Duties and responsibilities
A real estate broker is the step above a real estate agent. They tend to have more training and subject-matter education than an agent and can work independently or hire real estate salespersons to work under them. Their typical duties and responsibilities include:
- Developing a marketing plan for clients that is designed to attract and address the needs of buyers
- Drafting and completingimportant legal documents (contracts, agreements etc)
- Supervising real estate agents
- Working with clients to gather information about what sort of home they are looking for and their financial status
- Presenting properties for sale to buyers/clients
- Pre-screen and qualify all potential buyers before allowing them onto a client’s property
- Assisting buyers as they explore their financial options
- Presenting the buyers offer to the sellers and presiding over negotiations.
- Remaining up to date and knowledgeable about the market and best practices
To become a real estate broker, you will need to complete some real estate courses and pass licensing exams. On the job training is typically provided, and then to become a broker experience and further training is required. To obtain a broker’s license, individuals generally need 1 to 3 years of experience as a licensed sales agent. They also must take additional formal training courses. In some states, a bachelor’s degree may be substituted in place of some experience or training requiremement.
Skills and relevant work experience
As well as a genuine interest in houses and architecture, real estate brokers need skills such as:
- Interpersonal and communication skills, as real estate brokers will spend a lot of their time interacting with clients and writing and maintaining documents
- Leadership skills, as real estate brokers will need to supervise and instruct other real estate agents
- Sales and business skills, as brokers need to contact prospective clients, handle their finances and advertise their services
- Organizational skills, as brokers must be able to work independently, managing their own time and be able to prioritize their work.
- Problem-solving skills, as real estate brokers need to be able to quickly address their clients concerns and will need to mediate negotiations between seller and buyer
- Negotiation skills, as real estate brokers will need to come to agreements with both buyers and sellers in order to make commission
Despite the fact that brokers in theory, get to control their own schedule, many realtors work more than 40 hours per week. Often, real estate brokers will have to work evenings and weekends to accommodate clients’ schedules.
According to the Bureau of Labor Statistics, the median annual wage for real estate brokers was $59,720 in 2019. The lowest 10 percent earned less than $23,600, and the highest 10 percent earned more than $178,720.
Brokers can progress to owning their own real estate agency and then hiring a number of real estate agents to work below them.