Real Estate BrokerJob Description, Salary, Career Path, and Trends
A real estate broker is a licensed real estate agent who has passed the broker licensing exam; becoming legally eligible to hire and supervise other agents. Real estate brokers have to be okay working in a fast-paced environment that can be stressful and overwhelming. As the market increases, many brokers are becoming even busier than normal.
Brokers need to keep up their licensing with the National Association of Realtors, and they’re obligated to operate under a strong code of ethics that if broken can result in termination of their license. Though brokers are similar to agents, they have often received additional training and hire agents to work beneath them. They are usually the top agents in a firm, and they handle writing contracts, showing important and expensive properties, and handling all closings. If you’re an experienced agent looking to level up, becoming a broker may be right for you.
Sample job description
[Your Company Name] is hiring an experienced broker to join our client-focused team. As a real estate broker, you will be overseeing other agents and transactions to ensure compliance with state and national real estate laws and policies. This will require someone who has a team spirit and superior leadership qualities, with extremely high ethics and morals. These qualities, along with a high level of integrity, will allow you to effectively lead our team of real estate agents and help us improve sales and production. Regular training with our real estate team will be your responsibility as we will rely on you to improve sales, revenue, and team efficiency. We believe that the best way to lead is by example, and so you will be able to lead from the front by working your own deals as well in order to set the precedence of hard work and dedication to your team members.
Typical duties and responsibilities
Schedule visits to properties with potential buyers
Handle coordination with contractors, inspection companies, and all other parties
Arrange and oversee transactions between buyers and sellers
Writing contracts for your own deals as well as team members’ deals
Hiring experienced real estate agents
Leading sales meetings and advising agents how to best sell
Listing homes for sale across online sites
Sharing listings with other brokers
Creating MLS Listings
Verify state and national real estate laws are being followed
Assist the sellers’ agent in the transaction
Advertising the properties in unique ways
Assess all new clients’ wants, needs, and budget
Education and experience
High school education or equivalent
Valid real estate sales license
2 years of experience under an experienced brokerage firm
Required skills and qualifications
Strong communication skills
Real Estate Broker License
Strong leadership qualities
Hardworking and self-starter
Attention to detail
Good follow up skills
High level of integrity
Up to date with real estate laws
Work well under pressure and stress
Good time management skills
Certifications related to real estate is a plus
Bilingual or multilingual
Average salary and compensation
The average salary for a real estate broker is $60,300 per year in the United States, with unlimited commission potential. Total compensation will vary based on geography, property values, mortgage rates, and housing market conditions.
Los Angeles, California
New York City, New York
Typical work environment
Real estate brokers have their own office, but they spend a good amount of time on their feet. When real estate brokers are not in their office, they are traveling throughout their area meeting with clients and showing them potential properties.
A real estate broker’s hours range greatly, but the standard workweek is about 40 hours. Overtime is not unusual since many buyers can’t meet until the evenings after work or even the weekends. Most brokers will not have a set schedule.
Though every real estate broker will need their real estate license, many brokers will also have licensing that goes beyond this, which will set them apart from other agents. Some common certifications are:
Real Estate Negotiation Expert (RENE). This is the only negotiation certificate recognized by the National Association of Realtors. This certificate proves that you have the skills needed to become a master negotiator.
Accredited Luxury Home Specialist (ALHS). This 10-hour course allows you to be up to date with the luxury home market trends. By taking this course, you’ll also have one year of membership to the Luxury Home Council.
Certified property manager (CPM). This certificate maximizes the potential to increase the value of the home. CPMs will have to go through eight different modules, which covers everything from property management to maximizing the value of real estate, whether you’re planning to rent or sell.
Real estate agents are required to have a high school diploma or equivalent. A degree is not required, but a degree in finance, business, or anything related can put you above other candidates. In fact, many students are now majoring in real estate when offered at their school’s business college. This allows you to immediately step into the real estate market with more education than your peers. Years of experience as a real estate sales agent are required to become a broker. Most states will require certain certifications and licenses to help you succeed in the real estate industry.
US, Bureau of Labor Statistics’ job outlook
SOC Code: 41-9021
Projected Employment in 2030
Projected 2020-2030 Percentage Shift
Projected 2020-2030 Numeric Shift
Real estate has been trending more and more toward online transactions with virtual online tours and detailed pictures. Some housing transactions are even done completely online without the buyer viewing the property first. Real estate brokers must be able to adapt quickly to new online marketing and transactional trends that continue to evolve.
There are constantly more and more financing options and incentives, new lenders, and new apps that improve the home buying process that brokers will need to be aware of. Self-guided tours are another big trend right now, where potential homebuyers can tour homes on their own by getting a code to the front door. This eliminates the need for an agent to be present during tours and can help speed up the home searching and buying processes.
Sample interview questions
What do you enjoy about being in real estate?
What skills do you think are important in this industry?
How would you describe yourself?
How many years of experience do you have in a brokerage firm?
Have you hired real estate agents underneath you?
What do you find is most important when managing other real estate agents?
Why should we hire you?
What skills would you say you master?
Do you utilize social media to sell homes?
Are you experienced in listing properties on MLS and other platforms?
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