Most people know what a real estate agent is and what one does. Real estate agents are in charge of helping people to buy and sell homes.
But not everyone is aware of what a real estate broker is. Some people have heard about real estate brokers, but they don’t know what the real estate broker job description looks like.
So, what is a real estate broker? Well, that’s exactly what we’re going to talk about with you today. We’re going to walk you through some of the real estate broker job responsibilities, touch on the real estate broker salary, and make sure you know the answer to the question, “What does a real estate broker do?”, in the end.
Take a look at the five main things that you need to know about real estate brokers below.
1. Real Estate Agents and Real Estate Brokers Do Not Do the Same Things
There are some people who use the terms “real estate agent” and “real estate broker” interchangeably. They’re under the impression that the real estate job description and the real estate broker job description are the same.
But this couldn’t be further from the truth! Real estate agents and real estate brokers play different roles in the real estate industry.
As we alluded to earlier, real estate agents assist people in buying and selling homes. But they don’t have their own companies that they use to do this.
Instead, it’s real estate brokers that set up brokerages and have real estate agents working underneath them. Real estate brokers can also help people buy and sell homes. But more often than not, they spend their days managing a team of real estate agents and making sure that their sales go smoothly.
2. There Aren’t as Many Real Estate Brokers as There Are Real Estate Agents
After hearing about the differences between real estate agents and real estate brokers, you might think that everyone going into real estate would want to become a broker. But the truth is that there are way more real estate agents than real estate brokers.
At this time, there are well over 1 million real estate agents scattered throughout the country. There are actually more real estate agents than there are homes on the open market in most cases.
By comparison, there are fewer than 50,000 real estate brokers with brokerages set up in the U.S. This makes it quite clear that very few real estate agents are able to make the jump and become brokers.
3. Real Estate Brokers Need to Go Through More Training Than Real Estate Agents
Now that you know about the discrepancy between the number of real estate agents and the number of real estate brokers, you might be wondering why more agents don’t become brokers. It’s because real estate brokers have to go through a lot more training than real estate agents do.
To start, real estate brokers have to spend a certain number of years working as real estate agents (the total amount of time varies from one state to the next). Then, real estate brokers have to take a bunch of training courses to learn how about the various real estate broker job responsibilities. And finally, real estate brokers must pass a broker licensing exam.
As if all of that isn’t enough, real estate brokers also need to continue their education as they move forward and stay on top of the latest brokerage trends. Not everyone is cut out to do all of the work that needs to be done to become a real estate broker and remain a real estate broker over the long run.
4. Real Estate Brokers Tend to Have More Responsibilities Than Real Estate Agents
There is a reason why real estate brokers need to go through so much training in order to open up their own brokerages. They need to know the ins and outs of the real estate industry like no one else.
Real estate brokers aren’t just concerned with lending a hand to those who want to buy and sell homes. They also need to have a good understanding of all the real estate rules and regulations that both they and their respective real estate agents need to abide by.
This is why many real estate agents opt not to advance their careers by setting out to become real estate brokers. The real estate broker job description is a whole lot more thorough than the job description for a real estate agent.
5. Real Estate Brokers Often Make More Money Than Real Estate Agents
Because the real estate broker job responsibilities are extensive, it shouldn’t come as a huge surprise to hear that brokers typically make more than real estate agents do. Although this isn’t always the case, most brokers become brokers in large part because of the financial aspect of things.
If you decide that you want to become a real estate broker, you’ll be happy to know that you won’t have to share your commissions with anyone else like you do when you’re a real estate agent. You’ll receive a 100% commission on every sale that you help to facilitate.
This is the biggest advantage of becoming a real estate broker. You’re going to love the real estate broker salary and all that it has to offer to you.
Do You Like the Sound of the Real Estate Broker Job Description?
As you’ve discovered here, the real estate broker job description is much different than the real estate agent job description. There is more to becoming a real estate broker and working as one than meets the eye.
You should think long and hard about whether or not working as a real estate broker sounds like a good idea to you. If you’re up for the challenges that it will bring, it could potentially be the perfect career choice for you.
Are you interested in reading more informative real estate-related articles? Look for them by browsing through the rest of our blog.