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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.
A Day in the Life of a Real Estate Broker
- Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
- Appraise property values, assessing income potential when relevant.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
- Arrange for title searches of properties being sold.
- Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
- Review property details to ensure that environmental regulations are met.
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Skills Needed to be a Real Estate Broker
When polled, Real Estate Brokers say the following skills are most frequently used in their jobs:
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.
Related Job Titles
- Designated Broker
- Lease Administration Analyst
- Realty Loan Specialist
- Broker Associate
- Buyer Broker
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. 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.
Do Real Estate Brokers Make A Lot Of Money?
The typical yearly salary for Real Estate Brokers is somewhere between $22,750 and $163,540.
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 |
Tools & Technologies Used by Real Estate Brokers
Below is a list of the types of tools and technologies that Real Estate Brokers may use on a daily basis:
- 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 do I Become a Real Estate Broker?
Learn what Real Estate Broker education requirements there are.
How Long Does it Take to Become a Real Estate Broker?
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References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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