Believe it or not, formal education is a must for any successful real estate broker. There may be exceptions but those are numbered. It is a rewarding career but you need to make sure that the profession is the right choice for you.
Real estate brokers are directly involved in property dealing (both buying and selling). In addition, they carry out several duties including agent management, marketing and other aspects of sale. All states require the real estate brokers to have a license though the requirements vary from state-to-state. However, postsecondary coursework is a must-require for the aspiring real estate brokers in every state. Go through the real estate exam prep guide to get prepared for a rewarding career.
Essential Details
Real estate brokers are usually associated with financial institutes or real estate agents for property dealing. Brokers usually guide and supervise the agents working on the company’s behalf. A larger number of agents work under a broker who earns a commission from every sale made through him. If you want to work as a broker, a license is a must and for that, you need to successfully complete a real estate training program. Alternatively, you can enroll in a bachelor’s program in real estate. Additionally, you need to have 1-3 years of experience as a sales agent.
Academic Qualifications
The US Bureau of Labour Statistics has mentioned it clearly that an individual must have a high school diploma to start as a real estate agent. Most of the USA states require the applicants to finish postsecondary coursework related to finance and real estate. The undergraduate courses on real estate include real estate law, real estate appraisal, real estate investments, property management and development. Many institutes conduct real estate certificate courses, some of which are related to real estate broker career.
Training
According to the BLS guidelines, the aspiring brokers gain experience by working as agents for the experienced real estate brokers. While working as agents, the brokers get familiar with the real estate market scenario. Most brokerage firms start working as agents to finish real estate paperwork including property title documents and loan applications. Once you gain experience as an agent and build up a solid network of clients, you can start your business as a real estate broker.
Job Responsibilities
Real estate brokers work like managers, guiding the agents in regards to property purchase and sale. Brokers run the business and also take on other responsibilities including recruiting new agents, marketing, interacting with the financial institutes and making plans to tap into the potential markets. Some brokers also function as agents. For example, identifying properties to purchase and sell, price negotiations with the customers, filing real estate paperwork and hosting open houses. Some brokers also host training seminars to keep the agents up-to-date on the new real estate laws and amendments of the previous ones.
Career Prospect
According to estimation by the BLS, employment of the real estate brokers will witness a sharp increase by 2% from 2014 to 2024. The real estate agents are in demand again following worldwide endemic recession According to a finding by the BLS, average annual salary of the brokers was $80,210 in May of 2015. Tempting figure, isn’t it?