Real Estate Brokers
Description OES Code: 43005
Brokers are independent business people who sell real estate owned by others; they also may rent and manage properties for a fee. Brokers act as an intermediary in price negotiations between buyers and sellers. They manage their own offices, advertise properties, handle other business matters, and supervise agents who may have many of the same job duties.

Wages, California
Entry-Level Hourly Wage $11.90
25th Percentile $16.36
50th Percentile $24.88
75th Percentile $49.52

Wages, San Joaquin County
Entry-Level Hourly Wage $8.34
25th Percentile $10.19
50th Percentile $16.79
75th Percentile $31.85

Wages by California County
• OES Survey
• CCOIS Survey

Hours & Benefits
Agents and brokers often work more than a standard 40-hour week; nearly 1 out of every 4 full-time workers worked 50 hours or more a week in 2000. They often work evenings and weekends, and are always on call to suit the needs of clients. Business usually is slower during the winter season. Although the hours are long and often irregular, most agents and brokers also have the freedom to determine their own schedule. Consequently, they can arrange their work so they can have time off when they want it.

Employment Trends, California
Employment 1998 3,300
Projected Employment 2008 3,800
Percent Change 1998-2008 15.2%
Separations 1998-2008 700

Employment Trends by California County

Working Conditions
Advances in telecommunications and the ability to retrieve data on properties over the Internet allows many real estate brokers and sales agents to work out of their homes, instead of real estate offices. Even with this convenience, much of their time is spent away from their desk—showing properties to customers, analyzing properties for sale, meeting with prospective clients, or researching the state of the market.

Advancement
Advancement opportunities for agents may take the form of higher commission rates. As agents gain knowledge and expertise, they become more efficient in closing a greater number of transactions and increase their earnings. Experienced agents can advance in many large firms to sales or general manager. Persons who have received their broker's license may open their own offices. Others with experience and training in estimating property value may become real estate appraisers, and people familiar with operating and maintaining rental properties may become property managers.

For a list of current job listing, browse CalJOBS or America's Job Bank.

Education and Training
. In every State and the District of Columbia, real estate brokers and sales agents must be licensed. Prospective agents must be a high school graduate, at least 18 years old, and pass a written test. The examination—more comprehensive for brokers than for agents—includes questions on basic real estate transactions and laws affecting the sale of property. Most States require candidates for the general sales license to complete between 30 and 90 hours of classroom instruction. Those seeking a broker's license need between 60 and 90 hours of formal training and a specific amount of experience selling real estate, usually 1 to 3 years. Some States waive the experience requirements for the broker's license for applicants who have a bachelor's degree in real estate.

State licenses typically must be renewed every 1 or 2 years, usually without examination. However, many States require continuing education for license renewal. Prospective agents and brokers should contact the real estate licensing commission of the State in which they wish to work to verify exact licensing requirements.

As real estate transactions have become more legally complex, many firms have turned to college graduates to fill positions. A large number of agents and brokers have some college training. College courses in real estate, finance, business administration, statistics, economics, law, and English are helpful. For those who intend to start their own company, business courses such as marketing and accounting are as important as those in real estate or finance.

Skills & Other Requirements
Personality traits are equally as important as academic background. Brokers look for applicants who possess a pleasant personality, honesty, and a neat appearance. Maturity, tact, trustworthiness, and enthusiasm for the job are required in order to motivate prospective customers in this highly competitive field. Agents should be well organized, detail oriented, and have a good memory for names, faces, and business details.

References
US Bureau of Labor Statistics Occupational Outlook Handbook

Related Occupations: Insurance Sales Agents, Retail Salespersons

Training: California Training and Education Providers (CTEP)