All About Real Estate Brokers
Job Description & Duties Operate real estate office, or work for commercial real estate firm, overseeing real estate transactions. Other duties usually include selling real estate or renting properties and arranging loans.
Life As a Real Estate Broker: What Do They Do?
- Arrange for financing of property purchases.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
- Manage or operate real estate offices, handling associated business details.
- Develop, sell, or lease property used for industry or manufacturing.
- Give buyers virtual tours of properties in which they are interested, using computers.
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What a Real Estate Broker Should Know
These are the skills Real Estate Brokers say are the most useful in their careers:
Speaking: Talking to others to convey information effectively.
Active Listening: Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Negotiation: Bringing others together and trying to reconcile differences.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Types of Real Estate Broker
- Dealer
- Realtor
- Real Estate Specialist
- Real Estate Salesperson
- Closing Agent
Is There Job Demand for Real Estate Brokers?
There were about 95,300 jobs for Real Estate Broker in 2016 (in the United States). New jobs are being produced at a rate of 4.9% which is below the national average. The Bureau of Labor Statistics predicts 4,700 new jobs for Real Estate Broker by 2026. There will be an estimated 9,300 positions for Real Estate Broker per year.
The states with the most job growth for Real Estate Broker are Utah, Tennessee, and Wisconsin. Watch out if you plan on working in West Virginia, Illinois, or Wyoming. These states have the worst job growth for this type of profession.
Real Estate Broker Average Salary
The salary for Real Estate Brokers ranges between about $22,750 and $163,540 a year.
Real Estate Brokers who work in Tennessee, Connecticut, or Texas, make the highest salaries.
How much do Real Estate Brokers make in each U.S. state?
| State | Annual Mean Salary |
|---|---|
| Alaska | $74,320 |
| Arizona | $65,460 |
| Arkansas | $62,440 |
| California | $86,000 |
| Colorado | $60,680 |
| Connecticut | $101,930 |
| Delaware | $76,560 |
| District of Columbia | $74,740 |
| Florida | $65,230 |
| Georgia | $60,130 |
| Hawaii | $74,650 |
| Idaho | $47,490 |
| Illinois | $103,430 |
| Indiana | $83,090 |
| Iowa | $65,030 |
| Kansas | $56,040 |
| Kentucky | $61,120 |
| Maine | $72,150 |
| Maryland | $96,030 |
| Michigan | $72,390 |
| Minnesota | $60,860 |
| Mississippi | $65,430 |
| Missouri | $59,780 |
| Nebraska | $64,300 |
| Nevada | $88,460 |
| New Hampshire | $70,180 |
| New Mexico | $98,350 |
| New York | $85,190 |
| North Carolina | $64,740 |
| North Dakota | $70,130 |
| Ohio | $75,080 |
| Oklahoma | $61,410 |
| Oregon | $79,490 |
| South Carolina | $71,360 |
| Tennessee | $71,850 |
| Texas | $96,630 |
| Utah | $49,440 |
| Vermont | $62,410 |
| Virginia | $85,690 |
| Washington | $69,280 |
| West Virginia | $46,430 |
| Wisconsin | $97,970 |
What Tools & Technology do Real Estate Brokers Use?
Although they’re not necessarily needed for all jobs, the following technologies are used by many Real Estate Brokers:
- Microsoft Excel
- Microsoft Word
- Microsoft Office
- Microsoft PowerPoint
- Microsoft Outlook
- Web browser software
- Adobe Systems Adobe Photoshop
- Intuit QuickBooks
- Microsoft Internet Explorer
- Customer relationship management CRM software
- Google Earth Pro
- Propertyware
- Showing Suite
- Yardi Systems Yardi Voyager Commercial
- Property Boulevard
- Domin-8 Enterprise Solutions Tenant Pro
- London Computer Systems Rent Manager
How to Become a Real Estate Broker
Individuals working as a Real Estate Broker have obtained the following education levels:
How Long Does it Take to Become a Real Estate Broker?
Where Real Estate Brokers Are Employed
Real Estate Brokers work in the following industries:
Other Jobs You May be Interested In
Those thinking about becoming a Real Estate Broker might also be interested in the following careers:
References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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