Real Estate Brokers: Schools and Careers

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Real Estate Brokers - Career Information

Real Estate Brokers picture    Real Estate Brokers image

Real Estate Brokers are professionals who are involved in the sale of houses or other properties on behalf of sellers and/or buyers. In most states, brokers hold advanced licenses and manage a real estate office. In many cases, the office belongs to the broker; however, some brokers work for commercial real estate firms, overseeing real estate transactions. Brokers do many of the same things as Real Estate Agents, although brokers are distinguishable by the fact that only they are licensed to manage their own real estate businesses. Agents usually work under the supervision of a broker and provide their services to the broker on a contract basis. When the agent earns a commission, it is usually split between the agent and the supervising broker.

Many brokers are not merely overseers but are themselves active in arranging sales of houses or other properties. In this capacity, brokers often do the same jobs as agents. They interface closely with clients on issues such as the presentation of the property, the way it will be sold, the cost, and the viewing times. In this capacity, brokers need to know the local market well and they also need the ability to derive a good estimate for a minimum selling price. They also need to advertise the property effectively and to draw up the legal papers and arrange financing and insurance once an agreement is reached.

Responsibilities

In today's world, real estate brokers make heavy use of the latest advances in computer technology. Basic information about all of their agency's listings is routinely placed on office computers. In addition, advertisements containing pictures of properties and their listing information are commonly posted on Internet sites as an effective means of advertising. Brokers also use computers to research other properties and to keep current on the latest prices in the local market.

Brokers have a wide variety of daily duties. A partial list of many of these is as follows:

  • Manage and operate real estate offices
  • Supervise agents who handle real estate transactions
  • Obtain agreements from property owners to place their property for sale with a real estate firm
  • Research similar properties that have recently sold
  • Compare properties in order to determine a competitive market price
  • Appraise property values
  • Give buyers virtual tours of properties using computers
  • Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details
  • Generate lists of properties for sale along with their locations, descriptions, and available financing options
  • Maintain knowledge of real estate and fair housing laws
  • Be fully cognizant of local economies, available mortgage options, and financing options
  • Check work completed by attorneys, loan officers, and other professionals to ensure that it is performed properly
  • Monitor fulfillment of purchase contract terms
  • Arrange for financing of property purchases
  • Accurately assess growth possibilities of the area where a property is located
  • Maintain awareness of income tax regulations, local zoning regulations, building codes, and tax laws
  • Rent properties or manage rental properties
  • Arrange for title searches of properties being sold
  • Ensure that environmental regulations are met on properties being sold
  • Develop, sell, or lease property used for industry or manufacturing

Job Characteristics

Brokers and agents have similar work environments and job characteristics. They often work more than 40 hours a week and much of their work is done during evenings and on weekends. On the plus side, many brokers have the luxury to a large extent of determining their work schedule so as to be able to schedule time off when they need it. Brokers typically work out of an office, spending much of their time on the phone and/or on the computer. Some even work out of their home. When brokers are out of the office, most of their time is spent on the road meeting with prospective clients, showing properties to customers, or surveying the local area to analyze properties for sale.

A career as a real estate broker requires a good amount of both diligence and determination. The job can be both emotionally and financially rewarding, but it can also be challenging in terms of preparation needed and frustration engendered. There is a good deal of daily interaction with people. For this reason, brokers need to possess attributes likely to attract prospective customers. A pleasing personality, a good appearance, and enthusiasm for the job will help a broker build a strong client base. In addition, good judgment, strong organizational skills, maturity, and an ability to inspire trust will also serve a broker very well.

Employment Outlook

According to the U.S. Department of Labor Bureau of Labor Statistics (USDL BLS), employment of real estate brokers is expected to grow about as fast as the average profession through the upcoming decade. This projection, however, does not factor in shifts in the economy, which are not always predictable. The real estate industry in general is extremely sensitive to swings in the economy and most especially to shifts in interest rates. During periods of low economic activity and rising interest rates, the volume of sales declines and so do the earnings of agents and brokers. The USDL BLS notes that factors which point to job growth for real estate workers include relatively low interest rates and a general perception that real estate is a sound investment. Factors which may slow job growth include recent improvements in technology which now allow customers to perform their own searches for properties online, lessening to some extent the need for brokers or agents to perform the same function.

There is a good deal of turnover in this profession and as a result, a large number of job openings tend to arise on a regular basis. The profession is attractive due to its relatively flexible working conditions. Historically, many retired people and homemakers were attracted to the real estate field due to the flexibility of being able to enter, leave, and later return to the occupation based on the strength of the real estate market and/or their personal circumstances. Recently, however, there have been fewer part-time workers owing to an increase in startup costs caused by increasingly complex legal and technological requirements. Both part-timers and full-timers who are starting out in the profession can expect to face stiff competition from their better established and more experienced counterparts in obtaining listings and in closing sales.

The principal sources of earnings of real estate brokers are commissions on sales. Commission rates vary according to the value of the property and the commission-sharing arrangement associated with the transaction. In general, brokers share commissions with agents who work for them on any sales generated by the agent. Commissions are often divided among several agents and brokers when buyers and sellers are represented by different agencies. Earnings can be sporadic depending on the strength or weakness of the real estate market at any given point in time.

Real Estate Broker Classes, Certification, and Licensing

In every state, real estate brokers (as well as real estate agents) must have a high school diploma or equivalent. In addition, brokers are also required to have between 60 and 90 hours of formal training. Brokers wishing to work for larger firms would be well-served to earn a college degree. There are hundreds of colleges and universities offering courses in real estate leading to associate's, bachelor's, or masters degrees. Those seeking a career as a real estate broker should consider taking courses in statistics, finance, business administration, marketing, law, accounting, and/or economics.

All states require brokers to be licensed. Each state has its own process for obtaining a license and information regarding the procedure in a particular state can be found by contacting the state's real estate commission. Generally speaking, state requirements for brokers usually include between 60 and 90 hours of formal training and a specific amount of experience selling real estate, usually 1 to 3 years. In some states the experience requirements are waived for applicants who have a bachelor's degree in real estate. Candidates are also required to pass a comprehensive brokers exam which includes questions on basic real estate transactions and laws affecting the sale of property. In some states, licenses must be renewed annually by earning continuing education credits.

Brokers and agents alike can benefit from joining their area's local real estate agents' association. An equally beneficial move would be to join a national association such as the National Association of Realtors (NAR), which boasts over one million members. NAR also provides continuing education courses, which can satisfy some states' annual requirement for maintaining a license. Also, the widely-recognized designation of "Realtor" is a registered term belonging to the NAR, and only brokers and agents who belong to the organization are allowed to use the term.

Resources

Major Employers

Well over half of all real estate brokers are self-employed. A large number of them operate their own real estate agency, most of which are generally small. Many of these brokers have franchise agreements with national or regional real estate organizations, whereby the broker pays a fee in exchange for the privilege of using the widely known name of the parent organization. Under this arrangement, franchised brokers often receive help in training their sales staffs and in running their offices.

Schools for Real Estate Brokers are listed in the column to the left.

The Top Cities tab shows employment statistics for Real Estate Brokers by major metro area.

The Top Industries tab shows which industries have the most jobs for Real Estate Brokers, along with salary data by industry.

The Find Schools tab lets you search for schools by field of study, degree level, and location.

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Metro Areas Rated for Popularity (as of 2008) for:
Real Estate Brokers

Listed below are metro areas ranked by the popularity of jobs for Real Estate Brokers relative to the population of the city, as of 2008. Salary data was obtained from the U.S. Bureau of Labor Statistics.

A Relative Popularity of 1.0 means that the city has an average number of the particular job, for its population, compared to the rest of the US. Higher numbers mean proportionally more jobs of that type.

Source: U.S. Bureau of Labor Statistics

Metro Area Jobs Salary
(2008)
Relative
Popularity

Alabama

     
Mobile 50 0.9
Birmingham 60 $76,170 0.4

Arizona

     
Kingman 100 6.8
Phoenix 1,590 $63,500 2.6

Arkansas

     
Little Rock 110 $83,830 1.0

California

     
Santa Ana 940 $82,860 1.9
San Diego 740 $84,610 1.7
Oakland 450 $123,380 1.3
San Francisco 310 $153,710 0.9
Sacramento 220 $96,970 0.8
Bakersfield 60 $78,140 0.7

Colorado

     
Colorado Springs 260 $46,040 3.2
Denver 1,330 $66,390 3.2
Boulder 110 2.2

Delaware

     
Wilmington 70 $84,490 0.7

District of Columbia

     
Washington 1,270 $78,630 1.7

Florida

     
Palm Coast 130 39.1
Ocala 150 5.3
Fort Walton Beach 110 4.9
Port St. Lucie 170 4.4
Fort Lauderdale 860 $63,300 3.6
Sarasota 220 $69,780 2.6
Pensacola 110 $39,080 2.4
Tampa 850 2.1
Miami 690 $87,450 2.1
Jacksonville 400 2.0
Lakeland 100 $57,110 1.6
Palm Bay 70 1.1

Georgia

     
Atlanta 710 $98,460 0.9
Augusta 40 $72,890 0.6

Hawaii

     
Honolulu 110 $55,930 0.8

Idaho

     
Boise 90 $36,230 1.0

Illinois

     
Springfield 60 $39,190 1.9
Chicago 1,900 $66,470 1.5

Indiana

     
Indianapolis 300 $69,910 1.0
Gary 40 $71,980 0.4

Iowa

     
Des Moines 240 $70,890 2.3

Louisiana

     
Baton Rouge 70 0.6
New Orleans 80 $45,080 0.5

Maine

     
Portland 90 $74,880 1.4

Maryland

     
Bethesda 410 $93,230 2.2
Baltimore 600 $62,820 1.4

Massachusetts

     
Boston 780 $61,950 1.4
Springfield 80 $47,800 0.8

Michigan

     
Warren 450 $73,140 1.2
Lansing 60 $48,630 1.0
Grand Rapids 120 $95,120 1.0
Detroit 120 0.5

Minnesota

     
Minneapolis 210 $109,750 0.4

Missouri

     
Springfield 70 $54,820 1.1
Kansas City 140 $47,900 0.4
St. Louis 180 0.4

Nebraska

     
Lincoln 30 $74,490 0.6
Omaha 70 0.5

Nevada

     
Las Vegas 310 $92,210 1.0

New Jersey

     
Edison 210 $83,340 0.6
Newark 170 0.5

New Mexico

     
Albuquerque 100 0.8

New York

     
New York 4,260 $131,130 2.5
Nassau 580 $80,600 1.4
Syracuse 90 0.9
Rochester 140 $88,570 0.9
Albany 80 $68,940 0.6

North Carolina

     
Wilmington 290 $48,440 6.5
Raleigh 900 $52,370 5.4
Jacksonville 60 $36,430 5.3
Fayetteville 180 $35,800 4.8
Burlington 80 $43,110 4.7
Rocky Mount 70 4.2
Charlotte 1,150 $61,220 4.0
Greensboro 470 $50,510 3.9
Goldsboro 40 $33,050 3.9
Asheville 180 $41,850 3.2
Durham 260 $50,230 3.0
Winston-Salem 180 $42,020 2.6
Greenville 50 $33,370 2.4
Hickory 100 $33,090 2.0

Ohio

     
Cincinnati 280 $78,100 0.8
Canton 40 $73,090 0.7
Columbus 200 $89,170 0.7
Youngstown 40 $81,930 0.5
Cleveland 60 0.2

Oklahoma

     
Oklahoma City 310 1.7

Oregon

     
Portland 680 2.0
Salem 90 $50,240 1.9

Pennsylvania

     
Philadelphia 540 0.9
Pittsburgh 190 0.5

South Carolina

     
Myrtle Beach 220 $74,180 6.1
Greenville 500 $56,940 5.1
Charleston 340 3.6
Columbia 340 $52,760 3.0
Spartanburg 60 1.6

Tennessee

     
Chattanooga 70 0.9

Texas

     
San Antonio 210 $57,750 0.8
Dallas 520 $83,160 0.8
Fort Worth 80 0.3
Austin 60 $70,030 0.2

Utah

     
Salt Lake City 300 $90,590 1.5

Virginia

     
Virginia Beach 330 $89,550 1.3
Richmond 120 0.6

Washington

     
Bellingham 60 $169,560 2.5
Bremerton 40 $101,620 1.6
Seattle 480 $92,710 1.0
Spokane 40 $99,830 0.6
Tacoma 40 $65,510 0.5

Wisconsin

     
Milwaukee 250 $77,060 0.9
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Career Stories (Job Profiles) for Real Estate Brokers

The inside stories from people actually working in the field.
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Most Popular Industries (as of 2008) for:
Real Estate Brokers

Industries representing at least 1% of total jobs for the occupation.

Source: U.S. Bureau of Labor Statistics

Industry Jobs Percent Salary
(2008)
Real Estate 45,740 90% $57,450
Banking And Credit 1,020 2% $56,720
Construction 720 1% $65,000
Civil Engineering 610 1% $68,130
Office Services And Staffing 530 1% $53,840
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Selected Schools for Real Estate Brokers (including any online schools)

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Real Estate Broker Training Schools by State

We have some additional detailed pages at the state level for Real Estate Brokers.

Numbers in parentheses are counts of relevant campus-based schools in the state; online schools may also be available.

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