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What is transaction broker?



We already know that the transaction broker has become the latest innovation in business transactions in the present era and has grown significantly since the beginning of the 21st century. Talk about brokerage transactions means talking about e-commerce itself is everything that related and involves with a buying and selling transaction activities. Then Products and services use electronic payment processors. This could be business-to-business (B2B) or business-to-consumer transactions. The process of business activity takes place on the Internet. The task of a transaction broker is to assist from any transactional activities of buyers and sellers by bringing them along with the necessary platforms provided where products and services are traded for value. With such activities, a broker will earn a commission every time a sales transaction.

Contributor:
Rahmawati Yulistia

Transaction broker definition

We know that In the past, full service brokers are one way to simplify the sale and purchase transactions using real estate agents. The broker will get and take the commission. This is done to assist us in finding the property or the buyer and to manage and handle the problems of various legal documents and other details relating to the sale and purchase transactions. This is evident in the current conditions, that many of the various countries do sales and purchase transactions. Here more sellers can use transaction brokers, which enable to act as a professional assistant or counselor.

Transaction broker is a site used to process transactions for consumers whose processes are handled directly, either by phone or by mail. Transaction brokers provide real estate services with third parties that deal directly with buyers and sellers. For A real estate agent, they are legally bound to help from one party in a real estate transaction. It is called a single agency. However, the transaction broker will remain neutral in terms of the law, and may assist the buyer and seller in the transaction and no less. Instead of action as an agent for the buyer or seller, the transaction broker may be described as a professional assistant. Instead of a percentage of sales, transaction brokers often charge a fixed fee.





How the transaction broker work

In the process of working Broker transactions have several tasks in assisting in the transaction process, among which is the broker of the transaction:

  1. Can assist buyers in preparing various things binding with their offerings in the buying process,
  2. Helping the transaction process and for the buyer's broker also play a role in helping the seller to determine the amount of price level to be requested,
  3. Help facilitate in communicating between buyer and seller or can be said to act as a third party in process of sale and purchase transaction,
  4. Helps in writing Contracts set by sellers and buyers,And helps buyers and sellers to meet various contract requirements and ease in closing process.

But Although here the transaction broker's duties, it is not legally responsible to the buyer or seller. What is not less important is that Brokers buy and sell transactions are required by law to act honestly in all transaction processes, and to be more careful in the care and skills in performing their duties.


The important of transaction broker

Broker transactions are important because the nature of the transaction brokers has no fiduciary responsibility to any one of the parties in a real estate transaction, they have reduced their duties and responsibilities compared to real estate agents. This means showing that they can offer a variety of services with a benchmark A much lower price compared to a broker or a traditional agent. In addition to that, most real estate agents offer often offer a complete package of services, by setting a fixed price. Transaction brokers have more opportunities to offer a variety of services desired or required by customers or consumers, and they only charge for services used . For a buyer, they will gain an additional benefit from this activity, namely that legally the buyer is not entirely responsible for any transaction broker action, as is the case with traditional agents

And equally important, we now know that in general, intermediary transactions are no longer legal in most states. For example, Florida and Colorado are the first two states to permit transactions brokers, and it is very common for these states. It is also a very easy opportunity for many states to change the practice of double brokers. Another example is a real estate agent in Texas should represent the buyer, and for the seller must operate as a double broker.

One thing that is not less important than the profitable broker of the transaction is the main value proposition of online transaction brokers is money and time savings. As well as providing an excellent inventory of financial products, in one location. Online stock brokers and travel booking services charge much lower than traditional versions of these services.

But of the several benefits mentioned above, Brokerage deals can not be separated from weaknesses.
  1. The upfront cost of implementing the website can be surprising especially for beginners.
  2. A monthly cash flow is required for maintenance
  3. Return of investment is not guaranteed
  4. Security concerns such as Customer fraud, hackers
  5. Lack of personal interaction

Besides that there is another weakness that is, that broker transaction is not legal


Conclusion

We can concluded that e-commerce is largely uncharted, but statistics have shown that the future of business is on the Internet. E-commerce will not completely replace the process of traditional shopping activities, but will provide a wider range of options to traders and consumers. Small businesses are at the forefront of this movement because they have many advantages over the growing community of e-commerce users. Businesses that use and use the web to buy, sell, distribute, and maintain products / services can realize significant cost savings and attract more customers with customers

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