Expert: Mike Fortunato - 11/20/2008

Question
Mr. Fortunato.

I hope you can help me! I'm a professional published writer. A character in the novel I am writing is a real estate broker with a successful business.  He is interested in getting involved in a new project being planned:  A development of green family homes or condos.

Question:  In what function or capacity could he become actively involved (not passive investment)?  What sort of tasks, work or assigments could he perform?

I'm hoping I don't sound too ignorant, but then, I am!  Your help will be much appreciated!

Karen

Answer
Ordinarily, a broker's role in a new development would be to handle marketing the homes to would-be buyers. The broker is not usually involved with the development or operational aspects of the project, unless they have a role as a principal investor. An exception might be if the broker is hired as a consultant during the planning stages to help determine likely market value of the houses as the developer creates a proforma.

Marketing the homes would include the usual functions any real estate broker would undertake: advertising, listing them on the MLS (multiple listing service), contacting investors through his network of associates, open houses, web site exposure, etc.  He/she would also handle the sales transactions through to completion, and may also be involved at some level in financing the deal.