Monica Amy Sandoval

Career Coach: Mark Hegedus

Career Field Analysis (Option 1)

Occupation #1: Real Estate Broker

Introduction

Real estate brokers and sale agents are people who purchase, sell, and rent properties.

Real estate brokers are independent sales people who have a license that allows them to conduct

business. They can purchase or list a property, and can additionally rent a property to another

individual for a fee. Because it is often difficult to purchase or sell a home or commercial

property, many people look for a real estate broker that can help make the process easier. Real

estate brokers sell various types of home and commercial properties, including industrial and

agricultural real estate. Real estate brokers can represent the individual selling or purchasing the

property. Real estate brokers must remain alert in obtaining knowledge about factors that can

affect property prices such as crime rates, schools, and shopping centers within the area. Real

estate brokers will meet with an individual and talk about several factors that will be affecting

their purchase or sale. They will come to an agreement on what the best price is for the

individual’s property. Real estate brokers must also be able to creatively advertise their

numerous properties and effectively communicate with their prospective sellers, buyers, or

renters (“Real Estate Brokers and Sale Agents,” 2015).

Typical Career Path

A real estate career allows for flexibility when it comes to the amount of hours an

individual work. A real estate broker decides how many hours he or she wants to work, when she

wants to schedule them in, and where he or she will like to complete them. As a result, most real

estate brokers begin on part-time careers. However, many new real estate brokers are not aware

that by cutting their hours, they are decreasing the business deals they make. The more time the

real estate broker invests into his or her business commitments, the more they are able to list or

sell and hence earn through commission. There is no income ceiling for real estate brokers which

is why it is important real estate brokers use effective business skills to produce more profits and

deals. Since most real estate brokers are choosing their business propositions on their own, they

can choose how low or high they go on their career path (“Real Estate Career,” 2007).

Trends

The first trend that will be seen in 2016 is that prices and mortgages will slowly rise.

Analysts predict a growth rate of 2-4% in prices. The second trend that will be visible in 2016 is

that the buying crowd is younger. Millennials between the ages of 25 and 34 own that largest

share of homes at about 32%. Millennials also have a large first time buyer percentage at 68%.

Next, beacon technology will change the way people purchase homes. New phone apps can alert

buyers when there is a property for sale in a certain neighborhood. These apps can also provide

information about the property and do away with the first one-on-one meeting between the buyer

and broker. The next trend is that there will be an increase in the employment of real estate

agents and mortgage brokers because “low interest rates means more buyers, and more buyers

means increased activity for agents”. The fifth trend that will be noticeable in 2016 are the new

regulations that will change business between buyers and sellers. The new regulation known as

TRID will place more responsibility on the lender, but is designed to provide clarity for those

who are borrowing. The main goal for TRID is that closings in the future are done more

smoothly and that buyers are not confused in the process. Next, urban cores are becoming very

popular in 2016. The seventh trend is that new amenities like outdoor theaters and 24/7 access to

on-site gyms are becoming more popular than swimming pools (Fetzer, 2016).

Salary Information

The median annual wage for real estate brokers in May of 2015 was reported as $56,860.

The median annual wage was calculated by finding the point where half the workers in real

estate broker occupations earned less and half earn more (“Real Estate Brokers and Agents,”

2015). BLS reports that brokers make an estimated $28.05 the hour based on their collections of

additional commission. Because most of the real estate broker’s income depends on commission,

their income largely depends on economic conditions, individual skills, and the properties

available for purchase, sale, or rent. Income increases with experience and time. Hence, earnings

for new real estate brokers tends to fluctuate and be irregular (“Real Estate Careers – Career Path

Information,” 2016). Real estate brokers earn around $50,000 a year at an entry level, but with

time this amount increases. Once they become experienced, after 10-20 years, real estate brokers

can earn between $60,000 and $70,000 a year. Real estate brokers that have been working for

more than 20 years often earn more than $70,000 a year (“Real Estate Broker Salary,” 2016).

Skills Used

The first skill real estate brokers use is being able to effectively communicate through

verbal communication. When dealing with clients, they must be able to engage in persuasive and

informative conversation without being overly aggressive. The second skill needed is the ability

to communicate through writing. Real estate brokers need to present clear and direct proposals

for their clients. The third skill needed is the ability to give a powerful presentation. By doing so,

real estate brokers will make a good impression and will decrease the chances for

misunderstandings and confusion. The fourth skill used is the ability to negotiate effectively.

Real estate brokers have to be careful in their proposals and will have to assure themselves all

proposals benefit both the client and themselves. Developing salesmanship is the fifth skill used.

Real estate brokers are responsible for matching the needs of their clients. In order to do so, they

need to do constant research to keep up with trends and prices.

The sixth skill needed is effective problem solving. In real estate, time efficiency is

important, but not as important as getting things done correctly and getting them fixed when

necessary. Adaptability is the seventh skill used by real estate brokers. With technology being

one of the important aspect in our global economy, an effective real estate broker must be able to

learn continuously and be able to adapt to different environments, situations, and people. The

eighth skill used by real estate brokers is empathy. Making money is not the only goal real estate

brokers have; the most important goal for real estate brokers must be the ability to help a client in

need. A good real estate broker must be able to manage their time by setting attainable goals.

Lastly, a real estate broker needs to display leadership. By demonstrating leadership, real estate

brokers inspire and motivate others and are able to get tasks done efficiently (Hoppler, 2016).

Employing Organizations

In 2014, 421,300 of the jobs were held by real estate brokers and sale agents. About 50%

were self-employed and consequently chose their work location and hours. The other half

worked in the real estate industry in several organizations including brokerage offices, leasing

offices, and other similar real estate establishments. The size of a workplace can range from one

worker to a large firm with several branch offices and over a hundred employees. Many brokers

find it helpful to make franchise agreements with national or regional real estate companies. Real

estate brokers do this to be affiliated with a widely known and trusted real estate organization.

Some real estate brokers work in a typical office environment while other work from home.

Regardless of these different work environments, most real estate brokers spend their time

showing properties to their clients, traveling to see new or existing properties, and meeting and

networking with their clients (“Real Estate Brokers and Sales Agents,” 2015).

Women and Minorities

A 2013 Report from the Commercial Real Estate Development Association found that

white men held 13,773 of the senior executive real estate jobs. In a shocking contrast only 1.3 %,

178 of the senior executive jobs in real estate, were held by black men. White women were also

very under-employed in this field with a total of 14.1% or 1,948 of the total senior executive real

estate jobs. Additionally, Hispanic men held 2.9% or 397 of the senior executive real estate jobs

and Asian men held 1.6% or 216 of the senior executive real estate jobs. Non-white women,

Hispanic, black, and other, held the lowest statistic with a total being less than 1% of the senior

executive real estate jobs. With this data it becomes obvious that being a minority and a women

is a significant barrier to professional advancement in commercial real estate. Minority women

are less likely to advance past their middle managerial real estate position due to this double

impediment (Pinho, 2016).

Becoming Employed

Experience as a real estate agent is essential to becoming a real estate broker. Sale agents

assist in purchases, sales, and rentals. In many states, real estate sale agents train for their jobs by

completing a pre-licensing training course. These pre-licensing training courses include

information on finance, contracts, taxes, ethics, and legal issues. After they finish and become

properly certified, a real estate sales agent can work for a real estate sales broker. Once these

sales agents gain at least two years of on the job experience, they can get additional training to

become a real estate broker. The amount of experience required before being able to obtain a real

estate broker license depends on the state a real estate sales agent lives in. The courses to become

a real estate broker usually take a few weeks or months to complete. New real estate brokers

usually continue working with another broker as an associate broker before starting on their own.

Associate brokers have the same tasks an individual broker has, but has fewer liabilities. If an

individual wants to become an associate broker, the individual may be able to continue working

for the same company they are currently working for. If an individual wants to start their own

brokerage, they will need to find clients by advertising on social media, newspapers, flyers, etc.

To get more information about what it takes to be a real estate broker it would be helpful to talk

to real estate brokers in an individual’s area. The National Association of Realtors Website also

provides helpful information for prospective real estate brokers (“How to Become a Real Estate

Broker,” 2016).

Typical Job Notices

The first typical job advertisement for real estate jobs found on indeed.com is for a

company named Highgarden Real Estate. The job advertisement goes on to explain that their

standards are kept high to promote success and growth. Highgarden Real Estate has 15 active

operations on a national level with their corporate headquarters located in Indianapolis. With

training and guidance, any real estate agent can be assured they will be successful with the

company. Marketing is a key factor in making Highgarden Real Estate popular. They provide a

website for each agent/broker, an IMS account, a paperless transaction management account, a

professional email with Google Drive, free business cards, training and webinars for

technologies, and sales training. In order to qualify for the job position, you must have two years

of real estate experience, experience in servicing a demanding clientele, successful track record

in business operations, the desire to work full-time in real estate, dynamic understanding of

technology, attention to details, and the ability to follow up with clients in a time efficient

manner. The job is commission based and a high school diploma or equivalent is required. In

addition, you must have a driver’s license, a realtor’s license, and a real estate license (“Real

Estate Broker/Realtor,” 2016).

The second typical job advertisement found on indeed.com is for a company called The

Butler Real Estate Team locate in Haines City. This advertisement starts off with several

questions which address your intentions for becoming a real estate broker. The advertisement

also states that The Butler Real Estate Team has won Polk County 2016 First Place, Best of the

Best Official People’s Choice Award for Real Estate. It goes on to say that the only way to earn

more income is to sell more expensive properties. It states that there median home price is

$172,500 and asks the prospective applicant to think about whether their current sale prices are

above or below that. The advertisement begins to state that The Butler Real Estate Team is not

concerned about finding someone who has a certain amount of experience in real estate, as this

experience can be taught and dealt with, but that they are concerned with finding someone who

has a natural ability to sell properties easily and effectively. The company also has great

marketing, a lead generation system, and an inside sales team that allows the employee to obtain

important leads in the real estate business. By doing what an employee loves to do, the employee

will be able to make money fast. The responsibilities listed in this job advertisement include the

ability to follow up in a time efficient manner, being able to understand the clients and their

needs, and educating clients on the selling and buying process. The qualifications listed in this

job advertisement include a love for sales, great communication skills, exceptional customer

service, an open mind to new knowledge and a positive attitude, and to hold or be working to

obtain a real estate license. Lastly, it states that the pay is at $85,000 a plan with no ceiling on

income. This advertisement was much more convincing and did a better job at making an

individual interested in applying for this job by focusing on the company goals and on the

employee as an individual with unique skills. This advertisement was more appealing to me

because it is really centered on what the company can do for the applicant to make them

successful within the real estate business (“Outside Sales/Real Estate,” 2016).

Work Conditions

The interpersonal working conditions in a typical work setting revolve around a high

level of social contact. Real estate brokers are constantly communicating with other clients and

agents. Real estate brokers and agents sometimes experience uncomfortable conflict situations

when a client is feeling frustrated or angry. Real estate brokers and agents write letters and

memos daily and are usually working in groups or teams to make a sale, purchase, or rental. The

physical work conditions entailed with working as a real estate are that the real estate broker or

agents works inside while completing necessary documents and outside when they have to see

properties with clients. Real estate brokers and agents must have a vehicle that allows them to

travel from their place of work to a property. Work performance conditions include being precise

and accurate when dealing with paperwork, having strong decision making abilities, being able

to plan and set their daily tasks, being competitive, and meeting appropriate deadlines. Real

estate brokers and agents usually work full time or part time, with most working an average of 40

hours per week. They might work evenings and weekends to accommodate clients’ schedules or

to network with other clients, agents, and organizations (“Real Estate Agents-At a Glance,” n.d.).

According to my Strong Interest Inventory Profile, a real estate broker has a main theme of

enterprising meaning a real estate broker has interests in business, leadership, and

entrepreneurship and enjoys selling, managing, persuading, and marketing. They have the

potential to develop their verbal skills and the ability to motivate others. Real estate brokers

value risk taking, influence, and competition.

Education/Training

Real estate brokers must have a high school diploma or equivalent. Most agents decide to

take state-accredited pre-licensing courses when preparing to become licensed real estate

brokers, but some states allow real estate agents to waiver this requirement if the real estate agent

has taken college level courses pertaining to real estate. With the real estate market becoming

more competitive, those individuals who have taken college level courses or have a college

degree have an advantage over those who do not. Some schools offer degrees in real estate, but

courses in business administration, finance, law, and economics are also helpful in real estate

professions. Business related courses are essential when brokers want to open their own business

(“Real Estate Brokers and Sale Agents,” 2016).

Certificate/Licensure

Although licensing requirements vary on the state, the basic requirements to become a

licensed real estate agent and broker are that you have to be at least 18 years of age, complete

certain real estate courses, and pass an exam. To obtain a real estate broker license, an individual

must have at least one to three years of experiences as a real estate agent. Additionally, to

become a real estate broker, a real estate agent needs to take several formal training courses.

State licenses often have a two to four year renewal date and in some states real estate agents and

brokers must continuously take courses to renew their license. It is through practice and

repetition that real estate agents are able to hone their business skills. Real estate agents usually

start work by observing more experienced real estate sale agents. Some of the larger real estate

companies have formal training where real estate agents and brokers can obtain knowledge about

the growing real estate business (“Real Estate Brokers and Sale Agents,” 2016). In the state of

Florida an individual must hold an active real estate sales associate license and complete two

years of real estate experiences during the 5 years preceding to become licensed as a real estate

broker. Additionally, individuals must complete 72 classroom hours of approved FREC pre-

licensing courses, submit an application, submit their electronic fingerprints, and pay a fee. It is

required that the individual make at least a 75 on the Florida Real Estate Broker Examination.

An individual must complete and turn in the DBPR RE 13 Broker Transactions form to receive

an active license. Lastly, an individual must complete 60 FREC post-licensing courses before

their initial broker license expires (“Division of Real Estate,” 2013).

Affiliations

It is important for real estate brokers to be affiliated with organizations and people who

motivate them to succeed. The Certified Commercial Investment Member (CCIM) is an expert in

dealing with commercial and investment real estate. It is a very prestigious affiliation as is seen

in the 6% of 125,000 real estate practitioners that hold the CCIM designation. CoreNet Global is

the worldwide premier association for corporate real estate brokers with a membership of over

7,000. This association focuses on the global alliance partnerships and on the management that

occurs within corporation assets and the workplace. The Counselors of Real Estate (CRE) is an

international group whose members assist in solving complicated realty problems and land

related issues. This selective group, with a total of 1,100 practitioners worldwide, has gained

recognition due to the fact that more than 300 of the Fortune 500 companies are designated with

CREs for their real estate properties and investments. The International Council of Shopping

Centers (ICSC) is a global trade association serving over 80 countries since 1957. This

association provides education, research, information, and legislation deal making skills to its

65,000 members.

The National Association of Industrial and Office Properties (NAIOP) is the nation’s top

trade association for industrial, office, and commercial real estate. This association provides its

14,500-plus members with the opportunities to network with other members in 53 different

North American chapters and learn more about real estate trends and technology. The National

Association of Realtors (NAR) influences and shapes the real estate industry by setting standards

for “efficient, effective, and ethical real estate business practices; and valued by highly skilled

real estate professionals and viewed by them as crucial to their success”. The Society of

Industrial and Office Realtors (SIOR) is a global association that deals with industrial and

commercial real estate. SIOR has more than 3,000 members in 21 different countries. Members

who represent SIOR are known to be the most experienced and knowledgeable specialists when

it comes to real estate (“Commercial Real Estate Affiliations & Networks,” 2016).

Job Outlook

Employment in real estate is expected to grow at about 3% from 2014 to 2024. This is a

slower growth rate than the average for other occupations. This growth in real estate employment

is due to the increase in people using real estate brokers when purchasing homes and properties.

The increase in population size will also lead to an increase in real estate employment. One key

thing to note is that the millennial generation will enter the housing market in the next ten years,

but has not done so already because of debt and financial burdens. If the job market improves

and consumer spending increases, the demand for sale agents and brokers to handle the

commercial, retail, and industrial real estate deals will also increase. Another key thing to note is

that because the real estate market is affected by factors such as economic growth or stability, the

more experienced a real estate broker is, the more he or she will be able to compete during these

difficult times (“Real Estate Brokers and Sale Agents,” 2015).

Lifestyle Impact

The amount of time needed to be a successful real estate broker is growing as real estate

is becoming more competitive. As an independent real estate broker, he or she will need to have

time to develop a lead list, keep their clients’ needs satisfied, network outside of existing

relationships with new clients and organizations, market their individual business through social

media and advertisements, and manage the daily tasks a real estate broker may confront in their

office. Additionally, because the first sale can take a while, it usually takes a couple of months

before cash flow direction changes and they are able to cash their first check as a real estate

broker. Real estate brokers also have a flexible schedule that comes with different demands.

Because real estate brokers show properties when their clients are available or are not working, it

means real estate brokers will be working when others are not. This work time includes evenings

and weekends which make it difficult for real estate brokers to balance work and personal life. If

a client calls, they will have to drop everything and meet them, whether they are with a child,

spouse, or friend (“Is a Career in Real Estate Right for You?,” 2015).

Conclusions

What I took away from this occupation is that it is very important to be knowledgeable,

alert, and helpful as buying, selling, or renting a property is an important milestone in many

people’s lives. What stuck out to me after analyzing this occupation is the lack of diversity seen

in real estate broker executive positions. I liked the flexible schedules in the aspect that you

choose when to work over your office duties, but do not like that this flexible schedule means

you have to drop everything if a client calls. I like the separation of business and personal lives

and feel like this occupation would interfere with both of them and managing separation would

be very difficult. In order to manage this time wisely, family members would have to be

comprehensive and willing to support this kind of occupation.

Occupational and/or Educationally-Focused Questions

1. I read in “10 Skills Real Estate Brokers Need to Develop” that some useful skills real

estate brokers need include effective time management, salesmanship, effective negotiation, and

clear problem solving skills. What other skills do you see real estate agents and/or brokers have

within your company that make your real estate business a success, not only for your company

but for your individual agents and brokers?

2. According to a 2013 report from the Commercial Real Estate Development Association,

1.3% of black men, 14.1% of white women, 2.9% Hispanic men, 1.6% of Asian men, and less

than 1% of non-White, Hispanic, black, and other women held senior executive real estate jobs.

How does your company compare to these statistics and what do you believe can be done to

promote diversity within the real estate business?

3. A real estate broker must be on call at all times and willing to drop everything to meet a

client’s needs. Has there been a time when you were not able to do so, what was it, and what

were the consequences for not fulfilling your client’s demands?

4. In the state of Florida you must complete at least 2 years of real estate experience in the

preceding 5 years before applying for a real estate broker license. Why do you think this

experience is necessary and what can be done to improve the learning process during this time?

References

Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2016-

17 Edition, Real Estate Brokers and Sales Agents, on the Internet

at http://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm (visited Octobe

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%2C+FL&tk=1av7fgvvm18f56un&from=web&advn=6130874213332882&sjdu=HNB4

P6yI_3f46CSQrucax8cRMKdwPCX0Wlh2fJiISB3L9ob-yhu80JsalvcRzr71WdBb5m-

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