Career Description of Real Estate Brokers
Purchasing a home or investment property is one of the biggest financial events in a person's life. There are a myriad of factors to consider when buying a property, including zoning laws, tax liabilities, location and financing. Real estate brokers guide their clients through the complex and sometimes lengthy real estate process. Brokers also function as the middleman between agents, lenders, escrow managers and sellers and ensure that each party carries out the procedures that are required to close a real estate deal.
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Function
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Similar to real estate agents, the primary job of brokers is to help clients buy and sell property. However, brokers are licensed to run and manage their own businesses, as well as those owned by other individuals. Brokers work closely with their clients and search for properties that meet their personal tastes, budget and lifestyle. These professionals also perform extensive research on various neighborhoods, demographic trends and leasing practices to determine tax benefits and potential renter income for investors. A small percentage of real estate brokers also sell commercial, agricultural and industrial real estate for business clients.
Education
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A high school diploma is required for individuals interested in becoming a real estate broker. Larger real estate firms may require that applicants have college degrees if the position deals with transactions that are legally complex. All real estate brokers must have at least 60 to 90 hours of formal training and one to three years of experience as a real estate agent before obtaining their broker's license. Depending on the state, the experience requirement may be waived in lieu of a college degree. Brokers interested in starting a business or advancing in their careers should take courses in business administration, economics, law and real estate finance.
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Skills
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Real estate brokers should have excellent customer service, networking and communication skills. They must be organized, reliable, trustworthy and professional when dealing with clients, colleagues and industry peers. In addition to having a broad knowledge of real estate fundamentals, tax laws and general demographics, brokers must have leadership and business skills if they are managing a real estate office.
Salary
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According to the U.S. Bureau of Labor Statistics (BLS), the average salary for real estate brokers in the United States was just over $40,000 in May 2008. Earners in the lowest 10th percentile made less than $21,120, and earners in the highest 10th percentile made more than $101,860.
Potential
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The BLS projects that the real estate profession will experience faster than average growth between 2008 and 2018. The number of real estate agent and broker positions is expected to increase by 14 percent due to workers who are retiring and transitioning to other jobs. Entry-level real estate professionals will face heavy competition from agents and brokers who are more experienced and established in their careers. However, real estate brokers with formal training, excellent selling skills and an extensive business network will have the best job opportunities.
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References
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- Photo Credit Real Estate image by Stephen VanHorn from Fotolia.com
