What Do Real Estate Brokers Do: Job Description, Responsibilities and Duties

Stanley TanLeave a Comment



daily life of a Real Estate Broker
are Real Estate Brokers happy with their job

Real Estate Brokers

Other names for this job might include Broker, Broker Assistant, Broker Associate, Buyer Broker, Closing Agent, Contract Specialist, Dealer, Designated Broker, Lease Administration Analyst, Lease Analyst


  • $80210
    Salary
  • 67%
    Job satisfaction
  • Medium
    Becoming one
  • Medium
    Job growth
OwlGuru Rank

B



Being A Real Estate Broker: What You Really Do


In this job description guide, you will find out what do Real Estate Brokers do and what is their typical work day like.

After reading this, you will have a much better idea on whether you will like working as a Real Estate Broker or not.



Job summary

Real Estate Brokers 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.

We asked Real Estate Brokers how satisfied they are with their job. Here is what they said.

Job satisfaction

67%

How meaningful is this job

69%


67% of them said they were satisfied with their job and 69% said they find that their job makes the world a better place or helps to make someone else’s life better.



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Typical day

On a daily basis, Real Estate Brokers Sell, for a fee, real estate owned by others. They Obtain agreements from property owners to place properties for sale with real estate firms.

1 of the main responsibilities as A Real Estate Broker is to Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.

Some may also Compare a property with similar properties that have recently sold to determine its competitive market price.

In a normal work day, another thing that Real Estate Brokers do is they Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.

In addition to that, they Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs..

A typical day for A Real Estate Broker look like this:

Contract real estate to clients.
Prepare sales or other contracts.
Review accuracy of sales or other transactions.

We asked some Real Estate Brokers a few questions to find out what else does their work day look like. Here is what we found.

Do you have telephone conversations everyday in this job?100% said yes
Do you have to use email everyday in this job?100% said yes
How important is it to work in a team in this job?49% said very important
Do you have group discussions everyday in this job?82% said yes
Do you have to meet strict deadlines everyday in this job?33% said yes
Do you talk or work with customers everyday in this job?55% said yes
Do you have to deal with angry customers everyday in this job?22% said yes
Do you have to make decisions everyday in this job?64% said yes



Other responsibilities

Besides the “typical day” things that Real Estate Brokers do, they Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers. They might also Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.

On a weekly to monthly basis, Real Estate Brokers Arrange for financing of property purchases. and Appraise property values, assessing income potential when relevant.

In addition, they Arrange for title searches of properties being sold.

Although specific duties may vary, many of them Give buyers virtual tours of properties in which they are interested, using computers.

A typical week or month for them might include:

Obtain property information.
Review accuracy of sales or other transactions.
Appraise property values.
Obtain property information.



Working life

Working hours

More than 40 hours per week

Working schedule

Irregular (Changes with weather conditions, production demands or contract duration)


In a typical work week as A Real Estate Broker, you can expect to work More than 40 hours per week.

Do Real Estate Brokers work in an office-style work environment?

Everyday
84.26%

Once a week
12.68%

Once a month
0%

Once a year
0%

Never
3.06%

Do Real Estate Brokers work in a warehouse-style work environment?

Everyday
13%

Once a week
13.01%

Once a month
5.17%

Once a year
25.37%

Never
43.45%

Do Real Estate Brokers work outdoors?

Everyday
16.87%

Once a week
69.72%

Once a month
4.04%

Once a year
2.33%

Never
7.04%



Is this right for me

Best personality for this career

The Persuaders and The Organizers


You can read more about these career personality types here.

You will like this career if you are someone who likes starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.

You also like following set procedures and routines. They like working with data and details more than with ideas.



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Rank: B
Salary: $55530

They rent, buy, or sell property for clients. Perform duties, such as study property listings, interview prospective clients, accompany clients to property site, discuss conditions of sale, and draw up real estate contracts. Includes agents who represent buyer.
Rank: A
Salary: $73670

They evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and payment methods. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
Rank: B+
Salary: $58010

They appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
Rank: A
Salary: $65880

They plan, direct, or coordinate the selling, buying, leasing, or governance activities of commercial, industrial, or residential real estate properties. Includes managers of homeowner and condominium associations, rented or leased housing units, buildings, or land (including rights-of-way).
Rank: C+
Salary: $60910

They sell or solicit advertising space, time, or media in publications, signage, TV, radio, or the Internet. Includes individuals who obtain leases for outdoor advertising sites or persuade retailers to use sales promotion display items.






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Career type

Sales and Marketing
Professional Sales and Marketing

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Related to Real Estate Brokers Job Description

Real Estate Brokers job description, what do Real Estate Brokers do, typical day for Real Estate Brokers, what is it like to work as a Real Estate Broker, how many hours do Real Estate Brokers work, day to day work of a Real Estate Broker

Additional resources

http://www.bls.gov/OOH/sales/real-estate-brokers-and-sales-agents.htm
http://www.nareb.com/
http://www.realtor.org/

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Real Estate Brokers
Written by: Stanley Tan
Real Estate Brokers 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.
4 / 5 stars

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