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What Do Real Estate Broker Do?

Real Estate Broker Example 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 Do On a Daily Basis?

  • Sell, for a fee, real estate owned by others.
  • Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
  • Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
  • Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
  • Develop, sell, or lease property used for industry or manufacturing.
  • Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.

What Skills Do You Need to Work as a Real Estate Broker?

When polled, Real Estate Brokers say the following skills are most frequently used in their jobs:

Speaking: Talking to others to convey information effectively.

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.

Reading Comprehension: Understanding written sentences and paragraphs in work related documents.

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.

Active Learning: Understanding the implications of new information for both current and future problem-solving and decision-making.

Types of Real Estate Broker Jobs

  • Supervising Broker
  • Lease Analyst
  • Real Estate Closer
  • Realty Loan Specialist
  • Broker Associate

Job Outlook for Real Estate Brokers

In 2016, there was an estimated number of 95,300 jobs in the United States for Real Estate Broker. New jobs are being produced at a rate of 4.9% which is below the national average. The Bureau of Labor Statistics predicts 4,700 new jobs for Real Estate Broker by 2026. There will be an estimated 9,300 positions for Real Estate Broker per year.

Forecasted Number of Jobs for Real Estate Brokers in U.S.

The states with the most job growth for Real Estate Broker are Utah, Tennessee, and Wisconsin. Watch out if you plan on working in West Virginia, Illinois, or Wyoming. These states have the worst job growth for this type of profession.

Real Estate Broker Salary

The typical yearly salary for Real Estate Brokers is somewhere between $22,750 and $163,540.

Salary Ranges for Real Estate Brokers

Real Estate Brokers who work in Tennessee, Connecticut, or Texas, make the highest salaries.

Below is a list of the median annual salaries for Real Estate Brokers in different U.S. states.

State Annual Mean Salary
Alaska $74,320
Arizona $65,460
Arkansas $62,440
California $86,000
Colorado $60,680
Connecticut $101,930
Delaware $76,560
District of Columbia $74,740
Florida $65,230
Georgia $60,130
Hawaii $74,650
Idaho $47,490
Illinois $103,430
Indiana $83,090
Iowa $65,030
Kansas $56,040
Kentucky $61,120
Maine $72,150
Maryland $96,030
Michigan $72,390
Minnesota $60,860
Mississippi $65,430
Missouri $59,780
Nebraska $64,300
Nevada $88,460
New Hampshire $70,180
New Mexico $98,350
New York $85,190
North Carolina $64,740
North Dakota $70,130
Ohio $75,080
Oklahoma $61,410
Oregon $79,490
South Carolina $71,360
Tennessee $71,850
Texas $96,630
Utah $49,440
Vermont $62,410
Virginia $85,690
Washington $69,280
West Virginia $46,430
Wisconsin $97,970

What Tools & Technology do Real Estate Brokers Use?

Below is a list of the types of tools and technologies that Real Estate Brokers may use on a daily basis:

  • Microsoft Excel
  • Microsoft Word
  • Microsoft Office
  • Microsoft PowerPoint
  • Microsoft Outlook
  • Web browser software
  • Adobe Systems Adobe Photoshop
  • Intuit QuickBooks
  • Microsoft Internet Explorer
  • Customer relationship management CRM software
  • Google Earth Pro
  • Propertyware
  • Showing Suite
  • Yardi Systems Yardi Voyager Commercial
  • Property Boulevard
  • Domin-8 Enterprise Solutions Tenant Pro
  • London Computer Systems Rent Manager

How to Become a Real Estate Broker

What education is needed to be a Real Estate Broker?

Real Estate Broker Degree Level

How Long Does it Take to Become a Real Estate Broker?

Real Estate Broker Work Experience

Who Employs Real Estate Brokers?

Real Estate Broker Sectors

Real Estate Brokers work in the following industries:

Real Estate Broker Industries

Those interested in being a Real Estate Broker may also be interested in:

References:

Image Credit: Godrej Mamurdi Pune via Creative Commons Attribution-Share Alike 4.0 International

More about our data sources and methodologies.

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