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Real estate broker associate hiring summary. Here are some key points about hiring real estate broker associates in the United States:
Here's a step-by-step real estate broker associate hiring guide:
Before you start hiring a real estate broker associate, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
A real estate broker associate's background is also an important factor in determining whether they'll be a good fit for the position. For example, real estate broker associates from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
This list presents real estate broker associate salaries for various positions.
| Type of Real Estate Broker Associate | Description | Hourly rate |
|---|---|---|
| Real Estate Broker Associate | 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... Show more | $29-53 |
| Realtor | A realtor is responsible for processing real estate transactions and assisting clients with their concerns and inquiries about a specific property. A realtor should always work for their clients' best interests, ensuring that proposals work within the client's specified budget and property goals... Show more | $12-25 |
| Broker | Brokers can either be a firm or an individual acting as an intermediary between a securities exchange and an investor. They often provide services to individual investors and traders who cannot engage directly with security exchanges, which only accept orders from their members... Show more | $32-109 |
Including a salary range in your real estate broker associate job description is one of the best ways to attract top talent. A real estate broker associate can vary based on:
A real estate broker associate job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a real estate broker associate job description:
There are a few common ways to find real estate broker associates for your business:
Recruiting real estate broker associates requires you to bring your A-game to the interview process. The first interview should introduce the company and the role to the candidate as much as they present their background experience and reasons for applying for the job. During later interviews, you can go into more detail about the technical details of the job and ask behavioral questions to gauge how they'd fit into your current company culture.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've selected the best real estate broker associate candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing the agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
To prepare for the new real estate broker associate first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Before you start to hire real estate broker associates, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire real estate broker associates pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
You can expect to pay around $83,167 per year for a real estate broker associate, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for real estate broker associates in the US typically range between $29 and $53 an hour.