What do Real Estate Brokers?
Have you ever considered a career in real estate, sales, or finance? If so, the real estate brokerage industry does a great job at combining all three of these fields. As a real estate broker, you will be responsible for facilitating transactions between buyers and sellers. The majority of brokers are employed by residential real estate firms, but many may find their niche in the commercial properties market. Unlike real estate agents, brokers are licensed to manage their own real estate businesses, and operate independently of major agencies. This is a great career if you enjoy helping people find new homes, or if you simply hope to own your own business.
Real Estate Brokers Skills and Abilities
This is a sales-heavy career, and the ideal candidate should be comfortable with basic sales techniques. Brokers will also be expected to possess in-depth knowledge of the local real estate market, and the behavior of the economy at the national level. Since brokers work independently, you will need to learn the ins and outs of running and managing your own business. Brokers oversee large financial transactions, and knowledge of state, local, and federal housing laws will be required. Workers in this industry should be knowledgeable of the geographic location in which they operate, and be able to recommend neighborhoods and developments to clients.
Real Estate Brokers Duties
The primary function of a real estate broker is to sell property owned by others for a fee. Brokers may also help clients find prospective properties and arrange showings. During negotiations, brokers act as intermediaries between sellers and potential buyers. Workers in this field employ an organized system of real estate listings, and use these listings to recommend properties that fit the needs of clients. In order to negotiate fair prices, your knowledge of comparable listings will be utilized during the negation process. Real estate brokers may also:
- Rent or manage rental properties
- Appraise property values
- Arrange for the financing of properties
- Give potential buyers tours of properties
- Maintain current knowledge of local real estate and tax laws
- Supervise less experienced agents
Real Estate Brokers Tools and Technology
Real estate brokers employ a wide range of technological devices to perform their jobs. Computers are needed to store and organize data, as well as view and update real estate listings. Phones, faxes, and other communication devices are used to stay in contact with clients, coworkers, and financial institutions. Accounting software may be used to keep track of business expenses and other relevant financial data.
Education and Training for Real Estate Brokers
This field does not require a college education, but a sizeable portion of its workers do possess degrees. Statistically, 37.2% of brokers held a bachelor’s degree, while roughly 28% attended college, but did not earn a degree. . This career does require its workers to take real estate classes and pass official examinations before practicing. . Some brokers may also work under the guidance of more experienced brokers before working independently.
Real Estate Brokers Salary
This career relies heavily on sales, and your salary as a broker will be greatly influenced by your ability to convince buyers and sellers to engage in a transactions. The median yearly income for a real estate broker is $57,400, with 10% of brokers earning in excess of $178,000 a year. The more properties you sell, the more revenue you generate, and after each transaction, you receive a portion of the proceeds. Brokers employed by the non-depository credit intermediation field earned the highest wages.
Real Estate Brokers Jobs by Geography
North Carolina, California, and Florida employed the highest levels of real estate brokers in the nation. Pennsylvania, New York, and Massachusetts paid brokers the highest salaries. Over the previous year, there was a 2.9% increase in employment levels for brokers, and there are currently 38,720 Americans employed in this field. Brokers in the Northeastern United States and Texas earned the highest wages overall.