As a broker you gain is only from commissions. When one is in view, ask for a commission protection agreement, usually called a Fee Protection Agreement, FPA, from whoever is to pay you. It is common to see parties default in the payment. Should that happen, the FPA will be your legal document to sue for your money.
To enable discussions between a buyer and a seller proceed smoothly, they often ask for all parties to sign an NCND Agreement so that the broker can step aside without fear of being sidelined. Making this concession ensures the smooth running of the discussions but could be disastrous for the broker. Yet this does not mean that the broker must stand between the buyer and the seller, wheeling back and forth messages between them. No serious buyer or seller will accept this. A broker, instead, should give a buyer and a seller direct contact to each other but insist that they send him copies of the messages they exchange. This is to enable you follow the discussions. Should the parties fail to comply, you must insist that they do so. If they persist, don't hesitate to withdraw your offer.
Receiving copies of mails exchanged between your buyer and your seller is crucial for some reasons. First of all, it enables you to know how the business is going. Sometimes matters stall as a buyer or a seller might prefer to give his attention to another business and you will need to prod the discussions. Also, when you don't participate in the discussions and all of a sudden one of the partners informs you that the deal did not go through, that leads to a lot of suspicion. But the worst doubts come when, worried by the silence, you ask the parties for a feedback only to be told that the deal has fallen through. But that is even better than when you leave a buyer and a seller to discuss between themselves and in the heat of the negotiations they omit you in the apportioning of the commission. If you are lucky, all the parties may decide to give you is a token fee.
Working online means receiving emails, often with attachments. Virus-infested mails abound these days. You must therefore protect your computer and the valuable data stored on it with the latest anti-virus programmes. Many are available, like Norton, McAfee, etc. Buy the one which will automatically remind you constantly to update the program online and free of charge. This will allow you to avoid the attack of new viruses. An outdated virus scan program cannot detect them.
You are serious about your brokerage business and you want to take it far. Your dream is legitimate and achievable. So take these steps so that neither man (or woman) nor virus can disturb it.
