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Become A Managing Broker

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Working As A Managing Broker

  • Getting Information
  • Establishing and Maintaining Interpersonal Relationships
  • Updating and Using Relevant Knowledge
  • Interacting With Computers
  • Organizing, Planning, and Prioritizing Work
  • Make Decisions

  • Stressful

  • $76,000

    Average Salary

What Does A Managing 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 Managing 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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Managing Broker Career Paths

Managing Broker
Broker Account Executive Account Manager
Major Account Manager
7 Yearsyrs
Broker Account Executive Owner
Owner And Sales
7 Yearsyrs
Broker Account Executive Branch Manager
Business Development Officer
7 Yearsyrs
Sales Person Team Leader Vice President
Group Vice President
9 Yearsyrs
Sales Person Team Leader Property Manager
Regional Property Manager
8 Yearsyrs
Sales Person Executive Assistant Property Manager
Senior Property Manager
8 Yearsyrs
Consultant Manager Property Manager
Real Estate Manager
8 Yearsyrs
Consultant Account Manager Recruitment Manager
Director Of Talent Acquisition
11 Yearsyrs
Consultant Owner Marketing Director
Director New Business Development
11 Yearsyrs
Loan Officer Executive Assistant Assistant Property Manager
Commercial Property Manager
7 Yearsyrs
Loan Officer Team Leader Operations Director
Director Of Operations And Development
9 Yearsyrs
Loan Officer Senior Account Executive Communications Manager
Community Association Manager
9 Yearsyrs
Specialist Executive Assistant Assistant Property Manager
Leasing Director
5 Yearsyrs
Specialist Senior Sales Representative Director Of Sales
Area Vice President
12 Yearsyrs
Specialist Claim Specialist Associate Attorney
Managing Owner
7 Yearsyrs
Real Estate Consultant Real Estate Appraiser Real Estate Manager
Acquisitions Manager
7 Yearsyrs
Real Estate Consultant Real Estate Appraiser Realtor
Real Estate Management Specialist
7 Yearsyrs
Real Estate Consultant Accountant Accountant And Office Manager
Finance Account Manager
5 Yearsyrs
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Top Skills for A Managing Broker

  1. Real Estate
  2. New Brokers
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Ensured documentation of all transactions in accordance to Colorado Real Estate Commission regulations.
  • Recruited and hired top talent and delivered training to new brokers in the listing and selling of properties.
  • Reviewed Advertising/Marketing materials to ensure compliance.
  • Provided property management, including identifying interim users, and negotiated and managed farm leases to maintain agricultural tax status.
  • Provided response and resolution to problems & inquiries, ensuring customer satisfaction through consistently delivering exemplary customer service.

Managing Broker Demographics

Gender

Male

50.9%

Female

36.4%

Unknown

12.6%
Ethnicity

White

64.8%

Hispanic or Latino

14.2%

Black or African American

11.2%

Asian

6.1%

Unknown

3.7%
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Foreign Languages Spoken

Spanish

28.0%

Russian

8.0%

Polish

8.0%

Portuguese

4.0%

Czech

4.0%

Cherokee

4.0%

Marathi

4.0%

Greek

4.0%

French

4.0%

Romanian

4.0%

Gujarati

4.0%

Slovak

4.0%

Hindi

4.0%

Urdu

4.0%

Sindhi

4.0%

Korean

4.0%

Italian

4.0%
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Managing Broker Education

Schools

University of Phoenix

13.0%

University of Washington

8.2%

DePaul University

7.5%

Northern Illinois University

7.5%

Colorado State University

6.2%

University of Denver

5.5%

Pace University - New York

4.8%

Kennesaw State University

4.1%

University of Georgia

4.1%

Florida State University

4.1%

University of Miami

4.1%

Roosevelt University

3.4%

Illinois State University

3.4%

Georgia State University

3.4%

New York University

3.4%

College of DuPage

3.4%

Loyola University of Chicago

3.4%

Florida International University

3.4%

Purdue University

3.4%

Western Governors University

3.4%
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Majors

Business

31.9%

Real Estate

14.7%

Finance

6.6%

Management

6.2%

Accounting

5.1%

Marketing

4.9%

Education

4.6%

Psychology

3.6%

Law

3.3%

Political Science

3.2%

Economics

2.7%

Communication

2.1%

English

1.9%

Nursing

1.6%

Computer Science

1.4%

Electrical Engineering

1.4%

Liberal Arts

1.3%

Criminal Justice

1.3%

Computer Information Systems

1.3%

General Studies

1.1%
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Degrees

Bachelors

39.7%

Other

23.8%

Masters

17.7%

Associate

7.2%

License

4.7%

Certificate

3.3%

Doctorate

3.3%

Diploma

0.3%
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