Real Estate Brokers

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

Video transcript

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.

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.
Critical decision making
Level of responsibilities
Job challenge and pressure to meet deadlines
Dealing and handling conflict
Competition for this position
Communication with others
Work closely with team members, clients etc.
Comfort of the work setting
Exposure to extreme environmental conditions
Exposure to job hazards
Physical demands
Daily tasks

Appraise property values, assessing income potential when relevant.

Arrange for title searches of properties being sold.

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 the area where a property is located.

Rent properties or manage rental properties.

Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.

Sell, for a fee, real estate owned by others.

Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.

Obtain agreements from property owners to place properties for sale with real estate firms.

Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.

Compare a property with similar properties that have recently sold to determine its competitive market price.

Getting Information Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships Developing constructive and cooperative working relationships with others, and maintaining them over time.
Updating and Using Relevant Knowledge Keeping up-to-date technically and applying new knowledge to your job.
Interacting With Computers Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Organizing, Planning, and Prioritizing Work Developing specific goals and plans to prioritize, organize, and accomplish your work.
Performing Administrative Activities Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
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.
Selling or Influencing Others Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
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.
Speaking Talking to others to convey information effectively.
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.
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.
Negotiation Bringing others together and trying to reconcile differences.
Active Learning Understanding the implications of new information for both current and future problem-solving and decision-making.
Persuasion Persuading others to change their minds or behavior.
Writing Communicating effectively in writing as appropriate for the needs of the audience.