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Become A Real Estate Broker Associate

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Working As A Real Estate Broker Associate

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

  • Stressful

  • $61,000

    Average Salary

What Does A Real Estate Broker Associate 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 Real Estate Broker Associate

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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Real Estate Broker Associate Career Paths

Real Estate Broker Associate
Real Estate Broker Account Executive Regional Sales Manager
National Sales Manager
9 Yearsyrs
Real Estate Broker Account Executive
Senior Sales Executive
8 Yearsyrs
Real Estate Broker Account Executive Account Manager
Commercial Account Manager
8 Yearsyrs
Broker Consultant Regional Sales Manager
National Sales Director
11 Yearsyrs
Broker Consultant Owner
Owner And Sales
7 Yearsyrs
Broker Team Leader Property Manager
Regional Property Manager
8 Yearsyrs
Loan Officer Team Leader Property Manager
Senior Property Manager
8 Yearsyrs
Loan Officer Accountant Property Manager
Commercial Property Manager
7 Yearsyrs
Loan Officer Consultant Regional Sales Manager
Business Development Sales Manager
8 Yearsyrs
Executive Assistant Assistant Property Manager
Real Estate Manager
8 Yearsyrs
Executive Assistant Assistant Property Manager Real Estate Manager
Asset Manager
7 Yearsyrs
Executive Assistant Owner Marketing Director
Director New Business Development
11 Yearsyrs
Attorney Office Manager Communications Manager
Community Association Manager
9 Yearsyrs
Attorney Compliance Specialist Assistant Property Manager
Leasing Director
5 Yearsyrs
Attorney Owner/Operator Sales Account Manager
Business Development Account Manager
7 Yearsyrs
Real Estate Appraiser General Manager Market Manager
Market Sales Manager
6 Yearsyrs
Real Estate Appraiser Real Estate Manager
Acquisitions Manager
7 Yearsyrs
Real Estate Appraiser Owner Realtor
Real Estate Management Specialist
7 Yearsyrs
Paralegal Law Clerk Associate Attorney
Managing Owner
7 Yearsyrs
Appraiser Account Manager Strategic Accounts Manager
Inside Sales Account Manager
6 Yearsyrs
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Help others decide if this is a good career for them

Average Length of Employment
Real Estate Broker 6.2 years
Broker Realtor 5.5 years
Broker In Charge 5.3 years
Associate Broker 4.8 years
Associate Realtor 4.6 years
Licensed Realtor 4.4 years
Realtor 4.2 years
Affiliate Broker 3.9 years
Real Estate Closer 3.9 years
Real Estate Lawyer 3.9 years
Real Estate Agent 3.8 years
Top Careers Before Real Estate Broker Associate
Sales Person 10.0%
Manager 4.9%
Owner 4.8%
Broker 3.6%
Realtor 2.9%
Consultant 2.8%
Top Careers After Real Estate Broker Associate
Owner 7.3%
Broker 4.5%
Manager 4.1%
Associate 2.4%

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Top Skills for A Real Estate Broker Associate

  1. Real Estate
  2. Prospective Buyers
  3. Purchase Agreements
You can check out examples of real life uses of top skills on resumes here:
  • Performed real estate market valuations using cost/price analysis data and analyzing appraisals.
  • Followed up with prospective buyers regarding incentives from the builder and new developments in the surrounding area.
  • Represent and negotiate on behalf of both buyers and sellers to ensure terms and conditions of purchase agreements before closing dates.
  • Provided consultative advice to customer and prospective buyers on residential properties across Southern California.
  • Marketed properties, coordinated contracts, arranged site inspections, communicated with mortgage lenders and initiated detailed progress reports regularly.

Real Estate Broker Associate Demographics

Gender

Female

48.0%

Male

43.1%

Unknown

8.9%
Ethnicity

White

63.8%

Hispanic or Latino

15.4%

Black or African American

10.5%

Asian

6.1%

Unknown

4.3%
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Foreign Languages Spoken

Spanish

47.4%

French

14.0%

Chinese

5.3%

German

5.3%

Italian

3.5%

Turkish

1.8%

Portuguese

1.8%

Bulgarian

1.8%

Croatian

1.8%

Hungarian

1.8%

Vietnamese

1.8%

Romanian

1.8%

Serbian

1.8%

Japanese

1.8%

Macedonian

1.8%

Greek

1.8%

Mandarin

1.8%

Korean

1.8%

Navajo

1.8%
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Real Estate Broker Associate Education

Schools

University of Phoenix

13.2%

New York University

9.9%

Florida International University

7.2%

Cornell University

6.6%

University of New Mexico

5.3%

The Academy

4.6%

Ohio State University

4.6%

State University of New York Albany

4.6%

University of Miami

4.6%

Colorado State University

4.6%

California State University - San Bernardino

3.9%

University of Colorado at Boulder

3.9%

Hofstra University

3.9%

University of Alabama

3.3%

University of South Florida

3.3%

Arizona State University

3.3%

University of California - Los Angeles

3.3%

Pennsylvania State University

3.3%

University of Southern California

3.3%

Purdue University

3.3%
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Majors

Business

24.4%

Real Estate

23.9%

Law

5.4%

Finance

4.9%

Accounting

4.9%

Psychology

4.6%

Marketing

4.5%

Management

3.7%

Communication

3.4%

Education

3.0%

Political Science

2.8%

General Sales

2.5%

English

2.1%

Criminal Justice

1.8%

Economics

1.5%

Legal Support Services

1.5%

Liberal Arts

1.5%

General Studies

1.3%

Elementary Education

1.3%

Fine Arts

1.1%
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Degrees

Bachelors

34.1%

Other

25.2%

Masters

13.8%

Associate

10.6%

License

6.5%

Certificate

5.0%

Doctorate

4.5%

Diploma

0.3%
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