What Do Real Estate Broker Do?
Job Description & Duties 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.
List of Real Estate Broker Job Duties
- Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
- Manage or operate real estate offices, handling associated business details.
- Arrange for financing of property purchases.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
- Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
- Supervise agents who handle real estate transactions.
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Things a Real Estate Broker Should Know How to Do
When polled, Real Estate Brokers say the following skills are most frequently used in their jobs:
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.
Related Job Titles for this Occupation:
- Realty Specialist
- Real Estate Closer
- Dealer
- Licensed Real Estate Broker
- Lease Administration Analyst
Real Estate Broker Job Outlook
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.
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
The typical yearly salary for Real Estate Brokers is somewhere between $22,750 and $163,540.
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
Becoming a Real Estate Broker
Education needed to be a Real Estate Broker:
What work experience do I need to become a Real Estate Broker?
Real Estate Brokers Sector
Below are examples of industries where Real Estate Brokers work:
Related Careers
Those thinking about becoming a Real Estate Broker might also be interested in the following careers:
References:
Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International
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