Real Estate Brokers and Sales Agents: Salary, career path, job outlook, education and more
- Education Required
- Real estate brokers and sales agents must complete some real estate courses to be eligible for licensure. Although most brokers and agents must take state-accredited prelicensing courses to become licensed, some states may waive this requirement if the candidate has taken college courses in real estate.
- Training Required
- Real estate sales agents improve their skills through practice and repetition. Training varies depending on the real estate company. Some provide formal training, while others allow their agents to enter the field immediately after obtaining their license. In some states, agents must be sponsored by a broker while they are working to get their license.
- Job Outlook
The projected percent change in employment from 2016 to 2026: 6% (As fast as average)
(The average growth rate for all occupations is 7 percent.)
- Sales agents who earn their brokers license may open their own offices.
- All real estate brokers and sales agents must be licensed. Licensing requirements vary by state, but most have similar basic requirements:
- Median pay: How much do Real Estate Brokers and Sales Agents make?
- $46,410 Annual Salary
- $22.32 per hour
Real estate brokers and sales agents help clients buy, sell, and rent properties. Although brokers and agents do similar work, brokers are licensed to manage their own real estate businesses. Sales agents must work with a real estate broker.
Real estate brokers and sales agents typically do the following:
- Solicit potential clients to buy, sell, and rent properties
- Advise clients on prices, mortgages, market conditions, and related information
- Compare properties to determine a competitive market price
- Generate lists of properties for sale, including details such as location and features
- Promote properties through advertisements, open houses, and listing services
- Take prospective buyers or renters to see properties
- Present purchase offers to sellers for consideration
- Mediate negotiations between buyer and seller
- Ensure that all terms of purchase contracts are met
- Prepare documents, such as loyalty contracts, purchase agreements, and deeds
Because of the complexity of buying or selling a residential or commercial property, people often seek help from real estate brokers and sales agents.
Most real estate brokers and sales agents sell residential property. Others sell commercial property, and a small number sell industrial, agricultural, or other types of real estate.
Brokers and agents can represent either the buyer or the seller in a transaction. Buyers brokers and agents meet with clients to understand what they are looking for in a property and how much they can afford. Sellers brokers and agents meet with clients to help them decide how much to ask for and to convince them that the agent or broker can find them a qualified buyer.
Real estate brokers and sales agents must be knowledgeable about the real estate market in their area. To match properties to clients needs, they should be familiar with local communities, including knowing the crime information and the proximity to schools and shopping. Brokers and agents also must stay current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws.
The following are examples of types of real estate brokers and sales agents:
Careers for Real Estate Brokers and Sales Agents
- Advertising Sales Agents
- Appraisers and Assessors of Real Estate
- Insurance Sales Agents
- Loan Officers
- Personal Financial Advisors
- Property, Real Estate, and Community Association Managers
- Sales Engineers
- Securities, Commodities, and Financial Services Sales Agents
- Wholesale and Manufacturing Sales Representatives