A broker is someone who buys and sells orders on behalf of investors or clients. A broker also acts as an advocate for the client in exchange for a fee. There are several different types of brokers, such as real estate brokers, stockbrokers, bill-and-notes brokers, insurance brokers and freight brokers.The following are examples of some types of brokers and their basic duties:
Real estate brokers represent a seller to get a listed property sold. Their role is to advertise the property, assess market values and show the property to potential buyers.
Stockbrokers buy and sell stocks and bonds for investors. They use their contacts and resources to maximize potential earnings and satisfy client goals.
Bill-and-notes brokers manage promissory notes and bills of exchange in return for payment.
Insurance brokers owe allegiance to the client, acting as middlemen between the insured person and an insurance company. They have no affiliation with a company and act solely on behalf of the client.
Freight brokers arrange the shipment of goods for clients. They only play an intermediary role in cargo shipments, acting as a negotiator between the shipper and carrier. However, freight brokers serve the interests of the shipper and carrier. They use their resources, knowledge and skills to make sure that both parties are satisfied with the transaction.