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Real Estate Careers: Real Estate Brokers, Agents, Salary, Commission And Sales
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Published: September 7, 2007
Job seekers interested in real estate careers have much to consider. They may have initially been attracted to the apparent autonomy of real estate careers. Perhaps they know of a real estate agent or broker whose commission on a single sale was more than their previous year's salary. The apparent money and autonomy of people with real estate careers may be deceiving to those outside of the field.
While an agent may boast of a significant commission, he or she probably will not mention how much time and effort went into earning it.
Breaking into real estate careers is not terribly difficult. To become a real estate agent, one must pass a written exam, and complete 30-90 hours of classroom instruction, depending on individual state requirements. The classroom and exam are heavily geared toward equipping the prospective real estate agent with the extensive legal knowledge, as the buying and selling of property has become a legally intensive process. For the prospective real estate broker, licensing requirements for real estate careers are a little more intense. Ideally, a real estate broker will require one to three years of experience as an agent. The real estate broker must also pass a written exam and attend 60-90 hours of classes in order to qualify for their license.
Those interested in real estate careers should be prepared to start at the bottom rung of the industry ladder. Real estate is a very competitive field, and those who have done well in real estate careers have likely worked long hours, nights and weekends. A new real estate agent will lack the contacts and reputation of a more experienced agent. Thus, networking and strong customer service skills are vitally important to those just starting out in real estate careers. Real estate careers reward individuals for their knowledge of the communities in which they do business.
For the new real estate broker, all of the above applies. In addition, however, the real estate broker may employ as few or as many agents as they would like. This requires management skills not required by the real estate agent. The broker may choose to affiliate his or herself with any number of large real estate firms that sell their name recognition in the form of a franchise. Both, new agents and brokers should consider joining any number of professional organizations that will serve to keep them abreast of the happenings in real estate careers.
Salary in real estate careers for brokers and sales agents are heavily dependent upon commissions, which are generally based upon a percentage of the sale price of a sold property. Percentages vary a great deal by company and by state. Once a property has sold, the commission is split between the broker/agent that listed the property and the one responsible for the sale. Thus, real estate agents can maximize their salary by doing both, working with the seller to list the property, locating a buyer for the property, and then working with both parties in order to close the sale. Conversely, a broker, affiliated with a large firm, may list a property on behalf of a seller. Should one of the broker's agents close the sale, the broker's firm will receive a percentage of the commission, reducing the broker and agent's income.
Real estate careers, such as broker and sales agent, require a great deal of effort and knowledge. As mentioned above, knowledge of the law and community in which real estate brokers and sales agents operate, is indispensable for real estate careers. The great deal of effort required in real estate careers stems from being at the beck and call of the client. Only the persistent personality will succeed in this business. For example, an agent may spend weeks going back and forth between seller and buyer in an attempt to negotiate a price, only to have the deal fall through. Those weeks of work leave the agent with nothing to show for their efforts. The persistent agents with real estate careers can not afford to become frustrated, he or she must press on to the next prospective buyer. For if they do not, there will be no large commission from their real estate careers to boast about to their friends.
Sources:
"Careers in Real Estate." REALTOR.org. 15 Dec. 2006. 6 Sept. 2007. http://www.realtor.org/realtororg.nsf/pages/career s.
"Real Estate Brokers and Sales Agents." Occupational Outlook Handbook. U.S. Department of Labor - Bureau of Labor Statistics. bls.gov. 4 Aug. 2006. 6 Sept. 2007. http://www.bls.gov/oco/ocos120.htm.
"Career Profiles: Real Estate Agent/Broker, A Day in the Life." princetonreview.com. 6 Sept. 2007. http://www.princetonreview.com/cte/profiles/dayInL ife.asp?CareerID=135.
Related Articles
Breaking into real estate careers is not terribly difficult. To become a real estate agent, one must pass a written exam, and complete 30-90 hours of classroom instruction, depending on individual state requirements. The classroom and exam are heavily geared toward equipping the prospective real estate agent with the extensive legal knowledge, as the buying and selling of property has become a legally intensive process. For the prospective real estate broker, licensing requirements for real estate careers are a little more intense. Ideally, a real estate broker will require one to three years of experience as an agent. The real estate broker must also pass a written exam and attend 60-90 hours of classes in order to qualify for their license.
Those interested in real estate careers should be prepared to start at the bottom rung of the industry ladder. Real estate is a very competitive field, and those who have done well in real estate careers have likely worked long hours, nights and weekends. A new real estate agent will lack the contacts and reputation of a more experienced agent. Thus, networking and strong customer service skills are vitally important to those just starting out in real estate careers. Real estate careers reward individuals for their knowledge of the communities in which they do business.
For the new real estate broker, all of the above applies. In addition, however, the real estate broker may employ as few or as many agents as they would like. This requires management skills not required by the real estate agent. The broker may choose to affiliate his or herself with any number of large real estate firms that sell their name recognition in the form of a franchise. Both, new agents and brokers should consider joining any number of professional organizations that will serve to keep them abreast of the happenings in real estate careers.
Salary in real estate careers for brokers and sales agents are heavily dependent upon commissions, which are generally based upon a percentage of the sale price of a sold property. Percentages vary a great deal by company and by state. Once a property has sold, the commission is split between the broker/agent that listed the property and the one responsible for the sale. Thus, real estate agents can maximize their salary by doing both, working with the seller to list the property, locating a buyer for the property, and then working with both parties in order to close the sale. Conversely, a broker, affiliated with a large firm, may list a property on behalf of a seller. Should one of the broker's agents close the sale, the broker's firm will receive a percentage of the commission, reducing the broker and agent's income.
Real estate careers, such as broker and sales agent, require a great deal of effort and knowledge. As mentioned above, knowledge of the law and community in which real estate brokers and sales agents operate, is indispensable for real estate careers. The great deal of effort required in real estate careers stems from being at the beck and call of the client. Only the persistent personality will succeed in this business. For example, an agent may spend weeks going back and forth between seller and buyer in an attempt to negotiate a price, only to have the deal fall through. Those weeks of work leave the agent with nothing to show for their efforts. The persistent agents with real estate careers can not afford to become frustrated, he or she must press on to the next prospective buyer. For if they do not, there will be no large commission from their real estate careers to boast about to their friends.
Sources:
"Careers in Real Estate." REALTOR.org. 15 Dec. 2006. 6 Sept. 2007. http://www.realtor.org/realtororg.nsf/pages/career s.
"Real Estate Brokers and Sales Agents." Occupational Outlook Handbook. U.S. Department of Labor - Bureau of Labor Statistics. bls.gov. 4 Aug. 2006. 6 Sept. 2007. http://www.bls.gov/oco/ocos120.htm.
"Career Profiles: Real Estate Agent/Broker, A Day in the Life." princetonreview.com. 6 Sept. 2007. http://www.princetonreview.com/cte/profiles/dayInL ife.asp?CareerID=135.
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