We Know: How To Become a Real Estate Agent/Broker
What is a Real Estate Agent/Broker?
Real estate brokers are independent sales people who sell real estate owned by others.
Real estate agents are independent sales workers who provide their services to a real estate broker for a portion of the commission earned from the sale of a property.
What are the requirements?
Prospective real estate agents must be high school graduates over age 18, and must pass a written test that consists of questions regarding basic real estate transactions and laws. Most states require between 30 and 90 hours of classroom instruction for prospective real estate agents. Candidates for a broker's license must have between 60 and 90 hours of classroom training, along with 1-3 years experience selling real estate. Each state has different requirements, so contact your state real estate commission for specific requirements.
What is the job like?
The job of a real estate agent/broker is very demanding. A typical work week is usually more than 40 hours, and involves evening and weekend work. A great deal of time is spent obtaining listings from owners, and showing property to prospective buyers. The negotiation process between buyer and seller can also sometimes be difficult and time-consuming. Beginning agents should expect to face competition from more established agents, especially in regard to obtaining listings.
The job a real estate broker is considerably more extensive, as they often do the same jobs as agents, but with the added responsibilities of arranging for title searches, helping to arrange financing for prospective buyers, advertising, and managing the day-to-day workings of the office.
What is the pay range?
Real estate agents and brokers are paid a commission for each sale. Therefore, the real estate market in each region will determine how much a real estate agent and broker will be paid. In more populated areas, where there are more people buying and selling property, there are more opportunities to earn more commission. This means that new agents working full-time can expect to earn anywhere from $40,000 to in excess of $200,000 a year.
Real estate brokers can often earn considerably more depending on the size of their business and the number of agents working under them.