Life As a Real Estate Broker
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.
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.
- Appraise property values, assessing income potential when relevant.
- Arrange for financing of property purchases.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Give buyers virtual tours of properties in which they are interested, using computers.
- Sell, for a fee, real estate owned by others.
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Qualities of a Real Estate Broker
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.
Types of Real Estate Broker
- Realtor
- Designated Broker
- Managing Broker
- Dealer
- Licensed Real Estate Broker
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.
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 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.
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 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
Are there Real Estate Brokers education requirements?
What work experience do I need to become a Real Estate Broker?
Where Real Estate Brokers Work
The table below shows some of the most common industries where those employed in this career field work.
Other Jobs You May 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
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