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The differences between insurance brokers and real estate brokers can be seen in a few details. Each job has different responsibilities and duties. Additionally, an insurance broker has an average salary of $94,006, which is higher than the $80,250 average annual salary of a real estate broker.
The top three skills for an insurance broker include customer service, life insurance products and lead generation. The most important skills for a real estate broker are real estate sales, purchase agreements, and financial resources.
| Insurance Broker | Real Estate Broker | |
| Yearly salary | $94,006 | $80,250 |
| Hourly rate | $45.20 | $38.58 |
| Growth rate | 6% | 5% |
| Number of jobs | 38,403 | 19,151 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 65% |
| Average age | 46 | 49 |
| Years of experience | - | - |
Insurance brokers are responsible for assisting clients to determine their liability risks and in selecting the appropriate policies for their family, home, business, or automobile to ensure their protection. They direct clients in creating a sound decision and supply them with a variety of quotes that best suit their needs. Their duties include demonstrating the benefits, terms, conditions, and suspension for a number of participating insurance policies. Also, they may negotiate lesser rates for their clients and continue in guiding these clients in technical issues like filing a claim or changing their insurance coverage.
Real estate appraisers are unique in that many of them are self-employed. Nevertheless, it is a career that will require an enterprising, inquisitive, and motivated personality, as well as impartiality and unbiased nature. Appraisers will provide objective opinions on the value of properties, as well as assist the owners/managers/investors for real estate. They must also verify legal real estate records, inspect properties, photograph interior and exterior structures, and prepare and maintain written reports on property values.
Insurance brokers and real estate brokers have different pay scales, as shown below.
| Insurance Broker | Real Estate Broker | |
| Average salary | $94,006 | $80,250 |
| Salary range | Between $62,000 And $141,000 | Between $56,000 And $114,000 |
| Highest paying City | Birmingham, AL | New York, NY |
| Highest paying state | Washington | New York |
| Best paying company | Liberty Mutual Insurance | Village Real Estate |
| Best paying industry | Insurance | Finance |
There are a few differences between an insurance broker and a real estate broker in terms of educational background:
| Insurance Broker | Real Estate Broker | |
| Most common degree | Bachelor's Degree, 64% | Bachelor's Degree, 65% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Southern California |
Here are the differences between insurance brokers' and real estate brokers' demographics:
| Insurance Broker | Real Estate Broker | |
| Average age | 46 | 49 |
| Gender ratio | Male, 62.5% Female, 37.5% | Male, 54.3% Female, 45.7% |
| Race ratio | Black or African American, 9.3% Unknown, 3.6% Hispanic or Latino, 15.9% Asian, 4.9% White, 66.2% American Indian and Alaska Native, 0.1% | Black or African American, 5.3% Unknown, 4.3% Hispanic or Latino, 13.2% Asian, 6.9% White, 70.0% American Indian and Alaska Native, 0.3% |
| LGBT Percentage | 7% | 13% |