Discover More About Becoming a Real Estate Broker

What is the role of a real estate broker?

A real estate broker assists buyers and sellers with the transfer of their property by using sales and negotiation abilities. Some brokers will also supervise a team of real estate salespeople and assist them in the preparation and submission of purchase offers and contracts. Real estate brokers are also typically responsible for the following tasks:

• Mentoring and assisting real estate salespersons with their client transactions
• Assisting buyers in viewing and inspecting a home and submitting a purchase agreement
• Helping sellers prepare their home for sale and list it on the market
• Oversee contracts and buying agreements for both buyers and sellers
• Market the listing to attract interested buyers

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Average Salary

For the most up-to-date salary information from Indeed, click on the salary link.

• Common salary in the U.S.: $79,263 per year
• Some salaries range from $15,000 to $233,000 per year.

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Real estate broker requirements

Real estate brokers do not typically need a college degree. However, they will need to complete real estate training and receive their certification, which can vary depending on one’s location.

Education

Real estate brokers generally need to obtain only their high school diploma before starting their careers. Many states do require the completion of real estate courses. While not required, earning a bachelor’s degree can make a candidate more competitive. As the real estate industry continues to grow, employers are more likely to prefer candidates with a degree.

Additionally, many brokers obtain a license so they can operate their own real estate branch. Courses in business management, accounting and finance can be useful as a business owner.

Training

Real estate brokers often start by gaining experience in a sales agent role. Training may be provided through the real estate company, or a new salesperson can take courses through their licensure board. Real estate brokers can continue training with licensing courses and related real estate coursework. After gaining experience, a real estate broker will also likely help new sales agents learn the necessary skills for working with real estate clients.

Certifications

Real estate brokers must first gain experience as a licensed real estate sales agent. Becoming a real estate broker requires additional education, passing an exam and completing a minimum number of real estate experience hours, which varies from state to state. Some states may also require a background check. Because each state has different requirements, you will need to apply for a new license if you move across state lines or intend to sell real estate in another state.

Skills

Real estate brokers regularly use their skills in communication, sales and leadership. The broker is often the most important resource to a buyer or seller, so extensive knowledge of the real estate market is also essential. Important skills as a real estate broker include:

• Communication: Brokers need strong communication skills to develop professional relationships with buyers and sellers. They will talk with buyers to learn what they are looking for in a new house, and they will communicate with sellers to address concerns about the selling process. Brokers will also communicate and negotiate with other agents and their own team of sales agents.
• Sales: Real estate brokers need developed sales skills to market their listings to interested buyers. A successful broker should maintain a current understanding of the market to manage pricing and sales expectations accurately.
• Leadership: Brokers are responsible for training and leading their own team of sales agents. Skills in leadership and mentoring can help the broker motivate individual agents to reach their sales goals.
• Analytical: Basic analytical skills are useful for a real estate broker when creating purchasing offers and negotiating contract terms.
• Organizational: Real estate brokers will need to manage multiple clients at once. Strong organizational skills can help a broker keep paperwork, client information and required tasks organized.
• Business: Many brokers choose to open their own real estate office. Business skills in finance, accounting and business management can also be useful when managing a real estate brokerage office.

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Real estate broker work environment

Individuals who prefer a versatile work environment will likely enjoy the flexibility that comes with being a real estate broker. Real estate brokers are considered self-employed and will often make their own hours so they can work as much, or as little, as they want. Much of the typical workday for a real estate broker is spent in the field. A broker must meet with buyers and sellers at real estate properties. They may spend some time in the office when meeting with new clients, training new realtors and closing transactions.

Real estate brokers can expect the following career characteristics:

• Use of computers, printers and fax machines
• Communication via text message, email and phone calls
• Supporting new realtors in training
• Scheduling numerous buyers and sellers to meet their needs
• Coordinating closing timelines with buyers and sellers

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How to become a real estate broker

Real estate brokers have extended training and experience in the real estate market. You can become a real estate broker by completing the following steps:

1. Enroll in a real estate training course

You will first need to enroll in an accredited real estate training course. The specific requirements of the course will vary depending on your state. Most have minimum hour requirements and cover all of the basic laws and expectations of a real estate salesperson. This course is also designed to prepare you for the state exam.

2. Take the real estate exam

After you have completed the required training, sign up for your state’s real estate exam. You must successfully pass the exam to become eligible for a license.

3. Choose a broker to work under

Most states also require that a new salesperson work under an already registered broker. Communicate with potential brokers and choose the one that best meets your needs. Narrow down your options by considering commission breaks, training opportunities and advancement capabilities.

4. Gain real estate experience

Continue working and learning real estate experience by meeting and assisting clients. Ask other agents and your broker to accompany them on open houses and buyer visits.

5. Enroll in a broker course

After you have reached your state’s minimum salesperson experience hours, enroll in a real estate broker course. Once you have fulfilled the requirements of the broker course, sign up for and take the brokerage exam. You must successfully pass the exam to be eligible to apply for your broker license.

6. Apply for a broker license

After completing the required hours and passing the exam, you can apply for your broker license. When you receive your license, you will be eligible to open your own brokerage or to join another as a real estate broker.

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