Salary and Outlook

According to the US Department of Labor, there are 123,100 people employed as real estate brokers in the United States. The median annual salary is $62,010. Entry level employees earn approximately $30,470 per year and senior employees earn approximately $176,080 per year.

Estimates do not include other potential benefits such as health insurance, overtime pay, or retirement benefits that may be offered by employers.

Job Duties

• Maintain knowledge of real estate law, local economies, fair housing laws, types of available mortgages, financing options, and government programs.
• Monitor fulfillment of purchase contract terms to ensure that they are handled in a timely manner.
• Check work completed by loan officers, attorneys, or other professionals to ensure that it is performed properly.
• Rent properties or manage rental properties.
• Maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of a property's area.
• Arrange for title searches of properties being sold.
• Appraise property values, assessing income potential when relevant.
• Supervise agents who handle real estate transactions.
• Arrange for financing of property purchases.
• Develop, sell, or lease property used for industry or manufacturing.
• Give buyers virtual tours of properties in which they are interested, using computers.
• Review property details to ensure that environmental regulations are met.
• Maintain working knowledge of various factors that determine a farm's capacity to produce, such as agricultural variables and proximity to market centers and transportation facilities.
• Sell, for a fee, real estate owned by others.
• Obtain agreements from property owners to place properties for sale with real estate firms.
• Act as an intermediary in negotiations between buyers and sellers over property prices and settlement details and during the closing of sales.
• Generate lists of properties for sale, their locations, descriptions, and available financing options, using computers.
• Manage or operate real estate offices, handling associated business details.
• Compare a property with similar properties that have recently sold to determine its competitive market price.

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