Life As a Real Estate Broker
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.
Daily Life Of a Real Estate Broker
- Review property details to ensure that environmental regulations are met.
- Arrange for financing of property purchases.
- Obtain agreements from property owners to place properties for sale with real estate firms.
- Develop, sell, or lease property used for industry or manufacturing.
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
- Manage or operate real estate offices, handling associated business details.
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Things a Real Estate Broker Should Know How to Do
Real Estate Brokers state the following job skills are important in their day-to-day work.
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.
Other Real Estate Broker Job Titles
- Broker Assistant
- Realty Loan Specialist
- Supervising Broker
- Real Estate Salesperson
- Realty Specialist
Job Demand 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.
Real Estate Broker Salary
Real Estate Brokers make between $22,750 and $163,540 a year.
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 |
What Tools 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
What education is needed to be a Real Estate Broker?
How many years of work experience do I need?
Where do Real Estate Brokers Work?
Real Estate Brokers work in the following industries:
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References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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