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What Does it Take to Be a Real Estate Broker?

Example of a 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.

A Day in the Life of a Real Estate Broker

  • Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
  • Arrange for financing of property purchases.
  • Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
  • Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
  • 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.

Skills Needed to be a Real Estate Broker

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.

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.

Negotiation: Bringing others together and trying to reconcile differences.

  • Broker Assistant
  • Real Estate Broker
  • Realtor
  • Realty Specialist
  • Dealer

Is There Going to be Demand for Real Estate Brokers?

There were about 95,300 jobs for Real Estate Brokers in 2016 (in the United States).

New jobs are being produced at a rate of 4.9% which is lower than average. The Bureau of Labor Statistics predicts 4,700 new jobs for Real Estate Brokers 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 Brokers are North Carolina, California, and Florida.

Watch out if you plan on working in Illinois, West Virginia, or Wyoming. These states have the worst job growth for this type of profession.

Salary for Real Estate Brokers

The salary for Real Estate Brokers ranges between about $22,750 and $163,540 a year. The median salary is $58,210.

Salary Ranges for Real Estate Brokers

How much do Real Estate Brokers make in different U.S. states?

Annual Mean Salary by State
State Annual Mean Salary

Illinois

$103,430

Connecticut

$101,930

New Mexico

$98,350

Wisconsin

$97,970

Texas

$96,630

Maryland

$96,030

Nevada

$88,460

California

$86,000

Virginia

$85,690

New York

$85,190

Indiana

$83,090

Oregon

$79,490

Delaware

$76,560

Ohio

$75,080

District of Columbia

$74,740

Hawaii

$74,650

Alaska

$74,320

Michigan

$72,390

Maine

$72,150

Tennessee

$71,850

South Carolina

$71,360

New Hampshire

$70,180

North Dakota

$70,130

Washington

$69,280

Arizona

$65,460

Mississippi

$65,430

Florida

$65,230

Iowa

$65,030

North Carolina

$64,740

Nebraska

$64,300

Arkansas

$62,440

Vermont

$62,410

Oklahoma

$61,410

Kentucky

$61,120

Minnesota

$60,860

Colorado

$60,680

Georgia

$60,130

Missouri

$59,780

Kansas

$56,040

Utah

$49,440

Idaho

$47,490

West Virginia

$46,430

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 Outlook
  • Microsoft Excel
  • Intuit QuickBooks
  • Microsoft PowerPoint
  • Adobe Systems Adobe Photoshop
  • Microsoft Word
  • Microsoft Office

How do I Become a Real Estate Broker?

What education or degrees do I need to become a Real Estate Broker?

Real Estate Broker Degree Level

How many years of work experience do I need?

Real Estate Broker Work Experience

Where Real Estate Brokers Are Employed

Real Estate Broker Sectors

You May Also Be Interested In…

Those thinking about becoming Real Estate Brokers might also be interested in the following careers:

  • Singers
  • Travel Guides

References

Bureau of Labor Statistics

College Factual

O*NET Online

Image Credit: Via Wikimedia Commons

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