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Summary Report for:
41-9021.00 - Real Estate Brokers

Operate real estate office, or work for commercial real estate firm, overseeing real estate transactions. Other duties usually include selling real estate or renting properties and arranging loans.

Sample of reported job titles: Broker, Broker Assistant, Broker Associate, Designated Broker, Managing Broker, Real Estate Associate, Real Estate Broker, Real Estate Sales Associate, Realtor, Supervising Broker

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Tasks  |  Tools & Technology  |  Knowledge  |  Skills  |  Abilities  |  Work Activities  |  Detailed Work Activities  |  Work Context  |  Job Zone  |  Education  |  Credentials  |  Interests  |  Work Styles  |  Work Values  |  Related Occupations  |  Wages & Employment  |  Job Openings  |  Additional Information

Tasks

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

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Tools & Technology

Tools used in this occupation:

  • Automobiles or cars — Passenger vehicles See more occupations related to this tool.
  • Desktop computers See more occupations related to this tool.
  • Digital camcorders or video cameras — Digital video cameras See more occupations related to this tool.
  • Digital cameras See more occupations related to this tool.
  • Laser fax machine — Laser facsimile machines See more occupations related to this tool.
  • Laser printers — Computer laser printers See more occupations related to this tool.
  • Notebook computers — Laptop computers See more occupations related to this tool.
  • Personal computers See more occupations related to this tool.
  • Personal digital assistant PDAs or organizers — Personal digital assistants PDA See more occupations related to this tool.
  • Photocopiers — Photocopying equipment See more occupations related to this tool.
  • Pocket calculator — Handheld calculators See more occupations related to this tool.
  • Tape measures — Measuring tapes See more occupations related to this tool.

Technology used in this occupation:

  • Accounting software — Intuit QuickBooks software See more occupations related to this technology.
  • Analytical or scientific software — RealData REIA See more occupations related to this technology.
  • Customer relationship management CRM software — Real Estate Assistant REA See more occupations related to this technology.
  • Data base user interface and query software — AMTdirect; Domin-8 Enterprise Solutions Tenant Pro; Propertyware; Visual Lease (see all 16 examples) See more occupations related to this technology.
  • Electronic mail software — Microsoft Outlook See more occupations related to this technology.
  • Graphics or photo imaging software — Adobe Systems Adobe Photoshop software See more occupations related to this technology.
  • Internet browser software — Microsoft Internet Explorer *; Web browser software See more occupations related to this technology.
  • Map creation software — Google Earth Pro See more occupations related to this technology.
  • Office suite software — Microsoft Office software See more occupations related to this technology.
  • Presentation software — Microsoft PowerPoint See more occupations related to this technology.
  • Spreadsheet software — Microsoft Excel See more occupations related to this technology.
  • Word processing software — Microsoft Word See more occupations related to this technology.

* Software developed by a government agency and/or distributed as freeware or shareware.

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Knowledge

  • Sales and Marketing — Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems. See more occupations related to this knowledge.
  • Customer and Personal Service — Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction. See more occupations related to this knowledge.
  • English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar. See more occupations related to this knowledge.
  • Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process. See more occupations related to this knowledge.
  • Administration and Management — Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources. See more occupations related to this knowledge.
  • Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data. See more occupations related to this knowledge.
  • Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming. See more occupations related to this knowledge.
  • Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications. See more occupations related to this knowledge.
  • Communications and Media — Knowledge of media production, communication, and dissemination techniques and methods. This includes alternative ways to inform and entertain via written, oral, and visual media. See more occupations related to this knowledge.
  • Building and Construction — Knowledge of materials, methods, and the tools involved in the construction or repair of houses, buildings, or other structures such as highways and roads. See more occupations related to this knowledge.
  • Clerical — Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology. See more occupations related to this knowledge.
  • Education and Training — Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects. See more occupations related to this knowledge.
  • Psychology — Knowledge of human behavior and performance; individual differences in ability, personality, and interests; learning and motivation; psychological research methods; and the assessment and treatment of behavioral and affective disorders. See more occupations related to this knowledge.

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Skills

  • Speaking — Talking to others to convey information effectively. See more occupations related to this skill.
  • Active Listening — Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times. See more occupations related to this skill.
  • Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems. See more occupations related to this skill.
  • Reading Comprehension — Understanding written sentences and paragraphs in work related documents. See more occupations related to this skill.
  • Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making. See more occupations related to this skill.
  • Negotiation — Bringing others together and trying to reconcile differences. See more occupations related to this skill.
  • Persuasion — Persuading others to change their minds or behavior. See more occupations related to this skill.
  • Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one. See more occupations related to this skill.
  • Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do. See more occupations related to this skill.
  • Writing — Communicating effectively in writing as appropriate for the needs of the audience. See more occupations related to this skill.
  • Service Orientation — Actively looking for ways to help people. See more occupations related to this skill.
  • Coordination — Adjusting actions in relation to others' actions. See more occupations related to this skill.
  • Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action. See more occupations related to this skill.
  • Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions. See more occupations related to this skill.
  • Time Management — Managing one's own time and the time of others. See more occupations related to this skill.

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Abilities

  • Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences. See more occupations related to this ability.
  • Oral Expression — The ability to communicate information and ideas in speaking so others will understand. See more occupations related to this ability.
  • Written Comprehension — The ability to read and understand information and ideas presented in writing. See more occupations related to this ability.
  • Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense. See more occupations related to this ability.
  • Near Vision — The ability to see details at close range (within a few feet of the observer). See more occupations related to this ability.
  • Speech Clarity — The ability to speak clearly so others can understand you. See more occupations related to this ability.
  • Speech Recognition — The ability to identify and understand the speech of another person. See more occupations related to this ability.
  • Written Expression — The ability to communicate information and ideas in writing so others will understand. See more occupations related to this ability.
  • Problem Sensitivity — The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem. See more occupations related to this ability.
  • Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events). See more occupations related to this ability.
  • Information Ordering — The ability to arrange things or actions in a certain order or pattern according to a specific rule or set of rules (e.g., patterns of numbers, letters, words, pictures, mathematical operations). See more occupations related to this ability.

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Work Activities

  • Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources. See more occupations related to this activity.
  • Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time. See more occupations related to this activity.
  • Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job. See more occupations related to this activity.
  • Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information. See more occupations related to this activity.
  • Communicating with Persons Outside Organization — Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail. See more occupations related to this activity.
  • Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work. See more occupations related to this activity.
  • Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork. See more occupations related to this activity.
  • Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions. See more occupations related to this activity.
  • Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts. See more occupations related to this activity.
  • Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form. See more occupations related to this activity.
  • Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events. See more occupations related to this activity.
  • Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems. See more occupations related to this activity.
  • Evaluating Information to Determine Compliance with Standards — Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards. See more occupations related to this activity.
  • Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data. See more occupations related to this activity.
  • Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions. See more occupations related to this activity.
  • Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person. See more occupations related to this activity.
  • Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others. See more occupations related to this activity.
  • Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people. See more occupations related to this activity.
  • Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them. See more occupations related to this activity.
  • Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems. See more occupations related to this activity.
  • Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics. See more occupations related to this activity.
  • Performing for or Working Directly with the Public — Performing for people or dealing directly with the public. This includes serving customers in restaurants and stores, and receiving clients or guests. See more occupations related to this activity.
  • Estimating the Quantifiable Characteristics of Products, Events, or Information — Estimating sizes, distances, and quantities; or determining time, costs, resources, or materials needed to perform a work activity. See more occupations related to this activity.
  • Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used. See more occupations related to this activity.
  • Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks. See more occupations related to this activity.
  • Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others. See more occupations related to this activity.

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Detailed Work Activities

  • Negotiate prices or other sales terms. See more occupations related to this activity.
  • Appraise property values. See more occupations related to this activity.
  • Monitor market conditions or trends. See more occupations related to this activity.
  • Prepare sales or other contracts. See more occupations related to this activity.
  • Review accuracy of sales or other transactions. See more occupations related to this activity.
  • Contract real estate to clients. See more occupations related to this activity.
  • Review laws or regulations to maintain professional knowledge. See more occupations related to this activity.
  • Obtain property information. See more occupations related to this activity.
  • Supervise sales or support personnel. See more occupations related to this activity.

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Work Context

  • Electronic Mail — 100% responded “Every day.” See more occupations related to this work context.
  • Telephone — 100% responded “Every day.” See more occupations related to this work context.
  • Freedom to Make Decisions — 89% responded “A lot of freedom.” See more occupations related to this work context.
  • Structured versus Unstructured Work — 92% responded “A lot of freedom.” See more occupations related to this work context.
  • Face-to-Face Discussions — 82% responded “Every day.” See more occupations related to this work context.
  • Indoors, Environmentally Controlled — 84% responded “Every day.” See more occupations related to this work context.
  • Contact With Others — 82% responded “Constant contact with others.” See more occupations related to this work context.
  • In an Enclosed Vehicle or Equipment — 64% responded “Every day.” See more occupations related to this work context.
  • Frequency of Decision Making — 64% responded “Every day.” See more occupations related to this work context.
  • Level of Competition — 77% responded “Extremely competitive.” See more occupations related to this work context.
  • Deal With External Customers — 55% responded “Extremely important.” See more occupations related to this work context.
  • Impact of Decisions on Co-workers or Company Results — 52% responded “Important results.” See more occupations related to this work context.
  • Work With Work Group or Team — 49% responded “Extremely important.” See more occupations related to this work context.
  • Letters and Memos — 33% responded “Once a week or more but not every day.” See more occupations related to this work context.
  • Duration of Typical Work Week — 70% responded “More than 40 hours.” See more occupations related to this work context.
  • Importance of Being Exact or Accurate — 37% responded “Extremely important.” See more occupations related to this work context.
  • Coordinate or Lead Others — 39% responded “Very important.” See more occupations related to this work context.
  • Time Pressure — 38% responded “Once a week or more but not every day.” See more occupations related to this work context.
  • Outdoors, Exposed to Weather — 70% responded “Once a week or more but not every day.” See more occupations related to this work context.
  • Spend Time Sitting — 55% responded “More than half the time.” See more occupations related to this work context.
  • Deal With Unpleasant or Angry People — 41% responded “Once a year or more but not every month.” See more occupations related to this work context.
  • Consequence of Error — 29% responded “Serious.” See more occupations related to this work context.
  • Frequency of Conflict Situations — 51% responded “Once a month or more but not every week.” See more occupations related to this work context.
  • Physical Proximity — 49% responded “Slightly close (e.g., shared office).” See more occupations related to this work context.
  • Responsibility for Outcomes and Results — 38% responded “Limited responsibility.” See more occupations related to this work context.
  • Importance of Repeating Same Tasks — 37% responded “Fairly important.” See more occupations related to this work context.

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Job Zone

Title Job Zone Four: Considerable Preparation Needed
Education Most of these occupations require a four-year bachelor's degree, but some do not.
Related Experience A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
Job Training Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
Job Zone Examples Many of these occupations involve coordinating, supervising, managing, or training others. Examples include accountants, sales managers, database administrators, teachers, chemists, art directors, and cost estimators.
SVP Range (7.0 to < 8.0)

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Education


Percentage of Respondents
Education Level Required
37   Bachelor's degree
24   Some college, no degree
12   High school diploma or equivalent Help

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Credentials

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Interests

Interest code: EC

  • Enterprising — Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business. See more occupations related to this interest.
  • Conventional — Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow. See more occupations related to this interest.

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Work Styles

  • Integrity — Job requires being honest and ethical. See more occupations related to this work style.
  • Initiative — Job requires a willingness to take on responsibilities and challenges. See more occupations related to this work style.
  • Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations. See more occupations related to this work style.
  • Attention to Detail — Job requires being careful about detail and thorough in completing work tasks. See more occupations related to this work style.
  • Persistence — Job requires persistence in the face of obstacles. See more occupations related to this work style.
  • Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks. See more occupations related to this work style.
  • Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations. See more occupations related to this work style.
  • Independence — Job requires developing one's own ways of doing things, guiding oneself with little or no supervision, and depending on oneself to get things done. See more occupations related to this work style.
  • Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job. See more occupations related to this work style.
  • Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations. See more occupations related to this work style.
  • Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude. See more occupations related to this work style.
  • Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction. See more occupations related to this work style.
  • Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace. See more occupations related to this work style.
  • Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems. See more occupations related to this work style.
  • Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job. See more occupations related to this work style.
  • Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems. See more occupations related to this work style.

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Work Values

  • Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy. See more occupations related to this work value.
  • Achievement — Occupations that satisfy this work value are results oriented and allow employees to use their strongest abilities, giving them a feeling of accomplishment. Corresponding needs are Ability Utilization and Achievement. See more occupations related to this work value.
  • Relationships — Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment. Corresponding needs are Co-workers, Moral Values and Social Service. See more occupations related to this work value.

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Related Occupations

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Wages & Employment Trends

Median wages (2014) $27.58 hourly, $57,360 annual
State wages Local Salary Info
 
Employment (2012) 80,000 employees
Projected growth (2012-2022) Average (8% to 14%) Average (8% to 14%)
Projected job openings (2012-2022) 16,100
State trends Employment Trends
 
Top industries (2012)

Source: Bureau of Labor Statistics 2014 wage data external site and 2012-2022 employment projections external site. "Projected growth" represents the estimated change in total employment over the projections period (2012-2022). "Projected job openings" represent openings due to growth and replacement.

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Job Openings on the Web

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Sources of Additional Information

Disclaimer: Sources are listed to provide additional information on related jobs, specialties, and/or industries. Links to non-DOL Internet sites are provided for your convenience and do not constitute an endorsement.

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