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Career profile Real Estate Broker

Also known as Broker, Broker Associate, Designated Broker, Managing Broker, Real Estate Associate, Real Estate Broker, Real Estate Sales Associate, Realtor, Supervising Broker

Real Estate Broker

Also known as Broker, Broker Associate, Designated Broker

Interests Profile
  • Enterprising
  • Conventional
  • Social
Pay Range
$25,460 - $174,120 (annual)
Required Skills
  • Speaking
  • Reading Comprehension
  • Active Listening
Knowledge Areas
  • Sales and Marketing
  • Customer and Personal Service
  • Law and Government
Core tasks
  • 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, generally representing one or the other.
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What does a Real Estate Broker do?

Real Estate Brokers operate real estate office, or work for commercial real estate firm, overseeing real estate transactions.

In addition, Real Estate Brokers other duties usually include selling real estate or renting properties and arranging loans.

What kind of tasks does a Real Estate Broker perform regularly?

Real Estate Brokers are often responsible for overseeing or executing some or all of the following tasks:

  • 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, generally representing one or the other.
  • Compare a property with similar properties that have recently sold to determine its competitive market price.
  • 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.
  • 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.
  • Appraise property values, assessing income potential when relevant.

The above responsibilities are specific to Real Estate Brokers. More generally, Real Estate Brokers are involved in several broader types of activities:

Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Updating and Using Relevant Knowledge
Keeping up-to-date technically and applying new knowledge to your job.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Selling or Influencing Others
Convincing others to buy merchandise/goods or to otherwise change their minds or actions.

What is a Real Estate Broker salary?

The median salary for a Real Estate Broker is $60,370, and the average salary is $81,630. Both the median and average roughly describe the middle of the Real Estate Broker salary range, but the average is more easily affected by extremely high or low salaries.

Many Real Estate Brokers earn significantly more or less than the average, due to several factors. About 10% of Real Estate Brokers earn less than $25,460 per year, 25% earn less than $38,170, 75% earn less than $97,080, and 90% earn less than $174,120.

Between the years of 2020 and 2030, the number of Real Estate Brokers is expected to change by 4.5%, and there should be roughly 10,100 open positions for Real Estate Brokers every year.

Median annual salary
$60,370
Typical salary range
$25,460 - $174,120
Projected growth (2020 - 2030)
4.5%

What personality traits are common among Real Estate Brokers?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Real Estate Broker are usually higher in their Enterprising and Conventional interests.

Real Estate Brokers typically have very strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Also, Real Estate Brokers typically have strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Real Estate Broker tend to value Independence, Relationships, and Achievement.

Most importantly, Real Estate Brokers strongly value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Second, Real Estate Brokers moderately value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.

Lastly, Real Estate Brokers moderately value Achievement. Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Real Estate Brokers must consistently demonstrate qualities such as integrity, initiative, and stress tolerance.

Below, you'll find a list of qualities typically required of Real Estate Brokers, ranked by importance:

Integrity
Job requires being honest and ethical.
Initiative
Job requires a willingness to take on responsibilities and challenges.
Stress Tolerance
Job requires accepting criticism and dealing calmly and effectively with high-stress situations.
Persistence
Job requires persistence in the face of obstacles.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.

What education and training do Real Estate Brokers need?

Many Real Estate Brokers will have a four-year bachelor's degree, but some do not.

Real Estate Brokers usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Real Estate Brokers

  • 1.3% did not complete high school or secondary school
  • 12.2% completed high school or secondary school
  • 25.7% completed some college coursework
  • 10.1% earned a Associate's degree
  • 38.5% earned a Bachelor's degree
  • 10.0% earned a Master's degree
  • 2.1% earned a doctorate or professional degree

Knowledge and expertise required by Real Estate Brokers

Real Estate Brokers may benefit from understanding of specialized subject areas, such as sales and marketing, customer and personal service, or law and government knowledge.

The list below shows several areas in which most Real Estate Brokers might want to build proficiency, ranked by importance.

Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.

Important Abilities needed by Real Estate Brokers

Real Estate Brokers must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Real Estate Brokers need abilities such as oral expression, oral comprehension, and written comprehension in order to perform their job at a high level. The list below shows several important abilities for Real Estate Brokers, ranked by their relative importance.

Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Deductive Reasoning
The ability to apply general rules to specific problems to produce answers that make sense.
Near Vision
The ability to see details at close range (within a few feet of the observer).

Critical Skills needed by Real Estate Brokers

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Real Estate Brokers frequently use skills like speaking, reading comprehension, and active listening to perform their job effectively. The list below shows several critical skills for Real Estate Brokers, ranked by their relative importance.

Speaking
Talking to others to convey information effectively.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
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.
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.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

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