Real estate brokering is a lucrative career that offers flexible hours and the opportunity to meet many different kinds of people. In this article, we discuss the duties and responsibilities of a real estate broker and provide you with steps for pursuing this career path. We’ll also cover the average salary and frequently asked questions about becoming a real estate broker.
What does a real estate broker do?
Real estate brokers help people buy, sell and lease commercial, industrial and residential properties. They help negotiate the final contract and guide their clients through every step of the real estate transaction–including inspections and repairs–that need to be completed before a sale. Here are some common duties of a real estate broker:
- Creating property listings
- Advertising available properties
- Scheduling open houses and showings
- Taking photographs of properties
- Helping clients determine their property needs and budget
Real estate brokers earn most of their income through commissions from real estate transactions. This means that real estate broker salaries can vary depending on the housing market and location.
- Common salary in the Cambodia.: $1800 per month
How to become a real estate broker
Real estate brokers require course training, licensing and on-the-job training. Here are the requirements you need to become a real estate broker:
- Take a state-approved real estate sales course.
- Pass your state’s real estate agent licensing program.
- Work as a real estate agent.
- Get real estate certifications.
- Take a state-approved real estate broker course.
- Pass the real estate broker exam.
1. Take a state-approved real estate sales course
First, real estate brokers need to be trained. These courses teach you about real estate legal issues, real estate finance, insurance, taxes and ethics. You need to be sure that the course you take is approved by your state licensing board to qualify for your license.
2. Pass your state’s real estate agent licensing exam
You must become a licensed real estate agent to become a real estate broker. The exam covers subjects like closing a deal, negotiations, real estate law and working with clients. Each state uses a different exam, so you should check with your state’s real estate licensing board to check the requirements.
3. Work as a real estate agent
Before you can start training as a real estate broker, you must work as a real estate agent. Every state has different requirements, but usually, it is two to five years working for a real estate broker and a certain number of real estate transactions. This experience will allow you to become familiar with working in real estate and build a reputation. It will also let you build a network and reputation.
4. Get real estate certifications
You can earn several certifications to specialize in different types of real estate. This will help build your reputation and focus your brokerage. Some examples you can focus on include military relocation and buyers and sellers, but there are many others. You will need to take courses and pass an exam to earn these certifications.
5. Take a state-approved real estate broker course
Once you gain experience as a real estate agent, you can take the real estate broker course. This course goes into more detail about contracts, ethics, insurance and taxes than the real estate agent course, while also discussing the legal issues of running a brokerage, property management, construction and real estate investments.
You will be held to a much higher standard than a real estate agent, as you will be allowed to work without supervision. Make sure that it is approved by your state’s licensure board so that it qualifies for your broker license.
6. Pass the real estate broker exam
Every state has different exam requirements, but you must pass an exam to earn a real estate broker license. This exam is longer than the real estate agent license, often taking a full day to complete.
Frequently asked questions about becoming a real estate broker
Here are some frequently asked questions about the real estate broker career path:
What education is required to become a real estate broker?
A high school diploma or equivalent is required to become a real estate broker, in addition to completing real estate training programs.
What are the skills I need to become a real estate broker?
You need to have excellent communication and negotiation skills. You need to be able to understand marketing, analyze data and understand legal matters. You should also know about the area where you are working.
What is the work environment for real estate brokers?
Real estate brokers have irregular schedules and can spend a lot of time traveling to meet clients and view properties. You will need to actively find properties and clients, create listings and advertising, write contracts and host open houses. Real estate brokers often work evenings and weekends to accommodate their clients’ schedules and viewing times.
What kinds of computer skills will I need as a real estate broker?
You will need to be able to search for listing details on the MLS database. You should also be able to do basic digital marketing. You will be working in spreadsheets and word processors to analyze data and write contracts.
What is the difference between real estate agents and real estate brokers?
Real estate agents must work for a brokerage. They are not licensed to work on their own. Real estate brokers may still work for a brokerage but they are licensed to open their own and hire other real estate professionals.
Where can I take real estate courses?
There are many options for where to take real estate courses. You should check your state’s real estate licensing board for programs that meet the licensing requirements.
Are there different types of real estate brokers?
Yes, there are three kinds. The principal broker oversees the brokerage and makes sure the real estate agents who work there are properly licensed. The managing broker oversees the daily operations of the real estate brokerage, including hiring and training real estate agents and managing the office staff. Finally, the associate broker has a broker’s license but does not supervise others.