What Does A Real Estate Broker Do (including Their Typical Day at Work)

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Salary, Job Description, How To Become One, and Quiz

Real Estate Brokers

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.

Salary
$81630
Becoming One
Hard
Education
Bachelor's degree
Job Satisfaction
Job Growth

Personality





Find a job you love and you will never work a day in your life.Confucius

What they do

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.

  • 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 over property prices and settlement details and during the closing of sales.
  • Supervise agents who handle real estate transactions.

Typical day

On a daily basis, Real Estate Brokers manage or operate real estate offices, handling associated business details. They act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.

A typical day for a Real Estate Broker will also include:

  • Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
  • Obtain agreements from property owners to place properties for sale with real estate firms.
  • Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
  • Supervise agents who handle real estate transactions.
  • Sell, for a fee, real estate owned by others.

Other responsibilities

Besides their typical day, Real Estate Brokers also appraise property values, assessing income potential when relevant. They may 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 generate lists of properties for sale, their locations, descriptions, and available financing options, using computers. They might also arrange for financing of property purchases.

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.

To some Real Estate Brokers, it is also their responsibility to rent properties or manage rental properties.

Featured Schools


What is the job like

Job satisfaction

Average

Is this job meaningful

Very High

67% said they were satisfied with their job and 69% said they found their job meaningful.


My typical day consists of the following: Checking my calendar and emails Checking my online paid marketing campaigns Checking listings/ scheduling showings Working on social media marketing Following up with: Clients Submitted offers Potential clients Sitting on scheduled calls and/or accepting new calls Training – Figuring out ways to become better at my job and … Read More


Grand Lux Realty

I’m a Real Estate Principal Broker. I manage 3 offices and over 200 licensed real estate salespersons. My key responsibilities are as follows: Training my agents and answering questions for them regarding their transactions. New listings, current listings, buyers, rentals, paperwork, etc. It is difficult to train agents at the beginning regarding everything they’ll need … Read More


I am a realtor in Miami with Compass. There is no typical day— everyday is different, which is very exciting. I sell both residential and commercial space, covering a broad range of properties in South Florida’s residential and commercial markets. I draw from my diverse background in real estate – from brokerage to marketing and … Read More


Pros

Suitable for people who like to start and carry out projects.

Suitable for people who want independence and like to work on their own and make decisions.

This career is perfect for people who love to work indoors.

It is not too difficult to get into this career. Previous work-related skill, knowledge, or experience is required for this career.

Demand for this career is growing fast.

Cons

Not suitable for people who like to solve problems mentally.

Long working hours (More than 40 hours per week).

How much do they make

Average salary

$81630 per year

Average hourly wage

$39 per hour

Entry-level Real Estate Brokers with little to no experience can expect to make anywhere between $25,460 to $38,170 per year or $12 to $18 per hour.

Salary by experience Annual Hourly
Highest (Top 10%) $174,120 $84
Senior (Top 25%) $97,080 $47
Median $60,370 $29
Junior (Bottom 25%) $38,170 $18
No experience (Bottom 10%) $25,460 $12

This table shows the top 10 highest paying industries for Real Estate Brokers based on their average annual salary.

Salary by industry Annual Hourly
Other Investment Pools and Funds $106160 $51.04
Electric Power Generation, Transmission and Distribution $90810 $43.66
Nonresidential Building Construction $88570 $42.58
Real Estate $81760 $39.31
Management of Companies and Enterprises $81300 $39.09
Insurance Carriers $80450 $38.68
Management, Scientific, and Technical Consulting Services $79970 $38.45
Credit Intermediation and Related Activities $79230 $38.09
Local Government $78030 $37.51
Land Subdivision $76890 $36.97

View more salary by industries here.

Where can they work

Where can Real Estate Brokers work? Here is a table showing the top 10 largest employers of Real Estate Brokers including the average salary in that industry.

Employers Total Employed Annual Salary Hourly Wages
Real Estate 39440 $81760 $39.31
Management of Companies and Enterprises 700 $81300 $39.09
Management, Scientific, and Technical Consulting Services 550 $79970 $38.45
Residential Building Construction 530 $ $*
Nondepository Credit Intermediation 490 $71090 $34.18
Credit Intermediation and Related Activities 430 $79230 $38.09
Land Subdivision 330 $76890 $36.97
Local Government 210 $78030 $37.51
Employment Services 180 $67940 $32.67
Insurance Carriers 140 $80450 $38.68

What is the work day like

Working hours

Less than 40 hours
16%

40 hours
14%

More than 40 hours
70%

Working schedule

35%

65%

0%

Email

How often do you use email in this job?

Once a week
0%

Every day
100%

Telephone

How often do you have telephone conversations in this job?

Once a week
0%

Every day
100%

Group discussions

How often do you have group discussions in this job?

Once a week
15%

Every day
82%

Public speaking

How often does this job require you to do public speaking?

Never
5%

Once a year
41%

Once a month
40%

Once a week
2%

Every day
13%

Level of competition

How much competitive pressure is in this job?

Not competitive at all
0%

Slightly competitive
0%

Moderately competitive
17%

Highly competitive
6%

Extremely competitive
77%

What is the work environment like

Office-style environment

Indoors in an environmentally controlled condition

Never
3%

Once a year or more
0%

Once a month or more
0%

Once a week or more
13%

Every day
84%

Warehouse-style environment

Indoors in a non-controlled environmental condition such as a warehouse

Never
43%

Once a year or more
25%

Once a month or more
5%

Once a week or more
13%

Every day
13%

Outdoors

Outdoors exposed to all weather conditions

Never
7%

Once a year or more
2%

Once a month or more
4%

Once a week or more
70%

Every day
17%

Outdoors – Under Cover

Outdoors but under cover (e.g. structure with roof but no walls)

Never
51%

Once a year or more
14%

Once a month or more
16%

Once a week or more
18%

Every day
0%

How to become one

Difficulty to become one

Hard
You will need a considerable amount of work-related skill, knowledge, or experience. Careers in this difficulty category usually require a Bachelor’s degree and several years of work-related experience, on-the-job training, and/or vocational training. Similar careers include Database Administrators, Chemists, Art Directors, and Accountants.

Required level of education

What level of education do you need to perform the job?

Less than a High School Diploma
3%

High School Diploma or equivalent
12%

Post-Secondary Certificate
1%

Some College Courses
24%

Associate’s Degree or similar
6%

Bachelor’s Degree
37%

Post-Baccalaureate Certificate
9%

Master’s Degree
0%

Post-Master’s Certificate
0%

First Professional Degree
9%

Doctoral Degree
0%

Post-Doctoral Training
0%

Relevant majors

Real Estate

A program that prepares individuals to develop, buy, sell, appraise, and manage real estate. Includes instruction in land use development policy, real estate law, real estate marketing procedures, agency management, brokerage, property inspection and appraisal, real estate investing, leased and rental properties, commercial real estate, and property management.

Real Estate Development

A program that prepares individuals to create and redevelop housing, offices, retail centers, and industrial sites. Includes instruction in architectural design and construction, historic preservation, landscape architecture, urban planning and design, business, real estate and land use law, public policy, and engineering.

Relevant work experience

How much related work experience do you need to get hired for the job?

None
28%

1 month
0%

1 to 3 months
9%

3 to 6 months
0%

6 months to 1 year
0%

1 to 2 years
22%

2 to 4 years
24%

4 to 6 years
11%

6 to 8 years
5%

8 to 10 years
0%

Over 10 years
2%

On The Job Training

How much on the job training do you need to perform the job?

None or short demonstration
0%

1 month
7%

1 to 3 months
22%

3 to 6 months
1%

6 months to 1 year
24%

1 to 2 years
17%

2 to 4 years
20%

4 to 10 years
10%

Over 10 years
0%

Should you become one

Best personality type for this career

The Leader

People with this personality likes to start and work on projects. They also like leading people and making many decisions.

The Builder
48%

People with The Builder personality type likes practical and hands-on work. They prefer working with plants, animals, and real-world materials like wood, tools, and machinery.


The Thinker
14%

People with The Thinker personality likes to work with ideas that require an extensive amount of thinking. They prefer work that requires them to solve problems mentally.


The Artist
19%

People with The Artist personality likes to work with designs and patterns. They prefer activities that require self-expression and prefer work that can be done without following a clear set of rules.


The Helper
48%

People with The Helper personality type likes to work with people and in teams. They prefer work that allows them to build relationships with others.


The Leader
100%

People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.


The Organizer
81%

People with The Organizer personality type likes to follow set procedures and routines. They prefer working with data and details more than with ideas.


You can read more about these career personality types here.

People who are suitable for this job tend to like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk-taking and often deal with business.

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

Take this quiz to see if this is the right career for you.

Work Values

Which values are the most important to a person’s satisfaction for this job?

Achievement
67%

You are someone who is results oriented. You prefer work that allows you to utilize your skills and abilities while at the same time giving you a sense of accomplishment.

Working Conditions
62%

You are someone who values job security, steady employment, and good working conditions. You also prefer work that keeps you busy all the time with something different to do every day.

Recognition
62%

You are someone who values job advancement and leadership roles. You prefer work that receives recognition for the work you do and jobs that are looked up to by others in the company and your community.

Relationships
67%

You are someone who likes to provide a service to others. You prefer a work environment where you can work with your co-workers in a friendly non-competitive environment.

Support
48%

You are someone who values a company that stands behind their employees. You prefer a work environment where everyone is treated fairly and is being supported by the company.

Independence
71%

You are someone who likes to work on your own and make your own decisions. You prefer work that requires little supervision and are allowed to try out your own ideas.

FAQ


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