Career Development

What Does a Real Estate Broker Do?

Find out what a real estate broker does, how to get this job, and what it takes to succeed as a real estate broker.

Real estate brokers are the people who help buyers and sellers find each other and negotiate deals. They work with both parties to ensure that everyone is happy with the transaction at the end of the day.

Real estate brokers may specialize in a certain area of real estate, such as residential or commercial property. Some focus on specific types of transactions, such as buying or selling a home, while others handle all kinds of real estate sales equally.

Real Estate Broker Job Duties

A real estate broker typically has a wide range of responsibilities, which can include:

  • Negotiating between buyers and sellers to ensure the best possible price for both parties
  • Advertising properties for sale in print or online media, including listing them on multiple real estate websites
  • Representing buyers by providing information about available properties, helping them locate financing for a purchase, and negotiating the terms of the sale
  • Helping sellers find buyers for their properties by advertising listings in multiple media outlets and using internet marketing tools
  • Listening to prospective clients’ needs and concerns about buying or selling a home or other property
  • Reviewing offers made on properties and advising sellers on whether to accept or reject them
  • Coordinating inspections to ensure that properties meet legal standards for safety and habitability
  • Helping clients negotiate contracts with sellers and ensuring that they are signed by all parties involved
  • Conducting research on market trends to identify potential opportunities for investors

Real Estate Broker Salary & Outlook

Real estate brokers are typically paid a commission, which can vary depending on the type of property and the broker’s level of experience. Brokers may also earn additional income through commissions on sales they’ve referred to other agents.

  • Median Annual Salary: $105,000 ($50.48/hour)
  • Top 10% Annual Salary: $184,000 ($88.46/hour)

The employment of real estate brokers is expected to grow at an average rate over the next decade.

Growth in the housing market will lead to increased demand for real estate brokers. As the economy continues to improve, more people are expected to buy or sell a home. In addition, the aging of baby boomers is expected to increase the demand for real estate brokers as these individuals look to downsize their homes and move to locations that offer more amenities.

Real Estate Broker Job Requirements

In order to become a real estate broker, you must meet the following requirements:

Education: Real estate brokers are typically required to have a minimum of a bachelor’s degree. Some of the most common majors for real estate brokers are business, finance and real estate. Some universities offer a degree in real estate.

Training & Experience: Real estate brokers must complete a certain number of hours of training before they can earn their license. The National Association of Realtors (NAR) offers a variety of training courses, including the Real Estate Institute, which offers courses in various locations throughout the country. The NAR also offers a variety of online courses.

Certifications & Licenses: To work as a real estate broker, you must first earn a license by passing the 60-question New York State Real Estate Salesperson Exam. You can study for the exam at one of the state-approved educational institutions and then apply for the license. The application requires you to submit proof of completing a real estate education program and passing the exam. You can apply for the license once every six months. For additional information, visit the New York Department of Financial Services.

Real Estate Broker Skills

Real estate brokers need the following skills in order to be successful:

Sales skills: Real estate brokers work with clients to find properties, negotiate prices and complete transactions. They also work with clients to find financing and insurance for properties. Sales skills are an important part of a real estate broker’s skill set.

Communication skills: Real estate brokers communicate with clients, other brokers, agents and other professionals in the real estate industry. They also communicate with clients and potential clients through phone calls, emails and in-person meetings. Effective communication skills can help real estate brokers communicate effectively and efficiently.

Negotiation skills: Negotiation skills are also an important skill for real estate brokers to have. This is because they often have to negotiate with clients to help them find the right property and negotiate with sellers to get the best price for their clients.

Marketing skills: Real estate brokers use marketing skills to advertise properties and attract potential buyers. They use marketing skills to create advertisements, design flyers and develop marketing campaigns. Brokers also use marketing skills to promote their business and attract clients.

Administrative skills: Real estate brokers often perform administrative tasks such as managing client information, tracking sales and maintaining records. Administrative skills can help you be more efficient in your job and help you advance in your career.

Real Estate Broker Work Environment

Real estate brokers typically work long hours, including evenings and weekends, to accommodate their clients’ schedules. They also travel frequently to show properties and attend industry events. The work can be stressful, especially when brokering deals involving large sums of money. However, many brokers find the work exciting and enjoy the challenges and rewards of helping people buy and sell property.

Real Estate Broker Trends

Here are three trends influencing how real estate brokers work. Real estate brokers will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

The Rise of the Real Estate Broker

The real estate industry is changing rapidly, and one of the most significant changes is the rise of the real estate broker.

As more and more people buy and sell homes online, the need for a real estate broker will decrease. However, those who are able to adapt to this change will be in a better position to serve their clients and make a name for themselves in the industry.

Real Estate Agents Will Need to Be More Tech-Savvy

Real estate agents will need to be more tech-savvy in order to stay competitive in the market. This means that they will need to be familiar with new technologies such as virtual reality and artificial intelligence.

These technologies can be used to help buyers and sellers feel more comfortable with their decisions, which can lead to faster sales and happier customers. In order to take advantage of these technologies, real estate agents will need to be well-versed in their use.

More Transparency in the Industry

The real estate industry is becoming increasingly transparent, which is having a major impact on the way that brokers do business.

Brokers are now being held accountable for their actions, and potential clients are looking for professionals who have a track record of honesty and integrity. In order to succeed in this environment, brokers will need to be honest and open about their services and fees. They will also need to be prepared to answer questions about their past experiences and qualifications.

How to Become a Real Estate Broker

A real estate broker career can be a great choice for someone who wants to work in the real estate industry but doesn’t want to deal with the hassle of owning and managing their own real estate business. As a real estate broker, you will have the opportunity to work with a variety of different clients and help them find the perfect home or commercial property that meets their needs.

To become a real estate broker, you will need to complete a licensing course and pass the state exam. You will also need to build your network of contacts within the real estate industry so that you can stay up-to-date on the latest market trends and developments.

Related: How to Write a Real Estate Broker Resume

Advancement Prospects

The most successful real estate brokers are those who are able to build a client base and maintain good relationships with those clients. As a broker gains experience and builds a reputation for being trustworthy and knowledgeable, he or she will likely find that more and more clients are willing to do business with him or her. The most successful brokers are usually those who are able to effectively market themselves and their services.

Many brokers eventually become managers or partners in their firms, or open their own brokerage firms. Some brokers become involved in real estate development or other real estate-related businesses. Others teach real estate courses or pursue careers in real estate appraisal or real estate law.

Real Estate Broker Job Description Example

As a successful real estate broker, you will be responsible for the listing, marketing, and sale of properties on behalf of your clients. You will work with buyers and sellers to negotiate contracts, coordinate inspections, and oversee the closing process. In addition to your sales skills, you will need to be well-versed in your local real estate market and have a strong network of industry contacts. The most successful brokers are those who are able to build relationships of trust with their clients and who have a deep understanding of the real estate transaction process. If you are a motivated, detail-oriented individual with a passion for real estate, we would like to hear from you.

Duties & Responsibilities

  • Act as an intermediary between sellers and buyers of real estate properties
  • Negotiate prices, terms of sales, and commissions
  • Advise clients on market conditions, prices, mortgages, legal requirements, and related matters
  • Prepare necessary paperwork (e.g. purchase agreements, contracts of sale, deeds, etc.)
  • Promote properties through advertisements, open houses, and other marketing initiatives
  • Arrange for property inspections by qualified third parties (e.g. home inspectors, appraisers, etc.)
  • Assist clients in securing financing from banks or other lending institutions
  • Stay abreast of new laws and regulations affecting the real estate industry
  • Keep up-to-date with local market conditions and trends
  • Attend continuing education courses to maintain broker’s license
  • Network with other brokers and professionals in the real estate industry
  • Maintain records of all transactions for future reference

Required Skills and Qualifications

  • Active real estate license in good standing
  • 5+ years experience as a licensed real estate broker
  • Proven track record of successful sales
  • Excellent negotiation skills
  • Strong marketing and business development skills
  • Exceptional customer service skills

Preferred Skills and Qualifications

  • 10+ years experience as a licensed real estate broker
  • Bachelor’s degree in business, marketing, or related field
  • Master’s degree in business administration (MBA)
  • Experience working with an international clientele
  • Fluency in more than one language

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