Life As a Real Estate Broker
Position 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.
A Day in the Life of a Real Estate Broker
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
- Arrange for financing of property purchases.
- Appraise property values, assessing income potential when relevant.
- Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
- Obtain agreements from property owners to place properties for sale with real estate firms.
- Give buyers virtual tours of properties in which they are interested, using computers.
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Real Estate Broker Skills
Real Estate Brokers state the following job skills are important in their day-to-day work.
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
- Buyer Broker
- Managing Broker
- Licensed Real Estate Broker
- Real Estate Manager
- Realty Specialist
Job Opportunities for Real Estate Brokers
In 2016, there was an estimated number of 95,300 jobs in the United States for Real Estate Broker. 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.
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 average yearly salary of a Real Estate Broker ranges 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 |
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
- Domin-8 Enterprise Solutions Tenant Pro
- London Computer Systems Rent Manager
- Property Boulevard
- Showing Suite
- Yardi Systems Yardi Voyager Commercial
Becoming a Real Estate Broker
Individuals working as a Real Estate Broker have obtained the following education levels:
How Long Does it Take to Become a Real Estate Broker?
Where Real Estate Brokers Are Employed
The table below shows the approximate number of Real Estate Brokers employed by various industries.
Similar Careers
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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