What does a real estate broker do?
Real estate brokers are licensed professionals that act as a mediator between sellers and buyers in the field of real estate. They help sellers in putting their property on the market and getting the best possible purchase price. They also help buyers purchase a property at the best possible price. They verify ownership and set up terms between buyers and sellers.
Real estate brokers have extensive knowledge of the real estate markets in the communities they work in. They know the price ranges and features of all of the neighborhoods to best suit the needs and budgets of their clients. They know the local tax laws and zoning and are familiar with financing institutions.
What kind of training does a real estate broker need?
Real estate brokers must have at least a high school diploma. Many real estate firms prefer brokers with a college degree and an increasing number of estate brokers have some college education. Most have associate and bachelor degrees in real estate and some have graduate degrees. Many real estate firms offer training programs for employees.
All 50 states and the District of Columbia require real estate brokers to be licensed by passing a written examination. Requirements vary by state, but most states require 60 to 90 hours of formal training and 1 to 3 years of selling real estate experience. In some states, the experience required may be waived if the applicant has a bachelor degree in real estate. Licenses usually have to be renewed every 1 or 2 years and continuing education is required in many states.
What are the prospects for a career as a real estate broker?
Employment of real estate brokers is project to grow about as fast as average for all professions, increasing 11% from 2006 to 2016 (1).
Job prospects are expected to be good especially for real estate brokers who are well established and have extensive experience and a high level of cliental. Job opportunities will also arise from the need to replace workers who retire or leave the field for other reasons.
How much do real estate brokers make?
As of July 2009, real estate brokers with 1 to 4 years experience earned annual salaries between $33,871 and $58,220 (2).
A career as a real estate broker is a great choice for people who have a high interest in real estate. A pleasant personality, neat appearance, and honesty are qualities people look for when selecting a real estate broker. Good judgment, maturity, enthusiasm, and trustworthiness are all essential qualities to attract potential customers.
