Real Estate Brokers: Salary, Job Description, How To Become One, and Quiz

Stan T.Career, OverviewLeave a Comment

Job description

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.
Read more about what does a Real Estate Broker really do at work and what is it like being and working as one.



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Salary

Average salary
$78940 per year

Average hourly wage
$38 per hour


Real Estate Brokers with little to no experience tend to make between $22750 and $36580 while the more experienced ones can earn over $92790 per year.

Top 5 paying states Hourly Annual
IL $50 $103,430
CT $49 $101,930
NM $47 $98,350
WI $47 $97,970
TX $46 $96,630

One of the easiest ways to increase your salary as a Real Estate Broker is to move to a higher paying state like IL. Right now, the highest paying states for Real Estate Brokers are IL, CT, NM, WI and TX.

However, a higher pay at IL doesn’t guarantee that you will make more because the living expenses at IL might be twice as high than where you are currently at now.

Three other factors that can increase your salary as a Real Estate Broker is the degree you hold, the industry you work in, and lastly the company you work for.


Requirements

Recommended degree level
Bachelor’s degree

We asked other Real Estate Brokers what degree they had when they got the job and most of them said they had a Bachelor’s Degree followed by a College Certificate.

Other than that, we also asked them what did they major in and here are the most popular majors that came up.

Real Estate Development
Real Estate
Read more about how to become a Real Estate Broker and the degree, training and education you need.


Pros and Cons

Here are some of the pros and cons of being a Real Estate Broker.

PROS
Suitable for people who likes to start and carry out projects
Suitable for people who wants independence and likes 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 likes to solve problems mentally
Long working hours (More than 40 hours per week)


What is the job like

Job satisfaction
67%

Is this job meaningful
69%


67% of Real Estate Brokers said they were satisfied with their job and 69% said they feel like their job is making other people’s lives better.


Is this right for me

Best personality for this career
The Entrepreneurs and The Organizers

You can read more about these career personality types here.

People who are suitable for this job tends 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.



Learn more about Real Estate Brokers

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Related career information

Real Estate Brokers job description, Real Estate Brokers salary, Real Estate Brokers information, what is the job of a Real Estate Broker like, pros and cons about Real Estate Brokers, colleges and universities for Real Estate Brokers, is Real Estate Brokers the right career for me, careers in Sales and Marketing

Similar careers

Broker, Broker Assistant, Broker Associate, Buyer Broker, Closing Agent, Contract Specialist, Dealer, Designated Broker, Lease Administration Analyst, Lease Analyst

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