their desire to boost their stock price, but a large part of it has to do with the fact that borrowing is now so much cheaper. Capital was once scarce, but today, we live with an abundance of the stuff. This fact pushed interest rates down to the point today where the average firm can borrow at a couple of percent, perhaps less.

The current crisis, however, has revealed to executives how dependent they are on lines of credit. If the money dries up in the future because of some catastrophic event, they will need to fall back on their reserves. And, currently, they don’t have much of those. Most firms are living on a knife-edge, unnecessarily.

Risk management practices are likely to change substantially, moving forward. Companies have had a taste of what an economic catastrophe looks like, and they’ll be planning so that they aren’t wrong-footed by the next one.