Real Estate Brokers
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.
Also Known As:
Broker
Broker Associate
Designated Broker
Managing Broker
Real Estate Associate
Real Estate Broker
Real Estate Sales Associate
Realtor
Wages
Annual wages for Real Estate Brokers in United States
Job Outlook
Average
New job opportunities are likely in the future
United States
2034 Projected Employment
115,000
3% Change From 2024
Explore Real Estate Sales Agents video
Tasks you might complete in a day.
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of a property's area.
- Appraise property values, assessing income potential when relevant.
- Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
- Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
- Arrange for financing of property purchases.
- Arrange for title searches of properties being sold.
- Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
- Rent properties or manage rental properties.
- Sell, for a fee, real estate owned by others.
- Give buyers virtual tours of properties in which they are interested, using computers.
- 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.
- 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.
- Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of a property's area.
- Review property details to ensure that environmental regulations are met.
- Supervise agents who handle real estate transactions.
- Give buyers virtual tours of properties in which they are interested, using computers.
Subject areas you may need to master.
- Production and Processing - Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
- 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.
- Public Safety and Security - Knowledge of relevant equipment, policies, procedures, and strategies to promote effective local, state, or national security operations for the protection of people, data, property, and institutions.
- Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
- Biology - Knowledge of plant and animal organisms, their tissues, cells, functions, interdependencies, and interactions with each other and the environment.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, and rules of composition and grammar.
- Mechanical - Knowledge of machines and tools, including their designs, uses, repair, and maintenance.
- Therapy and Counseling - Knowledge of principles, methods, and procedures for diagnosis, treatment, and rehabilitation of physical and mental dysfunctions, and for career counseling and guidance.
- Geography - Knowledge of principles and methods for describing the features of land, sea, and air masses, including their physical characteristics, locations, interrelationships, and distribution of plant, animal, and human life.
- Foreign Language - Knowledge of the structure and content of a foreign (non-English) language including the meaning and spelling of words, rules of composition and grammar, and pronunciation.
- History and Archeology - Knowledge of historical events and their causes, indicators, and effects on civilizations and cultures.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- Fine Arts - Knowledge of the theory and techniques required to compose, produce, and perform works of music, dance, visual arts, drama, and sculpture.
- Transportation - Knowledge of principles and methods for moving people or goods by air, rail, sea, or road, including the relative costs and benefits.
- Physics - Knowledge and prediction of physical principles, laws, their interrelationships, and applications to understanding fluid, material, and atmospheric dynamics, and mechanical, electrical, atomic and sub-atomic structures and processes.
- Administrative - Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
- 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.
- Engineering and Technology - Knowledge of the practical application of engineering science and technology. This includes applying principles, techniques, procedures, and equipment to the design and production of various goods and services.
- 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.
- 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.
- Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Philosophy and Theology - Knowledge of different philosophical systems and religions. This includes their basic principles, values, ethics, ways of thinking, customs, practices, and their impact on human culture.
- Food Production - Knowledge of techniques and equipment for planting, growing, and harvesting food products (both plant and animal) for consumption, including storage/handling techniques.
- Chemistry - Knowledge of the chemical composition, structure, and properties of substances and of the chemical processes and transformations that they undergo. This includes uses of chemicals and their interactions, danger signs, production techniques, and disposal methods.
- Design - Knowledge of design techniques, tools, and principles involved in production of precision technical plans, blueprints, drawings, and models.
- Sociology and Anthropology - Knowledge of group behavior and dynamics, societal trends and influences, human migrations, ethnicity, cultures, and their history and origins.
- Telecommunications - Knowledge of transmission, broadcasting, switching, control, and operation of telecommunications systems.
- 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.
- Personnel and Human Resources - Knowledge of principles and procedures for personnel recruitment, selection, training, compensation and benefits, labor relations and negotiation, and personnel information systems.
- 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.
- Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
Strengths you may need in this role.
- Writing - Writing things for co-workers or customers.
- Speaking - Talking to others.
- Social Perceptiveness - Understanding people's reactions.
- Coordination - Changing what is done based on other people's actions.
- Monitoring - Keeping track of how well people and/or groups are doing in order to make improvements.
- Installation - Installing equipment, machines, wiring, or computer programs.
- Management of Personnel Resources - Selecting and managing the best workers for a job.
- Technology Design - Making equipment and technology useful for customers.
- Management of Financial Resources - Making spending decisions and keeping track of what is spent.
- Science - Using scientific rules and strategies to solve problems.
- Negotiation - Bringing people together to solve differences.
- Persuasion - Talking people into changing their minds or their behavior.
- Systems Analysis - Figuring out how a system should work and how changes in the future will affect it.
- Troubleshooting - Figuring out what is causing equipment, machines, wiring, or computer programs to not work.
- Operations Monitoring - Watching gauges, dials, or display screens to make sure a machine is working.
- Service Orientation - Looking for ways to help people.
- Complex Problem Solving - Noticing a problem and figuring out the best way to solve it.
- Operations Analysis - Figuring out what a product or service needs to be able to do.
- Mathematics - Using math to solve problems.
- Repairing - Repairing machines or systems using the right tools.
- Critical Thinking - Thinking about the pros and cons of different ways to solve a problem.
- Instructing - Teaching people how to do something.
- Active Listening - Listening to others, not interrupting, and asking good questions.
- Time Management - Managing your time and the time of other people.
- Reading Comprehension - Reading work-related information.
- Active Learning - Figuring out how to use new ideas or things.
- Quality Control Analysis - Testing how well a product or service works.
- Systems Evaluation - Measuring how well a system is working and how to improve it.
- Programming - Writing computer programs.
- Judgment and Decision Making - Thinking about the pros and cons of different options and picking the best one.
- Learning Strategies - Using the best training or teaching strategies for learning new things.
- Equipment Selection - Deciding what kind of tools and equipment are needed to do a job.
- Operation and Control - Using equipment or systems.
- Management of Material Resources - Managing equipment and materials.
- Equipment Maintenance - Planning and doing the basic maintenance on equipment.
- Depth Perception - Deciding which thing is closer or farther away from you, or deciding how far away it is from you.
- Dynamic Strength - Exercising for a long time without your muscles getting tired.
- Oral Expression - Communicating by speaking.
- Memorization - Remembering words, numbers, pictures, or steps.
- Spatial Orientation - Knowing where things are around you.
- Speed of Limb Movement - Quickly moving your arms and legs.
- Originality - Creating new and original ideas.
- Inductive Reasoning - Making general rules or coming up with answers from lots of detailed information.
- Oral Comprehension - Listening and understanding what people say.
- Manual Dexterity - Holding or moving items with your hands.
- Stamina - Exercising for a long time without getting out of breath.
- Explosive Strength - Jumping, sprinting, or throwing something.
- Near Vision - Seeing details up close.
- Auditory Attention - Paying attention to one sound while there are other distracting sounds.
- Information Ordering - Ordering or arranging things.
- Response Orientation - Quickly deciding if you should move your hand, foot, or other body part.
- Visual Color Discrimination - Noticing the difference between colors, including shades and brightness.
- Speech Recognition - Recognizing spoken words.
- Time Sharing - Doing two or more things at the same time.
- Finger Dexterity - Putting together small parts with your fingers.
- Hearing Sensitivity - Telling the difference between sounds.
- Category Flexibility - Grouping things in different ways.
- Written Comprehension - Reading and understanding what is written.
- Number Facility - Adding, subtracting, multiplying, or dividing.
- Deductive Reasoning - Using rules to solve problems.
- Written Expression - Communicating by writing.
- Mathematical Reasoning - Choosing the right type of math to solve a problem.
- Speed of Closure - Quickly knowing what you are looking at.
- Flexibility of Closure - Seeing hidden patterns.
- Glare Sensitivity - Seeing something even if there is a glare or very bright light.
- Night Vision - Seeing at night or under low light.
- Speech Clarity - Speaking clearly.
- Arm-Hand Steadiness - Keeping your arm or hand steady.
- Perceptual Speed - Quickly comparing groups of letters, numbers, pictures, or other things.
- Gross Body Coordination - Moving your arms, legs, and mid-section together while your whole body is moving.
- Reaction Time - Quickly moving your hand, finger, or foot based on a sound, light, picture or other command.
- Extent Flexibility - Bending, stretching, twisting, or reaching with your body, arms, and/or legs.
- Peripheral Vision - Seeing something to your side when your are looking ahead.
- Static Strength - Lifting, pushing, pulling, or carrying.
- Gross Body Equilibrium - Keeping your balance or staying upright.
- Fluency of Ideas - Coming up with lots of ideas.
- Problem Sensitivity - Noticing when problems happen.
- Selective Attention - Paying attention to something without being distracted.
- Rate Control - Changing when and how fast you move based on how something else is moving.
- Trunk Strength - Using your lower back and stomach.
- Wrist-Finger Speed - Making fast, simple, repeated movements of your fingers, hands, and wrists.
- Dynamic Flexibility - Quickly and repeatedly bending, stretching, twisting, or reaching out with your body, arms, and/or legs.
- Visualization - Imagining how something will look after it is moved around or changed.
- Multilimb Coordination - Using your arms and/or legs together while sitting, standing, or lying down.
- Far Vision - Seeing details that are far away.
- Sound Localization - Noticing the direction that a sound came from.
- Control Precision - Quickly changing the controls of a machine, car, truck or boat.
Average Education Attained
Highest level of education earned by people in this career.
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Content sourced from United States Department of Labor Employment and Training Administration ("DOLETA") and the Minnesota Department of Employment & Economic Development ("DEED")