Broker Job Description
Brokers facilitate a variety of business transactions, such as real estate deals, by acting as an intermediary between the parties involved. Brokers build and maintain customer relationships, execute sales and complete administrative duties, such as document preparation, and follow-up with customers. Customer service is a crucial component of the Broker’s job; they are responsible for ensuring and maintaining customer satisfaction.
Brokers work within a wide variety of private industries, and typically work within a company’s sales department. They work below sales managers and supervisors, and it’s often seen as a starting position for people interested in sales.. The job forecast for Brokers varies based on industry. Demand for Insurance Brokers, for instance, is forecast to in crease 9 percent through 2024, according to the Bureau of Labor Statistics, while job growth for Insurance Brokers is expected to increase 4 percent during the same period.
Broker Duties and Responsibilities
In order to oversee all aspects of a company’s sales, a Broker performs many different tasks. We analyzed job listings for Brokers in order to identify these core duties and responsibilities.
Assess Customer Need
The Broker must be very knowledgeable in regards to their company’s products and services, being able to answer any customer questions, advise customers and guide them toward a product or service that fits their needs. It is critical that the Broker be able to discuss company function and offerings articulately and accurately. Brokers are often required to continually update their knowledge through training and educational programs.
Provide Customer Service
Providing excellent customer service is integral to the Broker role. They are often responsible for creating potential customer and client relationships, which includes documenting comprehensive customer information. Brokers must work to maintain these relationships by continually assessing customer needs, identifying client concerns, recommending solutions, and following up regularly. The Broker will also collaborate with other teams to provide recommendations for the improvement of customer experience.
A Broker’s ultimate goal is to successfully close deals. This includes getting sellers and buyers on the same page in regard to price and terms of the deal. Often, Brokers must act as a mediator between the parties, making sure that their concerns and desires are addressed.
After completing deals, the Broker is then responsible for preparing and completing all the necessary documentation and paperwork for the sale, often requiring some knowledge of local and federal laws and regulations regarding sales, trading and taxation. They must then process the transaction, ensuring that the customer is accurately charged and all necessary receipts and invoices are given and filed.
Brokers are relationship builders who ensure customer satisfaction. They exhibit excellent interpersonal skills and are enthusiastic, persuasive and likeable communicators. They are also highly detail-oriented and organized perfectionists who ensure that all aspects of the brokerage process run smoothly. They are intelligent people who learn quickly, pick up and store large quantities of information and are highly articulate.
Core skills: Based on job listings we looked at, employers want Brokers with these core skills. If you want to work as a Broker, focus on the following.
- Proving ability to build relationships with customers
- Showing proficiency in common computer programs, such as Microsoft Word and Excel
- Demonstrating a solid understanding of business and their product
- Possessing sales and customer service experience
- Having experience dealing with high volume of calls and e-mails
Advanced skills: While most employers did not require the following skills, multiple job listings included them as preferred. Add these to your Broker toolbox and broaden your career options.
- Industry-specific brokerage license
- Industry-specific experience
- Finance or business administration experience
- Brokerage or sales experience
We searched the Web to find the best industry resources to help you continue exploring a career as a Broker. From thought leaders to industry groups, this list is packed with opportunities to learn, connect and engage.
On the Web
Casualty 360 Blog – Agent and broker blog
The Reformed Broker – Posts from a financial adviser
The Business Broker Blog – Tips and news from business brokers
NAREB – National Association of Real Estate Brokers
NAHU – National Association of Health Underwriters
International Business Brokers Association – International group of business brokers
Start Your Own Freight Brokerage Business – A Step-by-Step Guide
Business Brokerage – An Opportunity for Real Estate Professionals
The Art of Business Brokerage – How to List and Sell Businesses
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