Real Estate Broker Job Description
Real estate brokers are very similar to real estate agents, except brokers have met the licensing requirements necessary to manage their own real estate businesses. Real estate agents who haven’t earned a broker license have to work with a broker.
Real estate brokers help their clients buy and sell residential and commercial properties. Some brokers specialize in selling one type of property, while others sell all types.
Real estate brokers often employ real estate agents to work for them. In these situations, brokers handle the business details required to get a property listed and paid for, and then they pay the agents a commission for each property that they sell.
Property owners use real estate brokers because brokers have many marketing tools they can use to give their properties much more exposure than they would be able to get on their own. And because they know their local real estate market so well, brokers are able to offer advice on pricing and other factors that can impact the successful sale of a property.
Property buyers use real estate brokers to help them find properties that meet their needs at the lowest price possible. In cases where a broker represents both the seller and the buyer, they have to disclose that fact to both sides.
Regardless of whether they’re working with a buyer or a seller, the goal of a real estate broker is to help their clients get the best deal that they can on their properties.
Work Environment and Schedule
Most real estate brokers work in an office environment, but may spend a lot of their time traveling to meet with clients, view new properties for sale, and meet with potential clients.
It’s very common for real estate brokers to work more than forty hours per week. Because many of their clients work during regular business hours, it’s often necessary for brokers to work on nights and weekends to accommodate their schedules.
Many brokers are able to set their own schedules, which many people consider to be one of the most appealing aspects of this occupation.
How to Become a Real Estate Broker
A high school diploma or an equivalent is required to work as a real estate broker, but some employers prefer to hire candidates with a college degree. In addition to the educational requirements, all states require real estate brokers to be licensed.
The licensing requirements vary from state to state, but normally requires candidates to be at least 18 years old, have 1-3 years of work experience as a real estate agent, and pass an exam.
All states require licenses to be renewed at regular intervals (normally every 2-4 years). Proof of continued education is required to renew a license. This requirement ensures that brokers stay up to speed on recent laws or regulations that impact their profession.
To learn about the exact licensing requirements where you live, contact the real estate licensing commission in the state where you want to work.
There are currently 98,600 real estate brokers in the United States, with 2,970 new real estate broker job openings created each year.
Real Estate Broker jobs are not expected to see much growth beyond their current levels in the next decade.
Real Estate Broker Salaries
Real Estate Broker salaries can vary depending on your experience, the location, company, industry, and benefits provided. Nationwide, most real estate brokers make between $36,200 – $103,000 per year, or $17.39 – $49.53 per hour.