Real Estate Brokers and Sales Agents
Additional Information
Duties:
Real estate brokers and sales agents typically perform the following duties:
- Seek potential clients interested in buying, selling, or renting properties.
- Advise clients on pricing, mortgages, market trends, and related details.
- Evaluate properties to determine competitive market prices.
- Create property listings that include location and feature descriptions.
- Market properties through advertisements, open houses, and listing services.
- Accompany potential buyers or renters to view properties.
- Present purchase offers to sellers.
- Facilitate negotiations between buyers and sellers.
- Ensure contract terms are met.
- Prepare documents such as closing statements, purchase agreements, and leases.
Given the complexity of real estate transactions, many people rely on brokers and agents for assistance. Most professionals in this field specialize in residential properties, but some handle commercial, industrial, agricultural, or rental properties.
Brokers and agents can represent either buyers or sellers. Buyer’s brokers and agents help clients find properties within their budget, while seller’s brokers and agents advise on pricing and finding qualified buyers. They must possess extensive knowledge of local communities, including crime rates, school locations, and shopping amenities. Staying informed about financing options, government programs, mortgages, zoning laws, and fair housing regulations is essential.
Many brokers and agents participate in community and real estate organizations to expand their networks and boost sales.
Types of Real Estate Professionals
- Real Estate Brokers: Licensed to operate their own businesses, brokers often sell properties for others, manage rental properties, and supervise sales agents.
- Real Estate Sales Agents: Must work under a broker, typically earning a commission-based income from property sales.
Education
Real estate brokers and sales agents need at least a high school diploma and must complete state-accredited prelicensing courses. Some states waive course requirements for those with college-level real estate education. Community colleges and universities may offer real estate certificates or degree programs, though they are not always required. Courses in finance, business administration, economics, and law can also be beneficial, especially for brokers planning to run their own businesses.
Professional development courses from real estate associations cover topics such as real estate fundamentals, law, and mortgage financing.
Licenses, Certifications, and Registrations
All states require brokers and agents to be licensed. Typical requirements include being at least 18 years old, having a high school diploma, completing prelicensing courses, and passing an exam. Some states require background checks, and licenses are usually not transferable between states without reciprocity agreements.
Broker licenses often require several years of experience as a sales agent and additional training. Some states allow a bachelor’s degree to substitute for certain experience or education requirements. Most states mandate continuing education to renew licenses every 2 to 4 years.
Pay
As of May 2023, the median annual salary for real estate brokers was $63,060. The lowest 10 percent earned less than $36,490, while the top 10 percent earned over $160,980.
Job Outlook
Employment of real estate brokers and sales agents is projected to grow 2 percent from 2023 to 2033, which is slower than the average for all occupations.
