Training Requirements for Real Estate Brokers

Real estate brokers need a high school diploma or equivalent and less than 5 years experience.

Degrees for Real estate brokers
Percent
Less than High School 1.3
High School 11.9
Some College 27.1
Associates Degree 10.1
Bachelors Degree 37.7
Masters Degree 9.6
Doctorate or Professional Degree 2.2

Employment Outlook for Real Estate Brokers

This represents about 83,000 people in the United States.

Over the next 10 years there will be aproximately 1,000 more real estate brokers but, because of expected growth and replacement needs in the United States, we will need 7,000 more.

Typical Income for Real Estate Brokers

Hourly Income

On average,real estate brokers make $38.14 per hour.

Bottom 10% Bottom 25% Median Top 75% Top 90%
Real estate brokers $11.72 $16.44 $27.30 $45.69 $78.01
Sales and related occupations $8.72 $9.72 $12.78 $22.23 $37.65
Other sales and related workers $9.37 $11.21 $15.65 $27.95 $49.24
Real estate brokers and sales agents $10.84 $14.71 $22.32 $36.40 $60.00
National Average $9.27 $11.60 $17.81 $28.92 $45.45

Annual Salaries

On average, real estate brokers make $79,340 per year.

Bottom 10% Bottom 25% Median Top 75% Top 90%
Real estate brokers $24,370 $34,190 $56,790 $95,030 $162,260
Sales and related occupations $18,150 $20,210 $26,590 $46,230 $78,300
Other sales and related workers $19,490 $23,310 $32,550 $58,130 $102,430
Real estate brokers and sales agents $22,540 $30,600 $46,410 $75,710 $124,800
National Average $19,290 $24,140 $37,040 $60,150 $94,540

This data is from the U.S. Bureau of Labor Statistics, Occupational Employment Statistics

Real Estate Brokers: What Is This Career Like?

The late Lord Harold Samuel, a real estate tycoon in Great Britain, once coined the expression: "There are three things that matter in property: location, location, location."

Being a real estate agent is great if you have a strong interest in law, marketing, meeting people and putting out fires. I love the fact that I have the freedom to manipulate my schedule during the week as I see fit, however most weekends are spoken for. Qualified buyers usually have 9-5 jobs so they are only available in the evenings and weekends. I either have an open house or, if my marketing is working, I am showing homes all weekend. Being a real estate broker is always interesting, at least to me.

I like investigating property and looking at all the different investment scenarios. I have become a very good photographer and web builder in order to keep up with the technology changes in my field. We are even considering developing an app.!

I would recommend being a real estate broker but get ready for a roller coaster ride. Like it or not deals and your heart will come crashing down, luckily you will get a deal thrown in your lap on occasion too, but generally it takes tenacity, persistence and you can quote me as saying, "There are three things that matter as a real estate agent; marketing, marketing, marketing!"

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