What does a real estate broker do for a living? Find out below with our informative real estate broker job description.
What Does a Real Estate Broker Do?
Put simply, real estate brokers are real estate agents who chose to take their careers to the next level. Real estate professionals often get their broker’s licenses after working in the business for a few years. Getting licensed involves spending some extra time in the classroom and sitting for another exam.
However, once properly credentialed, brokers can legally take on more responsibility than traditional real estate agents. For one, they can own or manage a real estate office and educate other agents. For another, in some states, you must be a broker in order to offer property management services.
Must Read: The Best Way to Switch Real Estate Careers & How Bobby Brandt Became an Apartment Locator
Broker Vs. Agent: What’s the Difference?
A real estate agent is what most people picture when they think of a real estate professional, someone who helps clients buy and sell real estate in their particular state. Becoming an agent is the usual starting point for most people who want to work in the real estate industry. And, notably, all real estate agents must work under a real estate broker.
A real estate broker, however, is a professional who has decided to take their career to the next level. All real estate brokers are licensed real estate agents. However, they also go through additional education and testing to earn a license that allows them to run their own real estate offices, to oversee other real estate agents, and to help them when problems arise during their transactions.
How Do You Become a Broker?
Since individual states determine the rules for real estate licensing, the exact requirements to become a real estate broker will depend on where you live. However, below is a general overview of what you can expect.
- Meet the age and residency status requirements: Every state sets a minimum age for real estate brokers along with residency and U.S. citizenship requirements. The minimum age typically ranges between 18-21, so check first that you are old enough to pursue this career path and qualify for state residency. If you must wait until you reach that magical age or live in your state for the requisite number of years, take advantage of the time now to gain extra experience and prepare for the next phase of your career.
- Gain enough experience: Since real estate brokers oversee other real estate agents, they need substantial experience working in the industry. Each state sets its own requirement for the minimum amount of agent experience, such as a minimum number of years working as an agent, or a minimum number of closed transactions. Make sure that you meet that requirement before going for your broker’s license. Besides, the more quality experience you have under your belt, the better prepared you’ll be to mentor the new agents you hire for your brokerage.
- Fulfill the education requirements: Next, getting your broker’s license entails some additional coursework. In some cases, you’ll need to complete specific classes, and, in others, you will need to show that you completed a minimum number of hours in a classroom. Again, these rules vary by state, so check your home state’s laws for more precise information.
- Pass the broker’s exam: The last step to getting your broker’s license is to sit for your exam. This exam resembles the one you took when you got your real estate license. However, it may include additional topics, such as real estate law, accounting, finance, and property management.
Career Paths for Real Estate Brokers
Once you receive your broker’s license, you can choose between two separate career paths: broker-owner or associate broker.
By law, every real estate office must be overseen by a broker-owner, or a broker of record. The broker is legally responsible for all of the transactions conducted by the real estate agents at that office. As a result, broker-owners remain more involved with the day-to-day operations of running the office, educating agents, and managing employees than with selling real estate.
Associate Brokers, sometimes called broker associates, hold a broker’s license, but choose to work under a broker-owner. Associate brokers still stay heavily involved in the real estate sales process. However, they also sometimes take on more of a management role.
Gain Some Experience First
As you set your career goals, start with an entry-level position. At AptAmigo, you can become a leasing agent for a fast-growing brokerage that specializes in rentals. You can learn more about Apartment Locator Jobs on our blog. Then, when you’re ready to take the next step, getting your broker’s license will help you take your career to the next level and build your own real estate empire.
AptAmigo is proud to be an equal opportunity workplace and does not discriminate based on race, religious creed, color, national origin, ancestry, genetic information, physical or mental disability, medical condition, marital status, gender, age, sexual orientation, gender identity, veteran status, or any other characteristic protected by applicable law, in connection with any aspect of employment at AptAmigo.
Tara Mastroeni is a Freelance Real Estate and Personal Finance Writer whose work has been featured on sites like Forbes, The Motley Fool, and Business Insider. You can find her at TMWritingServices.com.