Real estate brokers are licensed service providers who assist in property transactions, mainly buying and selling residential and commercial properties. In doing so, brokers ensure transactions are fair by negotiating deals. A career in real estate can be rewarding, especially when you have the client’s best interest at heart. Many brokers start their careers working at a brokerage firm, while some establish their own firm. If you’re looking to get hired by an established firm, we can help you. Following are examples of three different resume formats and how other brokers have applied them to showcase their best qualifications:
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Job Duties of a Real Estate Broker
There is a lot of work involved in finding viable property and clients. Researching real estate based on various parameters and converting it into figures/entities such as target market, property value, and others are some of the more complex tasks you can expect to do on the job. In general, these are some of the primary responsibilities of a broker:
Researching the local area’s residential and commercial real estate market to analyze supply and demand factors.
Identifying the target market and seeking clients.
Soliciting and partnering with clients to buy or sell a property.
Showing appropriate properties to potential buyers or tenants.
Using market research and available technical tools for extracting data to prepare a presentation for other brokers within the firm.
Assisting clients in getting the best deal by giving them timely advice based on market conditions and other relevant factors.
Negotiating with buyers and sellers to close the transaction with a deal acceptable to both parties.
Hiring and training new real estate agents and working on retention programs.
Overseeing successful administration of operations, including the company’s Multiple Listing Service (MLS) listings and all other transactions.
Developing marketing materials for brand promotion using advertisement and networking online and on social media to drive sales.
Supporting the team by providing market surveys, financial analyses, review of leases and projections.
Real Estate Broker Median Salaries
The U.S. Bureau of Labor Statistics quoted the median annual wages of real estate brokers in May 2020 as $60,370 annually. However, brokers can earn between $25,460 to $174,120 depending on experience, market value in their area and successful sales. While growth for this job is projected to be slow, it is expected to grow by 4% from 2020-2030.
Top Skills for Real Estate Brokers
Real estate brokers spend much of their time working with customers and other people involved in the sale process. So, communication skills are fundamental. Here are a few other abilities you will need to be successful at your position:
- Mastery of laws and regulations: As a successful real estate broker, you must understand the laws and regulations that govern the business in the state you work. These are required not only to ensure compliance for the closed transactions but also to advise your client. You will also dabble in contract laws, legal codes, court procedures and precedents, real estate agency rules, and political processes.
- Knowledge of market trends: Predicting and adapting to the future of real estate depends solely on your grasp of market trends such as fluctuations in property prices, development index of the area, prices in insurance, among other factors. You should be thoroughly updated with these marketing and technological trends to stay competitive. For example, Forbes wrote about the automation process and direct digital engagement to redefine the commercial real estate market.
- Negotiation and persuasion: A successful broker will know how to blend negotiation and persuasion skills to achieve goals. When negotiating, you should keep your client's interests in mind and attempt to land them a deal that will benefit their situation. But you must also know how to persuade them if negotiation outcomes don’t match their expectations. Knowing how to balance both of these skills will make you stand out among your competitors.
- Mathematical proficiency: As a broker, you will need to grasp algebra, arithmetic, calculus, statistics and geometry to apply them to the business. Your knowledge of accounting principles and financial analysis will be required daily when discussing closures, leases, price ranges and other numbers with your clients. If you want to better prepare, Udemy offers a math course for real estate professionals.
- Avid communicator: You need to be a people person and actively listen and understand client needs. You should also be socially perceptive to understand people’s reactions. Only when you genuinely develop people skills will you find success in networking and making healthy, lasting relationships with your clients.
Educational Requirements for Real Estate Brokers
A real estate broker requires a license to work in the industry, but at the same time, acquiring some certifications, designation and completing courses could significantly improve your opportunity of landing a job. Here are the steps to get your license in real estate and some certifications and programs to continue honing your craft:
LicensureTo get licensed as a broker, a real estate agent must work a certain amount of years in the field as a licensed real estate agent. If you have to get a broker’s license, follow the steps offered below:
After getting your broker license, you will have to continue studying as defined by your state.
- Work as a real estate agent under a broker’s sponsorship. The number of years you’ll need to work is different from state to state.
- Enroll and take courses that discuss deeper elements of the licensing exam such as contracts, insurance and taxes, property management, brokerage, code of ethics, among other topics.
- Pass your exam. Real Estate Express offers both pre-license and post-license courses based on individual state regulations.
DegreeWhile you don’t need a degree to work as a real estate broker, many universities offer courses to properly aid someone interested in joining the industry. While it may take more time before you begin to make an income, you may improve your opportunities. Many employers ask for a bachelor’s degree as a minimum requirement to start working in the field. Some of the areas of study which would greatly aid any employee in real estate are Marketing, Business Administration, Finance, Accounting, among others. Some universities, like California State University and Cornell University, offer minors in Real Estate, which provide a few courses on the industry.
CertificationsCertifications provide your employers with proof of your knowledge and understanding of the industry and give you an edge over your competitors in the job market. There are various types of entities that offer relevant certifications. Let’s take a look at a few of them:
- Member associations: A designation earned through programs by renowned real estate organizations and associations that endorse you as an industry expert. These are some of the most sought after certifications in the field:
- Counselor of Real Estate (CRE): Those with the CRE certification are known for their professionalism and are considered leaders in the field. According to their page, this certification proves your expertise, experience and ethics in the industry. However, to apply for this designation, you must receive an invitation or have worked for 10 years in real estate.
- Accredited Buyer's Representative (ABR®): This designation is awarded by the Real Estate Buyer's Agent Council (REBAC). This is the best designation for beginners as it provides training to develop confidence and knowledge in the market. To get the title, you need to complete a two-day course and pass the online exam. This will be followed by completing an elective class. Both these steps require a passing grade of 80% or higher.
Real Estate Broker Resume-writing Tips
As a broker, unlike a real estate assistant, leasing agent or real estate agent, you must have some experience before getting licensed. However, this also poses a challenge when deciding how to prepare a concise summary. Here are a few tips to help you out:
- Focus on your specialization: When listing your experience, it is good to focus on your field of expertise. Therefore, your professional summary should read as “commercial estate broker” or “residential broker.” Also, including specifics such as property management, lease drafting and others along with your number of years of experience will help your interviewer form an impression about you.
- Prove you’re a goal-oriented and self-driven individual: One thing the real estate industry always looks for in individuals is how much training and support is required upon hiring you. Preference tends to be given to those who work well with limited direction and supervision. Thus, specifying you’re a self-motivated worker can be beneficial.
- Highlight experience: As a broker, you must have experience in the field. As such, employers are more interested in learning about the tasks you’ve performed in previous roles and the achievements you’ve had. Ensure your resume showcases the details of your sales figures, any projects you successfully led and the awards you have won.
How many types of brokers are there?
As a licensed broker, you are certified to help your clients buy, sell or lease properties. These can be industrial, commercial or residential properties. If we break down the types, a broker can be classified into three main categories:
- Principal broker (broker-owner): In this setup, a broker assumes the responsibilities of all the transactions of agents in the brokerage. The law requires that all real estate agents and firms have a licensed broker to oversee day-to-day operations. This type of broker works closely with the agents.
- Managing brokers: These are like operations managers but with a broker license. Thus, they are responsible for everyday activities, including hiring and training new hires. They are also responsible for the rest of the staff.
- Associate broker: Brokers who work under a broker-owner are referred to as associate brokers. As an associate broker, one may work with sales or step back and focus on any other aspect of real estate, such as training or management.
Is a realtor different from a broker?
A Realtor® is a member of the National Association of Realtors, one of the oldest and largest trade associations in the U.S. You cannot refer to everyone in real estate as a Realtor. To become a realtor you must be a real estate broker (residential or commercial), real estate agent, property manager or appraiser. There are other eligibility criteria as well. Realtors are considered experts in the real estate industry and are considered professionals with the highest standards of ethics. This higher standard of code of ethics is what derives client trust.
Are there any certified designations for any specific target market?
It is possible to specialize in a specific real estate segment. For example, here are two possibilities:
- Seniors Real Estate Specialist (SRES®): This is a significant designation if you specialize in helping senior clients in their property selling and buying needs. The National Association of Realtors awards this designation which gives you access to a network of many certified agents and social networking tools. For a potential client, it wins their trust to know that you specialize in catering to the needs of customers aged 50 and older.
- Military Relocation Professional (MRP): As the name suggests, an MRP designee is a real estate professional working for clients in the U.S. armed forces. The designation helps potential clients to identify you as a professional knowledgeable in military laws and regulations. As an MRP, you will be familiar with the challenges of frequent relocation of armed forces personnel. National Association of Realtors certified MRP is also recognized by Accredited Buyer’s Representative® (ARB).