What Real Estate Brokers and Sales Agents Do

Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

Work Environment

Most real estate brokers and sales agents are self-employed. Although they often work irregular hours, many are able to set their own schedules.

How to Become a Real Estate Broker or Sales Agent

Every state requires real estate brokers and agents to be licensed. Requirements vary by state, but all states require candidates to be at least 18 or 19 years old, have a high school diploma, complete a number of hours of real estate courses, and pass a licensing exam.

Job Outlook

Employment of real estate brokers and sales agents is projected to grow 3 percent from 2014 to 2024, slower than the average for all occupations. Employment generally follows the overall health of the economy and the real estate market.

Growth & Trends

This occupation supported 422,000 jobs in 2012 and 421,299 jobs in 2014, reflecting a decline of 0.2%. In 2012, this occupation was projected to increase by 11.0% in 2022 to 468,600 jobs. As of 2014, to keep pace with prediction, the expected number of jobs was 431,300, compared with an observed value of 421,299, 2.3% lower than expected. This indicates current employment trends are worse than the 2012 trend within this occupation. In 2014, this occupation was projected to increase by 2.6% in 2024 to 432,200 jobs. Linear extrapolation of the 2012 projection for 2022 results in an expected number of 477,900 jobs for 2024, 10.6% higher than the 2014 projection for 2024. This indicates expectations for future employment trends are much worse than the 2012 trend within this occupation.

Real Estate Brokers Employment and Labor Information 2023

Real Estate Brokers Employment Brief:

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.

Real Estate Brokers Job Description

Here is a Job Description an employer might post for potential Real Estate Brokers.

Real Estate Brokers Responsibilities and Duties:

• Supervise agents who handle real estate transactions.
• Review property details to ensure that environmental regulations are met.
• Maintain working knowledge of various factors that determine a farm's capacity to produce, such as agricultural variables and proximity to market centers and transportation facilities.
• Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
• Compare a property with similar properties that have recently sold to determine its competitive market price.
• Arrange for financing of property purchases.
• Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
• Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
• Develop, sell, or lease property used for industry or manufacturing.
• Obtain agreements from property owners to place properties for sale with real estate firms.

Typical Daily Tasks of Real Estate Brokers:

• Getting Information: Obtain property information.
• Establishing and Maintaining Interpersonal Relationships.
• Updating and Using Relevant Knowledge: Review laws or regulations to maintain professional knowledge.
• Working with Computers: Enter information into databases or software programs.
• Organizing, Planning, and Prioritizing Work.
• Performing Administrative Activities.
• Communicating with People Outside the Organization.
• Selling or Influencing Others: Contract real estate to clients.
• Identifying Objects, Actions, and Events.
• Making Decisions and Solving Problems.

Real Estate Brokers Skills and Requirements:

• Equipment Maintenance Performing routine maintenance on equipment and determining when and what kind of maintenance is needed.
• Operations Monitoring Watching gauges, dials, or other indicators to make sure a machine is working properly.
• Management of Financial Resources Determining how money will be spent to get the work done, and accounting for these expenditures.
• Writing Communicating effectively in writing as appropriate for the needs of the audience.
• Coordination Adjusting actions in relation to others' actions.
• Learning Strategies Selecting and using training/instructional methods and procedures appropriate for the situation when learning or teaching new things.
• Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
• Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
• InternetNavigating the Internet to find information, including the ability to open and configure standard browsers; use searches, hypertext references, and transfer protocols; and send and retrieve electronic mail (e-mail).
• Word ProcessingUsing a computer application to type text, insert pictures, format, edit, print, save, and retrieve word processing documents.

Real Estate Brokers Education and Training:

Typical education for include: High school diploma or equivalent.

Real Estate Brokers Salary, Wages, and Salary and Job Outlook

Real Estate Brokers average pay is: $62190 per year according to the U.S. Bureau of Labor Statistics. Employees who work in Nondepository Credit Intermediation are the highest paid making $NA, while Legal Services make the least at $27.10 per hour.Here are the top city/metro areas with the highest paying salaries for a Real Estate Brokers: