Real Estate Brokers in Minnesota
Considering working as a Real Estate Brokers in Minnesota? Here’s what the data says. 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.
What do Real Estate Brokers Make in Minnesota?
For a real estate brokers working in Minnesota, wages run about $66,310 per year (or about $31.88/hour).Annual wages span from $31,940 at the 10th percentile to $92,540 at the 90th percentile.
| Wage Statistic | Annual | Hourly |
|---|---|---|
| 10th percentile | $31,940 | $15.36 |
| 25th percentile | $63,890 | $30.72 |
| Median (50th) | $66,310 | $31.88 |
| 75th percentile | $82,240 | $39.54 |
| 90th percentile | $92,540 | $44.49 |
Location quotient — how concentrated this career is in Minnesota nationwide is 1.16, indicating that real estate brokers are more concentrated here than the national average.
National Wage Comparison
Nationally, real estate brokers earn a median of $36,148 per year ($17.38/hour), exceeding the Minnesota median.
Employment Outlook
National employment for 981,510 real estate brokers in the U.S.. In Minnesota alone, around 1,090 people work in this role. That’s higher than the typical state, which employs around 550 real estate brokers.
Top Minnesota Metros for Real Estate Brokers
The largest metro-area employers of real estate brokers in Minnesota.
| Metro Area | Number Employed | Annual Median Salary |
|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | 980 | $66,310 |
Top States for Real Estate Brokers Employment
View the states that employ the most real estate brokers work.
| State | Number Employed |
|---|---|
| California | 7,250 |
| Georgia | 4,160 |
| Texas | 3,370 |
| Oregon | 1,620 |
| Illinois | 1,620 |
| Virginia | 1,580 |
| Missouri | 1,580 |
| South Carolina | 1,490 |
| North Carolina | 1,330 |
| Pennsylvania | 1,100 |
| Minnesota | 1,090 |
| Indiana | 840 |
| Iowa | 740 |
| Wisconsin | 710 |
| Michigan | 660 |
| Louisiana | 550 |
| Tennessee | 550 |
| Kansas | 460 |
| Alabama | 450 |
| Ohio | 400 |
Highest-Paying States for Real Estate Brokers
Where real estate brokers earn the most: real estate brokers.
| State | Annual Median Salary |
|---|---|
| Iowa | $116,920 |
| Massachusetts | $112,180 |
| New York | $94,170 |
| New Jersey | $92,890 |
| Connecticut | $90,910 |
| Nevada | $86,730 |
| Maryland | $82,500 |
| Vermont | $82,270 |
| California | $82,050 |
| Washington | $81,450 |
Skills
Key real estate brokers skills, rated on an importance scale of 0 to 5:
Knowledge Areas
Key knowledge areas for this occupation, rated on an importance scale of 0 to 5:
Abilities
Key abilities for real estate brokers, rated on an importance scale of 0 to 5:
Daily Tasks
Real Estate Brokers typically:
- Sell, for a fee, real estate owned by others.
- Obtain agreements from property owners to place properties for sale with real estate firms.
- Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
- Manage or operate real estate offices, handling associated business details.
- Compare a property with similar properties that have recently sold to determine its competitive market price.
- Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
- Rent properties or manage rental properties.
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of a property's area.
- Arrange for title searches of properties being sold.
Work Activities
- Getting Information
- Establishing and Maintaining Interpersonal Relationships
- Updating and Using Relevant Knowledge
- Working with Computers
- Organizing, Planning, and Prioritizing Work
- Performing Administrative Activities
- Communicating with People Outside the Organization
- Selling or Influencing Others
- Identifying Objects, Actions, and Events
- Making Decisions and Solving Problems
- Documenting/Recording Information
- Analyzing Data or Information
Tools & Technology
Software and systems commonly involved: Hot technologies: Adobe Photoshop, Facebook In-demand technologies: Microsoft Office software
What Major Will Prepare You For This Career?
Several college majors map to this occupation:
- Real Estate
- Real Estate Development
Featured schools near , edit
Related Careers
Careers similar to real estate brokers include:
- Property, Real Estate, and Community Association Managers
- Wholesale and Retail Buyers, Except Farm Products
- Purchasing Agents, Except Wholesale, Retail, and Farm Products
- Appraisers of Personal and Business Property
- Appraisers and Assessors of Real Estate
- Credit Analysts
Also Known As
Broker, Broker Associate, Buyer Broker, Buyers Agent, Closing Agent, Contract Specialist, Dealer, Designated Broker, Lease Administration Analyst, Lease Analyst, Lease Coordinator, Leasing Professional, Leasing Specialist, Licensed Real Estate Broker, Loan Specialist.
References
- U.S. Bureau of Labor Statistics, Occupational Employment and Wage Statistics — https://www.bls.gov/oes/
- O*NET Online — https://www.onetonline.org/
- BLS Employment Projections — https://www.bls.gov/emp/
- O*NET-SOC code: 41-9021.00
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