The Potential In Real Estate Broker Jobs & Careers

Inside the Exciting World of Real Estate: Jobs, Requirements & Openings Near You

Introduction

Seek nearby real estate agent jobs. Discover roles, requirements, vacancies, and tips for agency positions.

Real estate agents are licensed professionals who facilitate the buying and selling of commercial and residential properties. They serve as intermediaries between buyers and sellers, guiding clients through the complex transactions involved in real estate purchases.

The primary responsibilities of real estate agents include:

• Advising clients on market conditions, prices, mortgages, legal requirements and paperwork needed for buying or selling real estate
• Listing and marketing properties for sale through strategies like social media, digital marketing, print ads, open houses etc.
• Showing listed properties to prospective buyers.
• Representing buyers and making offers on their chosen properties.
• Negotiating purchase agreements and transactions.
• Overseeing the completion of all documentation and legal obligations.
• Staying current on real estate markets and trends.

Real estate agent positions are expected to grow by 8% between 2020-2030, faster than the average job market, adding around 41,800 jobs. The median pay for real estate agents in 2020 was $48,695 per year or $23.43 per hour. Lucrative commissions and bonuses also offer high earning potential in real estate sales. Agents who build a strong clientele and gain experience can take home six-figure incomes.

The career offers flexible work schedules, opportunities to be your own boss as an independent contractor, and utilizes interpersonal skills like communication and sales abilities. New agents need to build skills in areas like marketing, contracts, networking and market analysis to succeed in this competitive field. Overall, real estate agents can find rewarding, high-paying work helping people buy and sell properties.

Job Description

A real estate agent, also called a real estate broker or realtor, helps clients buy, sell, and rent properties. Their main duties and tasks typically include:

• Meeting with clients to understand their real estate needs and financial capabilities
• Researching properties, including amenities, taxes, zoning, trends, and market conditions
• Advising clients on market values, mortgages, legalities, and negotiations
• Marketing and advertising listed properties online and through other media
• Coordinating property showings, open houses, and inspections for potential buyers
• Preparing and reviewing real estate contracts and paperwork
• Negotiating and facilitating offers, counteroffers, and purchase agreements between buyers and sellers
• Maintaining relationships and communicating updates with buyers, sellers, renters, and landlords

Real estate agents need strong communication, negotiation, detail-orientation, marketing, and analytical skills. While a high school diploma is required at minimum, many employers prefer candidates with a bachelor’s degree in fields like business administration or finance. Most states require real estate agents to be licensed, which involves taking approved pre-licensure education courses, passing an exam, and completing other legal requirements. Excellent knowledge of the local real estate market is also essential.

How to Become a Real Estate Agent

Becoming a licensed real estate agent requires completing pre-licensing education, passing the state exam, and obtaining a license. While specific requirements vary by state, most states have the following general process:

• Complete Real Estate Pre-Licensing Education – Aspiring agents must complete a certain number of hours of approved pre-licensing education. This typically involves 60-90+ hours of real estate principles and practices, law, finance, and more. Some states allow you to take the courses online, while others require in-person classroom attendance.
• Pass the Real Estate License Exam – After completing education requirements, candidates must pass their state’s real estate licensing exam. The exam tests knowledge on topics like law, regulations, transactions, valuation, ethics, and finance. Exams are administered by the state licensing authority.
• Apply for a Real Estate License – Upon passing the exam, applicants can submit their license application along with any required fees. If approved, they will be granted a real estate salesperson license.
• Work Under a Managing Broker – Newly licensed agents must activate their license by hanging it with an experienced managing brokerage. The managing broker oversees the agents and is responsible for supervising their work.
• Continuing Education – Once licensed, real estate agents must complete regular continuing education to maintain an active license. Typically this involves around 8-30 hours per year of approved CE courses.

Additionally, some states require applicants to be a minimum age (18-21), pass a background check, meet residency requirements, etc. Overall the process involves demonstrating professional competency in order to practice real estate brokerage ethically and legally.

Finding a Real Estate Agent Job

The real estate market is highly competitive, so finding an open real estate agent position takes persistence and preparation. Here are some tips for locating job opportunities and getting hired:

Where to Look for Open Positions

• Real estate brokerages and agencies – Check the career sites of major real estate franchises and local brokerages for current openings. Location is key, so focus on firms in the areas you hope to work.
• Job boards – Sites like Indeed, ZipRecruiter, and LinkedIn regularly post real estate agent job listings. Set up alerts for new opportunities.
• Professional associations – Local realtor associations often list jobs on their sites or job boards. Joining these groups can help access these openings.
• Networking – Attend industry mixers and events to connect with brokers and agents. They can tip you off to unadvertised jobs.
• Cold calling/emailing – Contact brokerages directly about potential openings, even if they haven’t posted a job ad. Persistence can pay off.

Tips for Getting Hired

• Get licensed – Obtaining a real estate license is a must for being considered for agent roles. Fulfill your state’s licensing requirements.
• Highlight sales skills – Emphasize persuasion, negotiation, communication and people skills on your resume. These are vital for real estate agents.
• Know the local market – Research area home prices, trends and neighborhoods. Knowledge of the local market is key.
• Bring passion and drive – Convey genuine interest and enthusiasm for real estate. Many brokers look for self-motivated agents.
• Be prepared to start small – You may need to begin as a showing assistant or join a team. Gain experience before transitioning to lead agent.

Building Your Resume

• Complete required real estate courses – List any licensing coursework and highlight specialty training.
• Note sales experience – Include roles that show sales abilities like retail, telemarketing, account management.
• Showcase communication skills – Mention presentations, customer service work, public speaking. Real estate is a “people first” business.
• Highlight relevant skills – Proficiency in CRM software, marketing tools, Microsoft Office. Familiarity with real estate technology is a plus.
• Optional: list awards, certifications, languages – Extra credentials that set you apart like special designations or fluency in more than one language.

Earning Potential

A real estate agent’s income often depends on how many properties they sell and the value of those properties. There are several factors that can affect a real estate agent’s earning potential:

• Commission structure – Most real estate agents work on commission, receiving a percentage of the sales price of a home. This commission percentage is often negotiated with the brokerage firm, and commonly ranges from 3-6%. Higher producing agents may be able to negotiate a higher split. The commission is split between the listing agent and buyer’s agent, so each may earn 1.5-3% per sale.
• Market conditions – Real estate markets go through cycles, with periods of high activity and home appreciation followed by slower markets. Agents tend to make more during strong markets when home values and sales volumes increase.
• Number of transactions – Income usually increases with more sales. Top producing agents sell significantly more homes than the average agent. This often comes from extensive prospecting, marketing, and networking efforts. New agents may struggle at first as they build their business.
• Size and price of transactions – Higher priced homes bring larger commission checks. Agents who sell luxury or commercial properties tend to earn higher incomes.
• Geographic location – Real estate prices and earning potential can vary greatly by region. Strong markets like California and New York offer higher incomes.

According to the Bureau of Labor Statistics, the median annual pay for real estate agents in 2020 was $48,640. The top 10% earned $112,760 or more per year. While experience is a factor, even new agents have the potential to earn six figures by closing several high value sales. Hard work and perseverance are required, especially when first starting out in real estate sales. But the financial rewards of a successful career can be substantial.

Job Outlook and Growth

The job outlook for real estate agents is strong. According to the U.S. Bureau of Labor Statistics (BLS), employment of real estate agents and brokers is projected to grow 7% from 2020 to 2030, faster than the average for all occupations. This growth is driven by several factors:

• The recovering housing market. After years of slow recovery from the housing crisis of the late 2000s, home sales and prices have been on the rise. More homes on the market means more need for real estate agents.
• Low housing inventory. While demand for homes is increasing, the inventory of homes for sale has not kept up. With more buyers than available properties, real estate agents are needed to connect buyers with the limited selection.
• An aging population. As baby boomers age, more will be looking to downsize, driving demand for real estate services.
• Strong commercial real estate activity. Businesses expanding and relocating will create opportunities for commercial real estate agents.
• Millennials entering market. As millennials age into their prime home-buying years, their sheer numbers will drive demand for housing and agents.

Certain types of properties and locations will be in high demand and offer good opportunities for real estate agents:

• Affordable homes. With rising prices and mortgage rates, affordable homes under $250,000 are in high demand. Agents who specialize in starter homes and first-time buyers will be valued.
• Luxury properties. At the other end of the spectrum, luxury homes continue to experience strong sales, especially in wealthier metro areas. High-end listings can be quite lucrative.
• Urban markets. Younger buyers are flocking to cities, pushing up demand in urban markets like New York, Chicago, Seattle and Austin.
• Retirement destinations. Warm climates like Florida and Arizona as well as recreational markets like Colorado will see continued demand from retirees.
• Commercial properties. Retail, office and industrial properties remain desirable. Agents who can broker sales and leases of commercial space will have opportunities.

Overall the future looks bright for real estate agents willing to put in the hard work. There continues to be more buyers than sellers, and agents who can connect them will thrive. Specializing in high-demand and up-and-coming markets can provide the best prospects.

Pros and Cons of Working as a Real Estate Agent

Advantages

• High earning potential – Real estate agents have the potential to earn a significant income, especially once they build up their client base and reputation. Top producing agents can make over $100,000 per year.
• Flexible schedule – Agents can often set their own hours and don’t have a typical 9-5 schedule. This flexibility allows for a good work-life balance.
• Helping people – Assisting home buyers and sellers in one of the biggest financial transactions of their lives can be very rewarding. Agents get to help turn their clients’ dreams into reality.
• Being your own boss – Real estate agents are self-employed and have the freedom to work independently. They don’t have to answer to a manager or boss.
• Staying active – Showing properties and interacting with clients keeps agents busy and active, instead of sitting at a desk all day.

Challenges

• Inconsistent income – Income fluctuates depending on economic conditions and seasons. Making a steady salary is difficult, especially for new agents.
• Long hours – Agents often work over 40 hours a week, including nights and weekends. They are on call to serve client needs.
• Lots of driving – Agents may log hundreds of miles showing properties and driving to meet clients. Having a reliable vehicle is a must.
• High pressure – There is constant pressure to perform. Income depends directly on productivity. Slow times can be stressful.
• High competition – The real estate market is highly competitive. Standing out versus other experienced agents is challenging for newcomers.
• No guaranteed income – There’s no salary or hourly pay. Agents only get paid if they close transactions. When starting out, income may be very sporadic.
• Irregular schedule – Evenings and weekend work is required to be available when it works for clients. Finding work-life balance can be difficult.
• Licensing requirements – Extensive licensing, training, and fees are mandatory before agents can begin working and earning an income.

Work Environment

Real estate agents typically have flexible schedules, though they often work long hours, especially when closing sales. Much of their time is spent away from the office showing homes to prospective buyers.

Most real estate agents are employed by brokerages and work as independent contractors. While some brokerages provide office space and administrative support, agents working at these brokerages pay various monthly fees for these services. Others work for themselves as licensed brokers.

Whether working independently or for a brokerage, real estate agents often have the freedom to determine their own work schedules. This flexibility allows them to accommodate client needs during evenings and weekends. Agents are typically on call 24 hours a day to meet their clients’ needs.

The typical office environment for real estate agents working at brokerages is an open office layout with shared common spaces. Independent real estate brokers may choose to rent office space or work remotely from home. While less common nowadays, some brokerages used cubicle-desk environments in the past.

Real estate agents spend a significant portion of their workdays interacting with prospective buyers and sellers. They meet with clients to understand their needs, analyze properties, negotiate transactions, and facilitate closings. Agents also market their listings and services, manage their business activities and finances, and connect with their sphere of influence to generate referrals.

Similar Occupations

For those interested in real estate careers, there are several related occupations that allow you to work in the real estate industry in different capacities:

• Real Estate Appraiser – Appraisers determine the market value of properties. They inspect homes inside and out, analyzing comparable properties, location, market trends and other factors that impact value. Most appraisers are independent contractors who work on their own schedule.
• Real Estate Assessor – Assessors work for local governments to determine property values for tax purposes. They analyze sales data, building costs, location and other details to properly appraise home values.
• Property Manager – Property managers oversee residential, commercial and industrial real estate for landlords. They handle rent collection, maintenance, repairs, tenant relations and other property oversight duties.
• Real Estate Broker – Brokers are licensed professionals who manage their own real estate businesses. They oversee real estate transactions, guide real estate agents, and manage the operations of their brokerage.
• Real Estate Developer – Developers acquire land or property to improve or renovate for profitable resale. They oversee projects from start to finish, from financing and permits to construction.
• Real Estate Lawyer – Real estate attorneys help clients navigate legal matters around property transactions like purchases, sales, leases, zoning issues, litigation and more.
• Mortgage Broker – Mortgage brokers work with lenders to source mortgage products and financing options for home buyers. They advise clients on loans and help process mortgage applications.

There are many ways to pursue a real estate career beyond just becoming a real estate agent. Careers like appraising, assessing, property management, brokering, development, law and mortgage financing allow you to find your niche in the industry.

Getting Started with a Real Estate Agent Career

Getting started as a real estate agent requires preparation, training, and networking. Here are some tips to launch your career:

• Obtain the required real estate license for your state. This involves taking approved real estate courses, passing exams, and submitting license applications. Licensure demonstrates credibility.
• Consider joining the National Association of Realtors or your state/local Realtor association. These groups provide valuable training programs, networking opportunities, industry updates, and more.
• Build a professional website and social media presence. Promote your services through quality content and local engagement.
• Network consistently with past clients, professional connections, and members of your community. Referrals are key for real estate agents to build clientele.
• Pursue continuing education annually to stay updated on laws, regulations, and best practices. Ongoing professional development looks great to potential clients.
• Find a brokerage to support your business needs. Brokerages provide office space, branding, lead generation, mentoring, and more. New agents can benefit from a brokerage’s services and resources.
• Consider renting a shared office space to meet clients near listings. Many agents choose flexible coworking spaces over traditional offices.
• Create a business plan and budget. Track your goals, expenses, marketing tactics, and more. Successful agents run their career strategically.
• With dedication and persistence, real estate agents can build a rewarding career helping people find homes. Joining a brokerage, pursuing education, networking, and creating a business strategy will get you on the path to success.
• How to Launch Your Dream Career as a Real Estate Agent