All About Real Estate Brokers
Example of Real Estate Broker Job 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.
Daily Life Of a Real Estate Broker
- 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.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Maintain working knowledge of various factors that determine a farm’s capacity to produce, such as agricultural variables and proximity to market centers and transportation facilities.
- Sell, for a fee, real estate owned by others.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
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Real Estate Broker Skills
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.
Types of Real Estate Broker Jobs
- Realty Loan Specialist
- Real Estate Specialist
- Buyer Broker
- Real Estate Associate
- Dealer
Are There Job Opportunities 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. The BLS estimates 9,300 yearly job openings in this field.
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 Salary
Real Estate Brokers make between $22,750 and $163,540 a year.
Real Estate Brokers who work in Tennessee, Connecticut, or Texas, make the highest salaries.
Below is a list of the median annual salaries for Real Estate Brokers in different U.S. states.
| 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 |
Tools & Technologies Used by Real Estate Brokers
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 Long Does it Take to Become a Real Estate Broker?
Real Estate Brokers Sector
The table below shows the approximate number of Real Estate Brokers employed by various industries.
Related Careers
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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