Salary, Job Description, How To Become One, and Quiz
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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.
Table of contents
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.
What is the job like
Job satisfaction
Is this job meaningful
67% said they were satisfied with their job and 69% said they found their job meaningful.
My Typical Day 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 … Read More
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
Average hourly wage
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 |
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What is the work day like
Working hours
Working schedule
How often do you use email in this job?
Telephone
How often do you have telephone conversations in this job?
Group discussions
How often do you have group discussions in this job?
Public speaking
How often does this job require you to do public speaking?
Level of competition
How much competitive pressure is in this job?
What is the work environment like
Office-style environment
Indoors in an environmentally controlled condition
Warehouse-style environment
Indoors in a non-controlled environmental condition such as a warehouse
Outdoors
Outdoors exposed to all weather conditions
Outdoors – Under Cover
Outdoors but under cover (e.g. structure with roof but no walls)
How to become one
Difficulty to become one
Required level of education
What level of education do you need to perform the job?
Relevant majors
Real Estate
Real Estate Development
Relevant work experience
How much related work experience do you need to get hired for the job?
On The Job Training
How much on the job training do you need to perform the job?
Should you become one
Best personality type for this career
People with this personality likes to start and work on projects. They also like leading people and making many decisions.
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.
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.
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.
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.
People with The Leader personality likes to start and work on projects. They also like leading people and making many decisions.
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?
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.
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.
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.
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.
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.
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.
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