Real Estate Broker Job Description: Top Duties and Qualifications

A Real Estate Broker, or Managing Real Estate Broker, is responsible for overseeing real estate transactions between buyers and sellers. Their duties include drafting contracts for buyers and sellers, negotiating sale prices between buyers and sellers and leading a team of Real Estate Agents to help them close deals.

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Real Estate Broker duties and responsibilities

The Real Estate Broker has several duties and responsibilities. These duties are different if the Real Estate Broker is working with a seller or buyer. Some of these responsibilities include:

  • Listing homes for sale, usually on the Multiple Listing Service (MLS)
  • Sharing brokerage listings with other MLS brokers to get buyers to go to listings
  • Advising home sellers on how they better prepare their home for listing and showings
  • Supervising property showings
  • Reporting results and feedback of the sale to sellers
  • Helping buyers locate properties within their desired geographical area, price range and other criteria
  • Assisting buyers with visiting properties
  • Working with buyers during the sale

What does a Real Estate Broker do?

Real Estate Brokers typically work for real estate firms or agencies to coordinate the buying and selling of commercial or residential properties. They work closely with Real Estate Agents and their clients to establish negotiable terms and create a selling price that competes with other local listings. Their job is to use their experience in real estate to assist Real Estate Agents with complex tasks. They may also be responsible for helping stage homes ahead of open houses to help potential buyers visualize how they could use the space.

Real Estate Broker skills and qualifications

Real Estate Brokers should have a variety of practical and specialized skills for their position. The main skills and qualifications of a Real Estate Broker usually include:

  • Communication skills
  • Familiarity with real estate laws
  • Knowledge of customer service and real estate standards 
  • Interpersonal skills 
  • Ability to handle stress and operate under deadlines 
  • Supervisory skills 

Real Estate Broker salary expectations

No salary data could be found on Indeed Salaries.

Real Estate Broker education and training requirements

The minimum educational requirement for Real Estate Brokers is a high school education, but a bachelor’s degree, especially in real estate, is strongly suggested for those who want to be competitive. Post-secondary education is advised because licensing guidelines in most states require Real Estate Brokers to have education beyond high school. Real estate undergraduate courses include classes in real estate law, real estate appraisal, property management, real estate investments and property development.

Real Estate Broker experience requirements

Before becoming a Real Estate Broker, Real Estate Agents need to work under the supervision of another Broker. Eligibility for a license usually includes completing state-approved educational programs and earning a bachelor’s degree or certificate related to the real estate industry. Typically 1-3 years of experience is necessary to sell real estate. Continuing education programs are an essential part of a Real Estate Broker’s ongoing job function and learning experience.

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Frequently asked questions about Real Estate Brokers

 

What is the difference between a Real Estate Broker and a Mortgage Broker?

The difference between a Real Estate Broker and a Mortgage Broker is their areas of job expertise. Real Estate Brokers work closely with people looking to purchase or sell a home or commercial property. They help them negotiate contracts and either develop a competitive sale price or establish an offer amount. In contrast, Mortgage Brokers work closely with prospective homebuyers to match them with lenders and help them determine the highest mortgage they could receive to put toward a home purchase.

 

What are the daily duties of a Real Estate Broker?

On a typical day, a Real Estate Broker starts by checking in with their team of Real Estate Agents and their progress in helping clients purchase or sell their properties. They hold meetings with their team to answer questions about local listings and assign new clients to Real Estate Agents. Throughout the day, they draft contracts for clients looking to buy or sell their homes and coordinate with clients to schedule a time to look over their contracts and sign documents. 

When not in their office, Real Estate Brokers travel around their local area to meet with clients, negotiate buying or selling terms and obtain signatures. They also use this time to inspect homes and give clients a quote on the price they can sell it for.

 

What qualities make a good Real Estate Broker?

A good Real Estate Broker has superb writing abilities. This quality allows them to draft well-written, professional contracts to help clients buy or sell properties. They value continued education and repeatedly check local listings and real estate trends to best aid their clients when negotiating terms. A good Real Estate Broker has excellent interpersonal communication, which helps them communicate between buyers and sellers with different backgrounds and knowledge or real estate proceedings. 

A good Real Estate Broker also acts as a mentor figure to Real Estate Agents and is always willing to provide professional advice.

 

Who does a Real Estate Broker report to?

Real Estate Brokers usually report to their state’s real estate commission, from which they obtain new information about real estate laws and regulations. Real Estate Brokers may also report indirectly to their Agent’s clients to help them draft contracts and negotiate their selling or buying terms.

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