Broker assistants work for licensed real estate, insurance and stock brokers. As brokers focus on closing deals for clients, these assistants often work behind the scenes obtaining market information, preparing or obtaining the necessary paperwork, computing costs involved in the deals and performing a range of other support tasks. According to the job site Indeed, broker assistants earned an average annual salary of $45,000 as of April 2015.
Using the Skills
Competent broker assistants have excellent organizational skills and are attentive to details. In a real estate brokerage, for example, assistants must efficiently work with and spot small errors on documents such as lease agreements, mortgage assignments and closing forms. They should be capable of multitasking, as the job may involve talking to a client on the phone while pulling up some files on a computer. Broker assistants also need strong basic math and clear communication skills, because they have to accurately calculate various charges or costs, and explain transaction policies or procedures to clients.
Although the specific tasks of broker assistants vary by industry, they commonly work to make brokers' work more efficient. In stock brokerages, they help stockbrokers buy or sell stocks and other financial securities on behalf of clients. They monitor several stock markets, take note of changes in the share prices of various companies and advise the brokers accordingly. At insurance brokerages, they help brokers secure insurance policies that meet client needs. This involves researching the insurance market, comparing polices offered by various providers and reporting findings to the brokers. Finally, real estate broker assistants help real estate brokers research property histories and obtain the necessary documentation for completing real estate transactions.
Improving Office Efficiency and Other Duties
Broker assistants also ensure that brokers' offices run efficiently. They make sure that the office is sufficiently stocked with supplies such as copier paper and they buy new supplies when necessary. They also maintain an efficient filing system of daily transactions and schedule client appointments.
Other duties include ensuring office equipment are functioning properly, depositing copies of transaction documents with the brokerage's attorney, and informing brokers about changes in relevant federal and state laws and regulations.
To receive the best training and to enhance job prospects, aspiring real estate broker assistants should earn at least an associate degree in real estate, while insurance and stockbroker assistants should get a degree in insurance and finance, respectively. Some employers may hire assistants with bachelor's degrees. Hiring brokers may also consider accounting and business administration graduates. Although these assistants typically don’t need an occupational license to get employed, many states limit the kind of activities they can perform. In Washington, for example, real estate assistants cannot show properties to prospective buyers or negotiate prices.
- MyMajors: Broker Assistant Career
- North Dakota State University: Job Description: Broker Assistant
- Washington State Department of Licensing: Unlicensed Assistants: Real estate
- New York State, Department of State, Division of Licensing: Unlicensed Real Estate Assistants
- Indeed: Broker Assistant Salary
- Photo Credit gzorgz/iStock/Getty Images
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