How to Become a Real Estate Broker?

Are you searching for a career in sales where you can help people find their dream homes?

Working as a real estate broker can be a very interesting and rewarding career that involves helping people list, buy, and sell properties.

You need to have specialist knowledge of the retail market to do this job and have excellent communication skills. It is often necessary to work random hours to meet the needs of different clients, which can be challenging.

So, let’s find out how to become a real estate broker and learn more about this fascinating role.

The Main Duties And Responsibilities

Also known as real estate agents, brokers perform a wide range of tasks regularly. It is important to be able to multi-task and keep careful records for the clients you work for. Here are the typical duties and responsibilities that go along with this role.

Listing and showing properties

After meeting with a new client, you will list their home or commercial property for sale. You will do this both locally and on the Multiple Listing Service website and carefully review the property details to make sure the information presented to potential buyers is accurate and up-to-date. You will oversee all of the marketing practices that are related to advertising properties.

Read more: How to Become a Real Estate Agent?

Negotiating on behalf of clients

You will often be hired directly by clients to help them sell or buy a property. In this case, you will act as the middleman between buyers and sellers and focus on getting the best deal possible. You will handle all communications between parties, prepare offers, relay replies to the client, and negotiate elements of the contract.

Coordinating transaction documents

You need to prepare all contracts, property disclosures, agreements, and other relevant paperwork, as well as coordinate home inspections, check property reports, home warranties, repair assessments, and other documents.

Overseeing sales agents

As your career progresses, you may be in charge of managing a team of real estate agents. This involves making sure they are properly trained, reviewing their sales numbers, and providing a website for the agents to use. You will also be charged with ensuring that the agents maintain their license by fulfilling the continuing education requirements.

Essential Skills And Attributes

You need to have specialist knowledge about all aspects of the real estate industry to do this job. And also develop a range of soft skills to help you gain the trust of clients. Here are the key skills and attributes that a successful real estate broker should possess.

Communication skills

You need to be able to communicate with people from all walks of life using their preferred method. Some clients may prefer communication via email or text, while others will want to talk over the phone. You need to be able to communicate well using all the different methods and respond to clients quickly.

It is also important to note how often clients like to be in touch and whether you should contact them. You will also spend time talking with leads, colleagues, and other contacts to create connections.

Interpreting social cues

You need to be skilled at recognizing nonverbal communication. Often, house hunters will be reluctant to tell you exactly what they think about a property. You need to be able to read their body language to work out how to proceed.

Selling a home or business can make some clients feel anxious. You need to be able to ask the right questions to help you get to the root of the issue. You also need to be aware of cultural differences and conventions when conducting international business deals.

Integrity

Your clients need to feel that you are honest and have their best interests at heart. It is essential to establish a reputation by providing your clients with excellent service. An incidence of unethical behavior can damage your career, so it is essential to offer a transparent service.

Negotiation

You need to negotiate the best deal possible for your clients when helping them buy or sell a property. This includes teaching your clients how to recognize a good deal and what their expectations should be. You also need to know when it is best to drop a deal and hold out for something better.

Active listening skills

You need to listen carefully to your clients when they describe their needs. It is important to make eye contact with them and give them your full attention. This helps to build trust and will help you minimize doubts when they happen to arise. Active listening will also help you determine the right follow-up questions to ask.

Problem-solving skills

You need to be able to come up with creative solutions to problems and challenges. When clients have unrealistic expectations about their property, you need to help them adjust to the current situation. You also have to be able to work out how to make properties more attractive so that they sell.

Teaching skills

In addition to helping clients sell their properties, you also have to support them through the process. This includes educating clients about the process and explaining complicated aspects. First-time buyers are likely to need extra support, and you have to be able to anticipate their needs.

Patience

You are likely to have to explain certain concepts several times to new clients. It can take many months or even years to close certain deals. You need to remain patient and focused during the whole process to avoid losing momentum.

Tech savviness

You will have to use a special platform to list properties for your clients. Coordinate all aspects of the property listing, including the photos and descriptions. You will also use technology to schedule appointments, keep records of feedback, host virtual tours, and update listings as needed.

Industry knowledge

You need to have strong and detailed knowledge of the real estate industry, including market trends. Proving yourself to be an expert in your field is the best way to attract new clients. You can do this by creating blog posts and other content that cover different aspects of the industry.

Familiarity with the local area

You need to know as much as possible about the areas you operate in, including their key characteristics. This includes details you can explain to clients, such as public transportation, schools, facilities, and nightlife. This will help clients to understand the benefits of buying a property in a certain area.

Strong work ethic

After you have gained experience and a solid reputation, you may decide to go into business for yourself. While this gives you a certain amount of freedom, it is also important to work hard. Your clients need to know that you are taking care of their needs and finding buyers or properties for them.

People skills

You need to be able to establish an instant rapport with clients and maintain relationships. This will help you build your reputation within the industry and can lead to referrals from clients. You have to be willing to go the extra mile for clients so that they feel valued and respected.

Time management

You will usually list and oversee properties for several different clients at the same time. This can mean that you have a long list of tasks to accomplish on a single day. It is essential to be able to prioritize tasks so that everything is completed at the right time.

How To Become A Real Estate Broker?

You need to complete a special course and gain a license before you can start work. This career also involves on-the-job training and comes with other requirements. Here are the steps you can take on the road to becoming qualified and experienced.

Complete a state-approved real estate sales course

It is important to choose a course that will provide the knowledge and training you need. The right course should cover topics such as real estate finance, insurance, legal issues, ethics, and taxes. Make sure the course is approved by your state’s licensing board so you can qualify for your license.

Pass your state’s real estate agent licensing exam

You have to sit and pass a special exam before you can start work. The exam covers a wide range of subjects, including negotiations, closing deals, working with clients, and real estate law. The exam varies from state to state, so it is important to check the requirements with your state’s licensing board.

Gain work experience

You need to gain work experience as a real estate agent before you can become a broker. This typically takes between two and five years, depending on the requirements in your state. This experience helps you build a reputation and network and become familiar with different aspects of real estate.

Obtain real estate certifications

Specializing in a particular area of real estate helps you advance your career and secure a higher salary. To do this, you will need to take a course and pass an exam to earn a certification. There are several areas to focus on, including buyers and sellers and military real estate.

Complete a state-approved real estate broker course

Once you have gained enough experience as a real estate agent, you are ready to progress to the role of a broker. You need to complete a special course, which covers insurance, taxes, ethics, and contracts in more detail. Once you have completed the course, you will be permitted to work on various tasks without supervision.

Pass the real estate broker exam

You need to pass a state-specified exam to gain your real estate broker license. It can take a full day to pass this long and intricate exam. It is important to make sure you are fully prepared for the exam and take practice tests in advance.

Commercial Real Estate Organizations

Joining a professional organization is the perfect way to gain the industry connections you need. Most organizations also provide advice and access to important resources. Here are some of the commercial organizations that are open to professionals in this industry.

Commercial Real Estate Women

This organization is dedicated to celebrating and advancing the achievement of women in the profession. CREW offers a range of special referral and training programs as well as outreach and mentoring programs. Members are involved in every area of commercial real estate, and this is a great place to make connections.

Building Owners and Managers Association

This is one of the largest and oldest commercial real estate organizations in the world. BOMA offers membership to building owners, developers, managers, and leasing professionals from all around the globe. Members are provided with the latest information on building codes and standards, legislation, and more.

Institute of Real Estate Management

The IREM was established to encourage and help ensure ethical real estate management across all commercial sectors. The association offers its members special certification and accreditation programs to help them advance their careers. Other benefits of membership include access to the pool of local property, residential, and commercial managers.

National Multifamily Housing Council

This council of professionals publicizes certain apartments as being desirable and attractive housing options. Becoming a member of the NMHC allows you to connect with the best professionals in the industry. You will gain access to forums and meetings and can enjoy consultations with career guidance staff. Membership also allows you to post your contact details in the council’s online business and membership directories.

Looking To Get Your Real Estate License?

Check out this website to see if any of the related positions would suit you, such as my Real Estate Agent Job Description and Real Estate Assistant Job Description, or how about my Leasing Agent Job Description, and Leasing Consultant Job Description, along with my Assistant Property Manager Job Description, and my Property Manager Job Description.

No matter which state you live in, I’ve got you covered! Let’s begin with the California Real Estate License Preparation Guide, the Oregon Real Estate Exam Prep, the Colorado Real Estate Exam Prep, the Florida Real Estate Broker Exam High-Score Kit, the New York Real Estate Broker Exam High Score Kit, the Tennessee Real Estate Broker License Exam Workbook, and the Washington Real Estate Exam Prep all available online in 2023

Next, I also found study guides for the Real Estate License Exams For Dummies with Online Practice Tests, and The PSI National Real Estate License Exam Test Prep – Expanded Edition Best In Class Strategies for Acing The PSI Exam for Brokers and Salespersons, or perhaps the Psi National Real Estate License Exam Prep 2023 – 10 Tips & 7 Practice Tests for Brokers & Salespeople You Must Absolutely Know to Pass Your Exam on the First Try.

Final Thoughts

This role can be interesting and exciting for people who have strong property knowledge and sales skills. However, it is important to remember that this is primarily a sales role, and your income depends on your sales abilities. You need to be willing to go the extra mile for clients to sell properties.

While real estate brokers receive a base salary, the majority of their income is composed of commission. The average salary for this role is around $55,000 per year. However, brokers who excel in this role can easily make at least $200,000 per year.

Good luck with your new job as a Real Estate Broker!