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PERSONALIZED JOBS

Become A Broker

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Working As A Broker

  • Getting Information
  • Performing for or Working Directly with the Public
  • Resolving Conflicts and Negotiating with Others
  • Interacting With Computers
  • Selling or Influencing Others
  • Deal with People

  • Make Decisions

  • Stressful

  • $43,370

    Average Salary

What Does A Broker Do

Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.

Duties

Real estate brokers and sales agents typically do the following:

  • Solicit potential clients to buy, sell, and rent properties
  • Advise clients on prices, mortgages, market conditions, and related information
  • Compare properties to determine a competitive market price
  • Generate lists of properties for sale, including details such as location and features
  • Promote properties through advertisements, open houses, and listing services
  • Take prospective buyers or renters to see properties
  • Present purchase offers to sellers for consideration
  • Mediate negotiations between buyer and seller
  • Ensure that all terms of purchase contracts are met
  • Prepare documents, such as loyalty contracts, purchase agreements, and deeds

Because of the complexity of buying or selling a home or commercial property, people often seek help from real estate brokers and sales agents.

Most real estate brokers and sales agents sell residential property. Others sell commercial property, and a small number sell industrial, agricultural, or other types of real estate.

Brokers and agents can represent either the buyer or the seller in a transaction. Buyers’ brokers and agents meet with clients to understand what they are looking for in a property and how much they can afford. Sellers’ brokers and agents meet with clients to help them decide how much to ask for and to convince them that the agent or broker can find them a qualified buyer.

Real estate brokers and sales agents must be knowledgeable about the real estate market in their area. To match properties to clients’ needs, they should be familiar with local communities, including knowing the crime information and the proximity to schools and shopping. Brokers and agents also must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws. 

Real estate brokers are licensed to manage their own businesses. As independent businesspeople, brokers often sell real estate owned by others. In addition to helping clients buy and sell properties, they may help rent or manage properties for a fee. Many operate a real estate office, handling business details and overseeing the work of sales agents.

Real estate sales agents must work with a broker. Sales agents often work for brokers on a contract basis, earning a portion of the commission from each property they sell.

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How To Become A Broker

Real estate brokers and sales agents need at least a high school diploma. Both brokers and sales agents must be licensed. To become licensed, candidates typically must complete a number of real estate courses and pass a licensing exam. 

Education

Real estate brokers and sales agents must have at least a high school diploma or equivalent. Although most brokers and agents must take state-accredited prelicensing courses to become licensed, some states may waive this requirement if the candidate has taken college courses in real estate. 

As the real estate market becomes more competitive and complex, some employers are preferring to hire candidates with college courses or a college degree. Some community colleges, colleges, and universities offer courses in real estate. Some offer associate’s and bachelor’s degree programs in real estate, and many others offer certificate programs. Courses in finance, business administration, economics, and law also can be useful.

Brokers intending to open their own company often take business courses, such as marketing and accounting. 

In addition to offering prelicensing courses, many real estate associations have courses and professional development programs for both beginners and experienced agents. These courses cover a variety of topics, such as real estate fundamentals, real estate law, and mortgage financing.

Licenses, Certifications, and Registrations

In all states and the District of Columbia, real estate brokers and sales agents must be licensed. Licensing requirements vary by state, but most have similar basic requirements:

Candidates must:

  • be 18 years old
  • complete a number of real estate courses
  • pass an exam

Some states have additional requirements, such as passing a background check. Licenses typically are not transferable among states. However, some states have reciprocity agreements and will accept licenses issued by some other states. 

To obtain a broker’s license, individuals generally need 1 to 3 years of experience as a licensed sales agent. They also must take additional formal training courses. In some states, a bachelor’s degree may be substituted in place of some experience or training requirements. 

State licenses typically must be renewed every 2 to 4 years. In most states, brokers and agents must complete continuing education courses to renew their license. To verify exact licensing requirements, prospective brokers and agents should contact the real estate licensing commission of the state in which they wish to work.

Work Experience in a Related Occupation

To get a broker’s license in most states, real estate brokers must have experience working as a licensed real estate sales agent. Requirements vary by state, but most require 1 to 3 years of experience. 

Training

Real estate sales agents improve their skills through practice and repetition. Because of the sales environment and the complexity of real estate deals, new agents typically observe and work closely with more senior agents. In addition, some of the larger real estate companies provide formal classroom training for new agents as a way to gain knowledge and experience, while others provide training to employees studying for their real estate licensing exam.

Advancement

Sales agents who earn their broker’s license may open their own offices. 

Important Qualities

Business skills. Because most brokers are self-employed, they must manage every aspect of their business. This task includes reaching out to prospective clients, handling their finances, and advertising their services.

Interpersonal skills. Strong interpersonal skills are essential for real estate brokers and sales agents, because they spend much of their time interacting with clients and customers. To attract and keep clients, they must be pleasant, enthusiastic, and trustworthy. 

Organizational skills. Real estate brokers and sales agents must be able to work independently, managing their own time and organizing, planning, and prioritizing their work.

Problem-solving skills. Real estate brokers and sales agents need to be able to quickly (sometimes immediately) address concerns clients or potential customers may have with a property. They also mediate negotiations between seller and buyer.

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Broker jobs

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Broker Career Paths

Broker
Real Estate Broker Project Manager General Manager
Account Manager
5 Yearsyrs
Account Executive Regional Sales Manager
Director Of Sales
10 Yearsyrs
Operations Manager Branch Manager Account Executive
District Sales Manager
7 Yearsyrs
Account Executive Sales Manager
General Manager
7 Yearsyrs
Assistant Vice President Office Manager Account Manager
Key Account Manager
7 Yearsyrs
Business Development Manager Realtor Associate Broker
Managing Broker
10 Yearsyrs
Business Developer Marketing/Business Development Marketing Manager
National Account Manager
8 Yearsyrs
Assistant Vice President Senior Consultant Product Manager
National Sales Manager
10 Yearsyrs
Managing Partner Real Estate Broker Assistant Property Manager
On Site Property Manager
6 Yearsyrs
Director Of Sales Business Development Executive Senior Account Executive
Regional Accounts Manager
8 Yearsyrs
Chief Executive Officer Specialist Property Manager
Regional Property Manager
7 Yearsyrs
Operations Manager General Manager Account Executive
Regional Sales Manager
9 Yearsyrs
Underwriter Quality Assurance Account Manager
Sales Account Manager
6 Yearsyrs
Finance Advisor Finance Analyst Finance Manager
Sales Manager
5 Yearsyrs
Business Developer Business Development Manager
Senior Account Manager
7 Yearsyrs
Chief Executive Officer Realtor Property Manager
Senior Property Manager
8 Yearsyrs
Real Estate Broker Business Developer Business Development Manager
Senior Sales Manager
7 Yearsyrs
Underwriter Quality Control Account Manager
Territory Account Manager
8 Yearsyrs
Director Of Sales Operations Director Sales Consultant
Territory Sales Manager
7 Yearsyrs
Finance Advisor Assistant Vice President
Vice President, Business Development
13 Yearsyrs
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Average Length of Employment
Floor Broker 7.4 years
Real Estate Broker 6.0 years
Managing Broker 5.3 years
Broker In Charge 5.3 years
Broker Realtor 5.1 years
Bond Broker 4.6 years
Associate Broker 4.6 years
Food Broker 4.5 years
Grain Broker 4.2 years
Buyer Broker 4.2 years
Broker 4.0 years
Commodity Broker 3.9 years
Affiliate Broker 3.7 years
Mortgage Broker 3.7 years
Loan Broker 3.6 years
Insurance Broker 3.5 years
Oil Lease Broker 3.5 years
Customs Broker 3.3 years
Commission Broker 2.9 years
Stock Broker 2.8 years
Ticket Broker 2.5 years
Prime Broker 2.4 years
Freight Broker 2.3 years
Broker Assistant 2.3 years
Pawn Broker 1.9 years
Diamond Broker 1.8 years
Top Employers Before
Owner 6.6%
Manager 6.5%
Realtor 4.3%
Internship 3.9%
Cashier 3.2%
Top Employers After
Owner 7.7%
Manager 6.2%
Consultant 5.3%
President 4.5%

Broker Demographics

Gender

Male

60.5%

Female

37.1%

Unknown

2.4%
Ethnicity

White

78.4%

Hispanic or Latino

11.1%

Asian

8.2%

Unknown

1.8%

Black or African American

0.5%
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Languages Spoken

Spanish

55.2%

French

9.9%

Portuguese

4.8%

German

4.8%

Mandarin

4.0%

Chinese

4.0%

Russian

2.7%

Italian

2.7%

Cantonese

1.9%

Japanese

1.6%

Hindi

1.1%

Thai

1.1%

Carrier

1.1%

Arabic

1.1%

Dutch

0.8%

Korean

0.8%

Filipino

0.8%

Polish

0.8%

Turkish

0.5%

Hmong

0.5%
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Broker Education

Schools

University of Phoenix

15.4%

Arizona State University

6.5%

New York University

5.9%

Northeastern University

5.5%

Texas Tech University

5.1%

Georgia State University

5.0%

Temple University

4.6%

University of Florida

4.6%

University of Arizona

4.6%

Ashford University

4.6%

University of Texas at Austin

4.6%

Michigan State University

4.2%

Austin Community College

4.2%

San Jose State University

3.8%

San Francisco State University

3.6%

University of North Carolina at Chapel Hill

3.6%

Illinois State University

3.6%

San Diego State University

3.6%

University of Kansas

3.6%

Syracuse University

3.4%
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Majors

Business

32.3%

Finance

9.7%

Real Estate

7.1%

Marketing

5.6%

Accounting

5.3%

Management

4.7%

Psychology

4.4%

Communication

4.0%

Economics

3.6%

Political Science

3.6%

Computer Science

3.0%

Education

2.2%

Law

2.2%

English

2.0%

Criminal Justice

2.0%

Liberal Arts

2.0%

General Studies

1.6%

Human Resources Management

1.6%

Health Care Administration

1.5%

General Education, Specific Areas

1.5%
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Degrees

Bachelors

43.8%

Other

25.9%

Masters

14.6%

Associate

7.4%

Certificate

3.5%

Doctorate

2.1%

License

1.9%

Diploma

0.7%
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Full Time
Part Time
Internship
Temporary

Real Broker Salaries

Job Title Company Location Start Date Salary
Senior Broker, Emerging Market FX Options GFI Securities LLC New York, NY Apr 24, 2015 $350,000
Interest Rate Swaps Broker Tradition (North America) Inc. New York, NY May 24, 2013 $350,000
Senior Broker, Emerging Market FX Options GFI Securities LLC New York, NY Jul 27, 2015 $350,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Sep 15, 2013 $300,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Jun 11, 2014 $300,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Apr 02, 2014 $300,000
Equity Derivatives Broker BGC Partners Inc. New York, NY Jun 20, 2016 $286,000
Broker Willis North America Inc. New York, NY Sep 01, 2014 $270,000
Financial Broker-NDF and Rate Derivatives Latin America BGC Partners Inc. Chicago, IL Apr 15, 2016 $270,000
Broker Willis North America Inc. New York, NY Aug 01, 2014 $270,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Mar 16, 2015 $270,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Aug 31, 2015 $270,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ May 18, 2016 $270,000
Broker, Latam Ndfs ICAP Capital Markets LLC Jersey City, NJ Sep 17, 2014 $195,000
FAR East Broker ICAP Capital Markets LLC Jersey City, NJ Oct 01, 2013 $180,000 -
$350,000
Shipbroker Smith-O'Hara Enterprises DBA Netco Houston, TX Nov 27, 2015 $178,402
Shipbroker Smith-O'Hara Enterprises, Inc. Houston, TX Aug 16, 2015 $178,402
Broker/Fsa Consultant Laidlaw & Company (Uk) Ltd New York, NY Jun 07, 2016 $178,235
Broker/FCA Consult Laidlaw & Company (Uk) Ltd. New York, NY Aug 16, 2016 $178,235
Broker, Mexican Interest Rate Swaps ICAP Capital Markets LLC Jersey City, NJ Sep 07, 2013 $177,882
Broker, Spot Foreign Exchange Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Oct 01, 2014 $175,000
Foreign Exchange Broker Enlace New York, Inc. New York, NY Oct 05, 2013 $106,704 -
$180,000
Broker II Guy Carpenter & Company LLC Morristown, NJ Aug 28, 2015 $104,000 -
$122,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Dec 02, 2013 $100,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Mar 23, 2014 $100,000
Broker Stormharbour Partners LP New York, NY Jul 01, 2013 $100,000
Derivatives Broker INTL Fcstone Inc. New York, NY Sep 15, 2016 $95,000 -
$115,000
Broker Tullett Prebon (Americas) Holdings Inc. Jersey City, NJ Mar 06, 2013 $90,000

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Top Skills for A Broker

FinancialStatementsInsuranceProductsCustomerServiceProspectiveBuyersBrokerageComplianceWebsphereMQDataEntryIncomePropertyManagementHighNETAssetClientBaseBusinessDevelopmentNewClientsNewAccountsSQLRealEstateTransactionsMedicaidLifeInsurance

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Top Broker Skills

  1. Financial Statements
  2. Insurance Products
  3. Customer Service
You can check out examples of real life uses of top skills on resumes here:
  • Prepared highly sensitive financial statements and reports.
  • Formed strategic alliances with a property and casualty agency to develop new sales channels for group life and health insurance products.
  • Managed team of licensed professional and trained associates in sales, customer service, and products
  • Followed up with prospective buyers regarding incentives from the builder and new developments in the surrounding area.
  • Solicited profitable freight brokerage business by marketing transportation capability via direct sales calls, telephone and direct mail marketing activity.

Top Broker Employers

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Broker Videos

Day Trader Documentary - A day in the life of a multimillionaire forex trader | FX Viper Part 1

What Does a Mortgage Broker Do?

Career Advice on becoming an Insurance Broker by Samantha B (Full Version)

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