What Does a Real Estate Broker Do?
A real estate broker is a licensed professional who assists clients with the purchase, sale, and rental of residential, commercial, and industrial properties. Clients are guided through the complicated real estate market by these professionals, who closely understand their needs and preferences. These brokers are responsible for managing the transactions of their clients, including conducting property tours, negotiating prices and terms, preparing contracts, and overseeing the closing.
Individuals should be able to communicate effectively, have strong interpersonal skills, and have the ability to work in a fast-paced and competitive environment in order to be successful real estate brokers. Their knowledge of real estate laws and regulations is essential, as well as a solid understanding of the local real estate market. Real estate brokers must also be licensed by the state in which they operate.
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National Average Salary
Real estate broker salaries vary by experience, industry, organization size, and geography. To explore salary ranges by local market, please visit our sister site zengig.com.
The average U.S. salary for a Real Estate Broker is:
Real Estate Broker Job Descriptions
- Generate brokerage revenue by obtaining new clients and supporting existing clients
- Under direct supervision, performs work in support of goals
Essential functions and primary duties
- Identify and help to develop strategic relationships with new and existing clients
- Work to identify business opportunities by prospecting and conducting research
- Identify service/product improvements by monitoring industry trends and engaging in discussions with clients
- Follow latest industry developments, research market trends, and stay up-to-date on competitors
- Provide key market intelligence based on interactions with clients, prospects, and other market players
- Populate and update relevant data in the designated customer relationship management system
- Negotiates leases
- Conducts space tours
- Assist with the preparation of market surveys
- Assist with the preparation of financial and non-financial analysis
- Contribute to the development of marketing strategy and plans
- Assist with lease reviews
- Additional responsibilities as assigned
- High School Diploma or GED required; Bachelor’s degree preferred
- 3 years of sales and customer service experience in the real estate brokerage industry
- Must maintain current required licenses and certifications relevant to field of expertise
- Demonstrate the ability to communicate verbally and in writing throughout all levels of organization, both internally and externally
- Proficient use of applicable technology
- Ability to work in team environment as well as independently
- Ability to analyze and prioritize multiple responsibilities
- Proven track record of meeting sales targets
- Results driven and customer focused
- Must be able to ravel based on client and business need
A Real Estate Broker responsibilities include marketing listings and providing guidance to buyers and sellers. This is a great opportunity for someone looking to grow their career in real estate
- A Real Estate Broker responsibilities include marketing listings and providing guidance to buyers and sellers
- Provide guidance and assist sellers and buyers in marketing and purchasing property for the right price under the best terms
- Determine client’s needs and financial abilities to propose solutions that suit them
- Intermediate negotiation processes, consult clients on market conditions, prices, mortgages, legal requirements, and related matters, ensuring a fair and honest dealing
- Perform comparative market analysis to estimate a property’s value
- Display and market real property to possible buyers
- Outstanding people skills with a demonstrable aptitude in negotiation
- Proven track record of sales
- Trustworthy and results-driven
- Basic computer skills
- Ability to work autonomously and sell effectively
- Reliable transportation and valid driver’s license
- Brokerage license a plus
- Real Estate Experience a plus
We are looking for highly motivated individuals who have a minimum of two (2) years of sales experience and who are interested in earning an extremely high level of income. The brokerage position available will allow individuals to work with senior top producing brokers in a team environment. We are looking for ethical and driven individuals willing to work diligently to pursue new opportunities in the challenging and competitive arena of commercial real estate. Our commission splits are significantly better than the industry standard.
- Assist in the preparation of financial analysis for client assignments
- Participate in presentations and preparation of proposals for existing potential clients
- Provides ad hoc analytical support to all business clients, as required
- Maintains positive relationships with team and clients to ensure high level of satisfaction
- Serve as point person for corporate, and non corporate, clients regarding the sale and/or lease of client assets
- Showing properties, preparing proposals, and negotiating transactions
Desired skills and experience:
- Bachelor’s degree
- Minimum of 2 years experience working in a real estate or non real estate field
- Encourages and supports leadership and growth in others
- Displays service excellence in dealing with internal and external clients and partners
- Ability to work independently
- Superior skills in financial modeling
- Proven ability to deliver results
- Ability to initiate new business via utilizing various “cold calling” strategies
- Excellent interpersonal skills, high level of competitive drive to excel
Sample Interview Questions
- How do you approach understanding the needs and preferences of your clients, whether they are looking to buy, sell, or rent a property?
- Describe a time when you negotiated a real estate deal with clients or other parties.
- During real estate transactions, how do you protect the confidentiality and privacy of your clients?
- Are you familiar with other real estate professionals, such as attorneys, inspectors, and lenders, who are involved in real estate transactions?
- How did you contribute to the success of a real estate transaction that you are particularly proud of?
- How do you ensure the accuracy and completeness of real estate contracts and documents that you prepare?
- How do you stay on top of local real estate trends, including pricing, inventory, and competition?
- Which marketing strategies have proven to be most effective in attracting potential buyers and tenants?
- Describe a time when you had to overcome a difficult challenge or obstacle during a real estate transaction.
- Do you have experience handling the transaction process, including inspections, appraisals, and financing?