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All About Real Estate Brokers
Real Estate Broker Definition 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?
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
- Give buyers virtual tours of properties in which they are interested, using computers.
- Rent properties or manage rental properties.
- Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
- Compare a property with similar properties that have recently sold to determine its competitive market price.
- Obtain agreements from property owners to place properties for sale with real estate firms.
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What Skills Do You Need to Work as a Real Estate Broker?
These are the skills Real Estate Brokers say are the most useful in their careers:
Speaking: Talking to others to convey information effectively.
Reading Comprehension: Understanding written sentences and paragraphs in work related documents.
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.
Critical Thinking: Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.
Negotiation: Bringing others together and trying to reconcile differences.
Related Job Titles
- Broker Associate
- Broker Assistant
- Real Estate Specialist
- Realty Specialist
- Real Estate Broker
Job Demand for Real Estate Brokers
In the United States, there were 95,300 jobs for Real Estate Broker in 2016. 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. Due to new job openings and attrition, there will be an average of 9,300 job openings in this field each 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.
Salary for a Real Estate Broker
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 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
- Domin-8 Enterprise Solutions Tenant Pro
- London Computer Systems Rent Manager
- Property Boulevard
- Showing Suite
- Yardi Systems Yardi Voyager Commercial
How to Become a Real Estate Broker
What kind of Real Estate Broker requirements are there?
How many years of work experience do I need?
Where Real Estate Brokers Work
Real Estate Brokers work in the following industries:
Other Jobs You May be Interested In
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References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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