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What Do Real Estate Broker Do?

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.

List of Real Estate Broker Job Duties

  • Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
  • Appraise property values, assessing income potential when relevant.
  • Compare a property with similar properties that have recently sold to determine its competitive market price.
  • Develop, sell, or lease property used for industry or manufacturing.
  • 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.
  • Arrange for title searches of properties being sold.

What Skills Do You Need to Work as 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.

Types of Real Estate Broker

  • Real Estate Sales Associate
  • Real Estate Closer
  • Real Estate Manager
  • Broker Assistant
  • Designated Broker

What Kind of Real Estate Broker Job Opportunities Are There?

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. Due to new job openings and attrition, there will be an average of 9,300 job openings in this field each year.

Forecasted Number of Jobs for Real Estate Brokers in U.S.

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.

Average Real Estate Brokers Salary

The salary for Real Estate Brokers ranges between about $22,750 and $163,540 a year.

Salary Ranges for Real Estate Brokers

Real Estate Brokers who work in Tennessee, Connecticut, or Texas, make the highest salaries.

How much do Real Estate Brokers make 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

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 to Become a Real Estate Broker

Individuals working as a Real Estate Broker have obtained the following education levels:

Real Estate Broker Degree Level

How Long Does it Take to Become a Real Estate Broker?

Real Estate Broker Work Experience

Real Estate Brokers Sector

Real Estate Broker Sectors

The table below shows the approximate number of Real Estate Brokers employed by various industries.

Real Estate Broker Industries

Similar 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

More about our data sources and methodologies.

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