Job Description of a Broker: Brokers are persons who are responsible for arranging purchases or trades between buyers and sellers, or advising on options. Brokers are generally expected to be reasonable, fair, Level –headed and charismatic. The hours vary, but tend to be 8 hour shifts. Being a Broker is a good job for many people, but the key traits to have are a good knowledge of the value of things, helpful, intuitive and capable of negotiating.
Entry Requirements
To become a Broker you must be able to understand the various economies in which you are working. It is wise to become a broker if you have extensive knowledge in the market you work in, and many contacts. You will act as a point of mutual benefit for both buyers and sellers, as your buyers will know that you know the best options in your market, and sellers will know that you are providing buyers the right product and securing them business, and in return will give your buyer a good price, and you will receive a commission.
Responsibilities and Duties
Standard duties vary from day to day and depend on the kind of broker you are. Brokers will often be responsible for meeting with buyers to find out what needs they have. You will be expected to find what it is they require at the most suitable price and term to the client. This will entail looking at the market and matching buyers and their needs to sellers and their products. You might also be responsible for offering a comparison, or a variety. You may also work directly for sellers, looking for suitable buyers for their products. You might also be responsible for selling your own products, or selling on behalf of your own company- for example stock brokers may own an amount of their own stocks or shares in a company in order to sell at the right time for the right price. Insurance brokers deal with customers wanting insurance, and will work with various providers to find them the best deal in return for commission. Real estate brokers deal primarily with properties for sale. Sponsorship brokers deal with finding sponsorship funding for events or companies in return for advertising for the company providing the sponsorship.
Working Hours
These may vary depending on the duties and job you are doing. Many Brokers work in offices and between the hours of 8am and 6pm. The shifts are usually 8-12 hours.
Skills and Training Development
Brokers can expect to progress through their careers with improving skills and knowledge as well as time served. You might find yourself promoted to Chief Broker. You can also consider setting up your own brokerage firm, or going into business management or business coaching. Brokers hold a lot of knowledge on buying and selling trends and as such will always be employable in many fields.
Average Salary of a Broker
The Average Salary for a Trainee Broker is £20,000
The Average Salary for a Qualified Broker is £35,000
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