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What You Need to Know About Real Estate Broker

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

  • Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
  • Review property details to ensure that environmental regulations are met.
  • Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
  • Supervise agents who handle real estate transactions.
  • Sell, for a fee, real estate owned by others.
  • Give buyers virtual tours of properties in which they are interested, using computers.

What Every Real Estate Broker Should Know

Below is a list of the skills most Real Estate Brokers say are important on the job.

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.

  • Lease Analyst
  • Realty Loan Specialist
  • Buyer Broker
  • Real Estate Associate
  • Realtor

Job Opportunities 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.

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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.

How Much Does a Real Estate Broker Make?

The average yearly salary of a Real Estate Broker ranges between $22,750 and $163,540.

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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
  • 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:

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

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Where Real Estate Brokers Are Employed

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The table below shows some of the most common industries where those employed in this career field work.

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Those interested in being a Real Estate Broker may also be interested in:

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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