Real Estate Brokers
41-9021.00

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 Associate, Designated Broker, Managing Broker, Real Estate Associate, Real Estate Broker, Real Estate Sales Associate, Realtor

Occupation-Specific Information

Tasks

  • 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 a property's area.
  • 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.
  • Maintain working knowledge of various factors that determine a farm's capacity to produce, such as agricultural variables and proximity to market centers and transportation facilities.

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Technology Skills

Hot technology Hot Technologies are requirements frequently included in employer job postings.

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Occupational Requirements

Work Activities

  • 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.
  • Working 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 People Outside the 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 Objects, 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.
  • Monitoring Processes, Materials, or Surroundings — Monitoring and reviewing information from materials, events, or the environment, to detect or assess problems.
  • Providing 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.

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Detailed Work Activities

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Work Context

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Experience Requirements

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 real estate brokers, sales managers, database administrators, graphic designers, chemists, art directors, and cost estimators.
SVP Range
2-4 years of preparation (7.0 to < 8.0)

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Training & Credentials

State training
Local training
Certifications
State licenses
Apprenticeships
Have a career path or location in mind? Visit Apprenticeship.gov external site to find apprenticeship opportunities near you.

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Worker Requirements

Skills

  • 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.

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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.
  • 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.
  • Administrative — Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
  • 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.
  • 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.

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Education

How much education does a new hire need to perform a job in this occupation? Respondents said:

  • 37%
     
    responded: Bachelor’s degree required
  • 24%
     
    responded: Some college, no degree requiredmore info
  • 12%
     
    responded: High school diploma or equivalent requiredmore info

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Worker Characteristics

Abilities

  • 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 that 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).

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Interests

Interest code: EC
Want to discover your interests? Take the O*NET Interest Profiler at My Next Move.
  • 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.

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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.
  • 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.

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Work Styles

  • 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.

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Workforce Characteristics

Wages & Employment Trends

Median wages (2021)
$29.81 hourly, $62,010 annual
State wages
Local wages
Employment (2020)
109,900 employees
Projected growth (2020-2030)
Slower than average (1% to 5%)
Projected job openings (2020-2030)
10,100
State trends
Top industries (2020)

Source: Bureau of Labor Statistics 2021 wage data external site and 2020-2030 employment projections external site . “Projected growth” represents the estimated change in total employment over the projections period (2020-2030). “Projected job openings” represent openings due to growth and replacement.

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Job Openings on the Web

State job openings
Local job openings

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More Information

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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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