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What Does it Take to Be a Real Estate Broker?

Real Estate Broker Job Description 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

  • 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.
  • Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
  • Obtain agreements from property owners to place properties for sale with real estate firms.
  • Review property details to ensure that environmental regulations are met.
  • Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
  • Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.

Real Estate Broker Needed Skills

These are the skills Real Estate Brokers say are the most useful in their careers:

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

  • Managing Broker
  • Buyer Broker
  • Designated Broker
  • Lease Analyst
  • Dealer

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.

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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.

What is the Average Salary of a Real Estate Broker

The typical yearly salary for Real Estate Brokers is somewhere between $22,750 and $163,540.

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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

What Tools & Technology do Real Estate Brokers Use?

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

Learn what Real Estate Broker education requirements there are.

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How many years of work experience do I need?

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Where do Real Estate Brokers Work?

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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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You May Also Be Interested In…

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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