How to Become a Real Estate Broker

Real estate has provided you with a great income, a flexible schedule, and incredible investment opportunities. The median hourly wage for
real estate brokers in the United States was $28.05 in 2012. The lowest ten percent of brokers earned less than $12.32 per hour that year, and the top ten percent made more than $85.07.

Real Estate Broker Salary

  • Average Annual Salary: $45,640
  • Projected Lifetime Earnings: $1,958,000

Real Estate Broker – Education

Real estate sales agents and brokers need to have at least a high school or equivalent diploma. In most states, real estate agents and brokers are required to take state-accredited pre-licensing programs to receive licensure, but there are a few states that waive this requirement when applicants took real estate courses in college. Discover if real estate broker is the right thing for you by taking a career fitness and personality test.

Some employers prefer to hire candidates who hold a college degree in real estate and there in an increasing number of colleges and universities that offer specialized courses in real estate, and some provide associate’s and bachelor’s degree programs. Applicants should also attend courses in economics, finance, business administration, and law. We also see many brokers who intend to launch their own business take business courses, such as accounting and marketing.

Many real estate associations additionally provide courses and professional programs for both experienced agents and beginners. These specialized courses are covering a wide range of topics, such as real estate law, real estate fundamentals, and mortgage financing.

Real Estate Broker – The Job

Real estate professionals such as agents, brokers, and associate brokers work in the competitive industry of buying, selling, and marketing commercial and residential properties. These licensed professionals work individually as an independent contracter or with a team of agents in a real estate firm. Industry newcomers often start their career as a sales agent working in tandem with a broker or a team of professionals. Real estate schools prepare these prospective agents by providing training and education in preparation for their state examinations. Not everyone is fit for this profession.

Real estate agents and brokers are expected to be knowledgeable about real estate market and trends in their state or locality. They should be capable enough to give a fair market assessment and identify the ideal property for specific types of buyers. Real estate agents and brokers are also expected to offer information about local real estate laws, taxes, and loans when requested by the prospective buyer.

Real Estate Training and License Requirements

Real estate schools provide brokers and agents with the knowledge and skills essential to the competitive real estate industry. Pre-licensing requirements for each state include attendance in a separate set of training courses for brokers and agents. The curriculum often consists of real estate topics such as state property laws, zoning regulations, and real estate transaction procedures.

Depending on the state, the trainees are required to clock in 60 to more than a hundred hours of pre-licensing education and training. Continuing or post-licensing education is also a requirement in some locations. Licensing fees vary from state to state and may cost more than $200 dollars, exclusive of examination fees. Some state regulatory commissions have a reciprocal agreement with other states and allow their licensees to practice locally as a broker or agent.

The Association of Real Estate License Law Officials (ARELLO) supports state regulatory agencies and provides information on real estate licensing procedures and related laws in the U.S. and other global locations. ARELLO is a comprehensive resource for those who are interested to start a career as a real estate professional.

Career Outlook for Real Estate Professionals

A career in real estate offers more freedom and flexibility in comparison to other jobs. Earning potential for this type of job depends on current trends in the real estate market and the sales and marketing capabilities of the agent. Qualified real estate agents can move up and become sales managers or executives. After passing their broker’s license, they can also open their own firm, work independently, or start a team of their own.

Top Real Estate Schools

1. Chicago Association of Realtors

2. Real Estate Express

3. Allied Schools

4. School Estate

5. California Real Estate School Online

6. Kaplan Real Estate Schools

7. The Commercial Real Estate Institute

8. New York Real Estate Institute

9. Real Estate Education Center

10. My Home Quest School of Real Estate