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Real Estate Brokers Career

Career Description

Operate real estate office, or work for commercial real estate firm, overseeing real estate transactions. Other duties usually include selling real estate or renting properties and arranging loans.

What Job Titles Real Estate Brokers Might Have

  • Broker
  • Managing Broker
  • Real Estate Broker
  • Realtor

What Real Estate Brokers Do

  • Sell, for a fee, real estate owned by others.
  • Obtain agreements from property owners to place properties for sale with real estate firms.
  • Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
  • Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
  • Manage or operate real estate offices, handling associated business details.
  • Compare a property with similar properties that have recently sold to determine its competitive market price.
  • Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
  • Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
  • Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
  • Rent properties or manage rental properties.
  • Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
  • Arrange for title searches of properties being sold.
  • Appraise property values, assessing income potential when relevant.
  • Supervise agents who handle real estate transactions.
  • Arrange for financing of property purchases.
  • Develop, sell, or lease property used for industry or manufacturing.
  • Give buyers virtual tours of properties in which they are interested, using computers.
  • Review property details to ensure that environmental regulations are met.

What Real Estate Brokers Should Be Good At

  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
  • Speech Recognition - The ability to identify and understand the speech of another person.
  • Speech Clarity - The ability to speak clearly so others can understand you.
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.

What Real Estate Brokers Should Be Interested In

  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

What Real Estate Brokers Need to Learn

  • Sales and Marketing - Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
  • Communications and Media - Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media.
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
  • Building and Construction - Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads.
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
  • Psychology - Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders.
Median Salary: $56,790

This page includes information from O*NET OnLine by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license.