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
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
- 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.
- 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 the area where a property is located.
- 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.
Tools & Technology
Tools used in this occupation:
- Automobiles or cars — Passenger vehicles
- Desktop computers
- Digital camcorders or video cameras — Digital video cameras
- Digital cameras
- Laser fax machine — Laser facsimile machines
- Laser printers — Computer laser printers
- Notebook computers — Laptop computers
- Personal computers
- Personal digital assistant PDAs or organizers — Personal digital assistants PDA
- Photocopiers — Photocopying equipment
- Pocket calculator — Handheld calculators
- Tape measures — Measuring tapes
Technology used in this occupation:
- Accounting software — Intuit QuickBooks
- Analytical or scientific software — RealData REIA
- Customer relationship management CRM software — Real Estate Assistant REA
- Data base user interface and query software — AMTdirect; Domin-8 Enterprise Solutions Tenant Pro; Propertyware; Yardi Systems Yardi Voyager Commercial (see all 16 examples)
- Electronic mail software — Microsoft Outlook
- Graphics or photo imaging software — Adobe Systems Adobe Photoshop
- Internet browser software — Microsoft Internet Explorer; Web browser software
- Map creation software — Google Earth Pro
- Office suite software — Microsoft Office
- Presentation software — Microsoft PowerPoint
- Spreadsheet software — Microsoft Excel
- Word processing software — Microsoft Word
Hot Technology — a technology requirement frequently included in employer job postings.
- 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.
- 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.
- English Language — Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Law and Government — Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
- 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.
- Economics and Accounting — Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
- Computers and Electronics — Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
- Mathematics — Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- 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.
- 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.
- 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.
- 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.
- 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.
- Speaking — Talking to others to convey information effectively.
- 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.
- Critical Thinking — Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Reading Comprehension — Understanding written sentences and paragraphs in work related documents.
- Active Learning — Understanding the implications of new information for both current and future problem-solving and decision-making.
- Negotiation — Bringing others together and trying to reconcile differences.
- Persuasion — Persuading others to change their minds or behavior.
- Judgment and Decision Making — Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Social Perceptiveness — Being aware of others' reactions and understanding why they react as they do.
- Writing — Communicating effectively in writing as appropriate for the needs of the audience.
- Service Orientation — Actively looking for ways to help people.
- Coordination — Adjusting actions in relation to others' actions.
- Monitoring — Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.
- Complex Problem Solving — Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
- Time Management — Managing one's own time and the time of others.
- Oral Comprehension — The ability to listen to and understand information and ideas presented through spoken words and sentences.
- Oral Expression — The ability to communicate information and ideas in speaking so others will understand.
- Written Comprehension — The ability to read and understand information and ideas presented in writing.
- Deductive Reasoning — The ability to apply general rules to specific problems to produce answers that make sense.
- Near Vision — The ability to see details at close range (within a few feet of the observer).
- Speech Clarity — The ability to speak clearly so others can understand you.
- Speech Recognition — The ability to identify and understand the speech of another person.
- Written Expression — The ability to communicate information and ideas in writing so others will understand.
- 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.
- Inductive Reasoning — The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
- 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).
- Getting Information — Observing, receiving, and otherwise obtaining information from all relevant sources.
- Establishing and Maintaining Interpersonal Relationships — Developing constructive and cooperative working relationships with others, and maintaining them over time.
- Updating and Using Relevant Knowledge — Keeping up-to-date technically and applying new knowledge to your job.
- Interacting With Computers — Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
- 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.
- Organizing, Planning, and Prioritizing Work — Developing specific goals and plans to prioritize, organize, and accomplish your work.
- Performing Administrative Activities — Performing day-to-day administrative tasks such as maintaining information files and processing paperwork.
- Selling or Influencing Others — Convincing others to buy merchandise/goods or to otherwise change their minds or actions.
- Analyzing Data or Information — Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
- Documenting/Recording Information — Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
- Identifying Objects, Actions, and Events — Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
- Making Decisions and Solving Problems — Analyzing information and evaluating results to choose the best solution and solve problems.
- 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.
- Processing Information — Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
- Thinking Creatively — Developing, designing, or creating new applications, ideas, relationships, systems, or products, including artistic contributions.
- Communicating with Supervisors, Peers, or Subordinates — Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
- Resolving Conflicts and Negotiating with Others — Handling complaints, settling disputes, and resolving grievances and conflicts, or otherwise negotiating with others.
- Judging the Qualities of Things, Services, or People — Assessing the value, importance, or quality of things or people.
- Developing Objectives and Strategies — Establishing long-range objectives and specifying the strategies and actions to achieve them.
- Monitor Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
- Provide Consultation and Advice to Others — Providing guidance and expert advice to management or other groups on technical, systems-, or process-related topics.
- 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.
- 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.
- Interpreting the Meaning of Information for Others — Translating or explaining what information means and how it can be used.
- Coordinating the Work and Activities of Others — Getting members of a group to work together to accomplish tasks.
- Scheduling Work and Activities — Scheduling events, programs, and activities, as well as the work of others.
Detailed Work Activities
- Contract real estate to clients.
- Prepare sales or other contracts.
- Negotiate prices or other sales terms.
- Supervise sales or support personnel.
- Appraise property values.
- Obtain property information.
- Review accuracy of sales or other transactions.
- Review laws or regulations to maintain professional knowledge.
- Monitor market conditions or trends.
- Electronic Mail — 100% responded “Every day.”
- Telephone — 100% responded “Every day.”
- Freedom to Make Decisions — 89% responded “A lot of freedom.”
- Structured versus Unstructured Work — 92% responded “A lot of freedom.”
- Face-to-Face Discussions — 82% responded “Every day.”
- Indoors, Environmentally Controlled — 84% responded “Every day.”
- Contact With Others — 82% responded “Constant contact with others.”
- In an Enclosed Vehicle or Equipment — 64% responded “Every day.”
- Frequency of Decision Making — 64% responded “Every day.”
- Level of Competition — 77% responded “Extremely competitive.”
- Deal With External Customers — 55% responded “Extremely important.”
- Impact of Decisions on Co-workers or Company Results — 52% responded “Important results.”
- Work With Work Group or Team — 49% responded “Extremely important.”
- Letters and Memos — 33% responded “Once a week or more but not every day.”
- Duration of Typical Work Week — 70% responded “More than 40 hours.”
- Importance of Being Exact or Accurate — 37% responded “Extremely important.”
- Coordinate or Lead Others — 39% responded “Very important.”
- Time Pressure — 38% responded “Once a week or more but not every day.”
- Outdoors, Exposed to Weather — 70% responded “Once a week or more but not every day.”
- Spend Time Sitting — 55% responded “More than half the time.”
- Deal With Unpleasant or Angry People — 41% responded “Once a year or more but not every month.”
- Consequence of Error — 29% responded “Serious.”
- Frequency of Conflict Situations — 51% responded “Once a month or more but not every week.”
- Physical Proximity — 49% responded “Slightly close (e.g., shared office).”
- Responsibility for Outcomes and Results — 38% responded “Limited responsibility.”
- Importance of Repeating Same Tasks — 37% responded “Fairly important.”
|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, graphic designers, chemists, art directors, and cost estimators.|
|SVP Range||(7.0 to < 8.0)|
Percentage of Respondents
|Education Level Required|
|24||Some college, no degree|
|12||High school diploma or equivalent|
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.
- 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.
- Integrity — Job requires being honest and ethical.
- Initiative — Job requires a willingness to take on responsibilities and challenges.
- Stress Tolerance — Job requires accepting criticism and dealing calmly and effectively with high stress situations.
- Attention to Detail — Job requires being careful about detail and thorough in completing work tasks.
- Persistence — Job requires persistence in the face of obstacles.
- Achievement/Effort — Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
- Self Control — Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
- 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.
- Concern for Others — Job requires being sensitive to others' needs and feelings and being understanding and helpful on the job.
- Dependability — Job requires being reliable, responsible, and dependable, and fulfilling obligations.
- Cooperation — Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
- Leadership — Job requires a willingness to lead, take charge, and offer opinions and direction.
- Adaptability/Flexibility — Job requires being open to change (positive or negative) and to considerable variety in the workplace.
- Innovation — Job requires creativity and alternative thinking to develop new ideas for and answers to work-related problems.
- Social Orientation — Job requires preferring to work with others rather than alone, and being personally connected with others on the job.
- Analytical Thinking — Job requires analyzing information and using logic to address work-related issues and problems.
- Independence — Occupations that satisfy this work value allow employees to work on their own and make decisions. Corresponding needs are Creativity, Responsibility and Autonomy.
- 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.
- 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.
Wages & Employment Trends
|Median wages (2015)||$27.34 hourly, $56,860 annual|
|Employment (2014)||84,000 employees|
|Projected growth (2014-2024)||Slower than average (2% to 4%)|
|Projected job openings (2014-2024)||7,300|
|Top industries (2014)|
Source: Bureau of Labor Statistics 2015 wage data and 2014-2024 employment projections . "Projected growth" represents the estimated change in total employment over the projections period (2014-2024). "Projected job openings" represent openings due to growth and replacement.
Job Openings on the Web
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.
- Real estate brokers and sales agents . Bureau of Labor Statistics, U.S. Department of Labor. Occupational Outlook Handbook, 2016-17 Edition.