Real Estate Brokers are included in the Enterprising Theme Code category of the Strong Interest Inventory®. This Inventory has been used since its release in 1927 to help individuals find a career which they will find both fulfilling and enjoyable. Its success is based on analyzing individuals’ preferences and interests. It recommends careers which highlight those characteristics. The Enterprising Theme Code category revolves around business practices and relationships. Individuals scoring within the Enterprising category are highly organized, focused, driven, and social. They enjoy careers which allow them to make a material difference in the lives of their clients and associates.
A Real Estate Broker oversees real estate transactions, often for larger real estate companies. They sell properties owned by other individuals or corporations and collect a commission after making a successful sale. In this process, they obtain written and signed agreements from property owners and negotiate their contracts with a particular real estate firm. They also serve as the intermediary when buyers and sellers are conducting their own negotiations, and may consider dollar amounts, closing dates, terms, repairs, and other factors that play into making the optimal arrangement. Throughout this process, they also ensure that properties are valued according to their competitive market price. They need an awareness of local economies as well as financing options, mortgage types, local legal restrictions and fair housing laws.
A Real Estate Broker fulfills other responsibilities relating to real estate management, including arranging for financing for prospective buyers, giving virtual tours, appraising properties, and ensuring that all transactions conform to current income tax regulations as well as any local zoning or other restrictions or codes which may affect the buildings themselves or any aspect of their ownership or management.
In order to successfully conduct business, a Real Estate Broker utilizes a wide range of standard office technologies, including computers, printers, fax machines, personal digital assistants, smart phones, copiers, and calculators. They also need to be able to drive, especially if they need to transport passengers among different properties, as well as digital cameras and video cameras to film locations. In addition to the technical foundation in local housing and property law as well as home financing, Real Estate Brokers should be confident in marketing and sales procedures and strategies. They need to be proficient to make their properties sell. A secondary focus is an expertise in customer and personal service. Home buyers want to have a broker they can trust and who they believe is more knowledgeable than they are in every aspect of the home buying process.
Nearly 40% of Real Estate Brokers hold at least a Bachelor’s Degree, though 24% never completed their degree, and 12% hold only a High School Diploma or equivalent. Even more important than formal education are strong speaking and comprehension skills, the ability to negotiate in complex or stressful situations, and significant on-the-job experience. An affinity for people is also essential. Effective Real Estate Brokers usually have a wide professional network on which to draw. Real Estate Brokers should be physically fit as they may need to move furniture or file boxes.
Real Estate Broker’s salary can vary widely around the country, with the lowest-paid brokers averaging under $25,000 annually and the most highly-paid averaging over $165,000. There is further variation across states, with the pay rates being highest in the mid-Atlantic region and New England, especially in Maryland, New Jersey, and New Hampshire. In the West, Texas and Nevada lead the way, with well-paid agents in the Dallas-Fort Worth Area averaging nearly $100,000 annually because of the high activity in the market. Larger western states are also growing at the fastest rates, with California, Utah, and Colorado all expected to grow over 25% before 2024, and California alone projected to add 3,000 new jobs.
Below are some employment trends for Real Estate Brokers:
- Median Real Estate Brokers Salary: $27.34 hourly; $56,860 annually
- Employment: 84,000 employees
- Projected growth (2014-2024): Slower than average (2% to 4%)
- Projected job openings (2014-2024): 7,300
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- Bureau of Labor Statistics wage data and 2014-2022 employment projections Onetonline.org