Real Estate Brokers

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Also known as:  Licensed Real Estate Broker, Real Estate Broker

ABOUT REAL ESTATE BROKER CAREERS

VIDEO TRANSCRIPT Expand
t looks so simple. The house is for sale. Someone wants to buy it. But the negotiations, financing, and closing of the deal can be very complex. So most people selling real estate, and buying it, work with a broker. Real estate brokers have to be licensed by the state where they're selling property. ...


They take 30 to 90 hours of course work about marketing property, zoning and tax laws, inspections, mortgages, and other related matter. Then they take a written exam, and in some states, real estate agent experience is required before a broker's license is awarded.

Brokers spend a lot of time away from their desks, meeting with sellers and buyers, visiting properties, holding open houses for prospective buyers, making sure inspections and repairs required in the buying agreement have been accomplished, and attending closings.

This is a field that rewards sensitivity to customers' needs and ambition. A neat appearance, trustworthiness to work odd hours and weekends are essentials. After all, you're connecting customers to one of the most important things in their lives - their future homes.

While some brokers have salaried positions in real estate agencies, many are self-employed, and all work on commission. The broker who obtains the listing and the broker who fins the buyer share a percentage of the selling price as commission. If the same broker lists the property and finds a buyer, then that broker keeps the entire commission.

Real estate brokers sell and rent homes, office and industrial space, and farms. Most often, a broker specializes in a particular kind of property or even a particular neighborhood. Knowledge and experience help you convince a seller to give you the listing and help you guide buyers to a home that will make them happy.
SNAPSHOT Expand
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.
Leadership
HIGH
Critical decision making
HIGH
Level of responsibilities
LOW
Job challenge and pressure to meet deadlines
HIGH
Dealing and handling conflict
LOW
Competition for this position
HIGH
Communication with others
HIGH
Work closely with team members, clients etc.
HIGH
Comfort of the work setting
HIGH
Exposure to extreme environmental conditions
LOW
Exposure to job hazards
LOW
Physical demands
LOW
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DAILY TASKS Expand
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.
Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
Arrange for financing of property purchases.
Sell, for a fee, real estate owned by others.
Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
Obtain agreements from property owners to place properties for sale with real estate firms.
Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located.
Appraise property values, assessing income potential when relevant.
Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
Compare a property with similar properties that have recently sold to determine its competitive market price.
MAIN ACTIVITIES Expand
Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Communicating with Persons Outside Organization Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Making Decisions and Solving Problems Analyzing information and evaluating results to choose the best solution and solve problems.
Performing for or Working Directly with the Public Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests.
Organizing, Planning, and Prioritizing Work Developing specific goals and plans to prioritize, organize, and accomplish your work.
Resolving Conflicts and Negotiating with Others Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
Performing Administrative Activities Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
AREAS OF KNOWLEDGE Expand
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.
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.
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.
Mathematics Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
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.
KEY ABILITIES Expand
Oral Expression The ability to communicate information and ideas in speaking so others will understand.
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.
Speech Recognition The ability to identify and understand the speech of another person.
Near Vision The ability to see details at close range (within a few feet of the observer).
Deductive Reasoning The ability to apply general rules to specific problems to produce answers that make sense.
Speech Clarity The ability to speak clearly so others can understand you.
Problem Sensitivity The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
TOP SKILLS Expand
Speaking Talking to others to convey information effectively.
Active Listening Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Reading Comprehension Understanding written sentences and paragraphs in work related documents.
Critical Thinking Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Judgment and Decision Making Considering the relative costs and benefits of potential actions to choose the most appropriate one.
Persuasion Persuading others to change their minds or behavior.
Social Perceptiveness Being aware of others' reactions and understanding why they react as they do.
Time Management Managing one's own time and the time of others.
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