Both positions work with clients who are interested in acquiring or selling property. Brokers are required to have a license in order to manage their own real estate business. Because sales agents do not get this extra certification they must work in tandem with a broker.
How much would you earn in this position?
In 2012, the median hourly wage was $28.05 for brokers and $18.82 for agents. In 2013, agents brought in a median salary of $39,800. Those who reported the highest salaries in these positions were located in cities, specifically NYC, Ocean City, New Jersey, and Lake County, Illinois.
Some skills that will help you succeed in this career include being able to work well with clients, possessing financial knowledge to advise clients on prices, mortgages, and market conditions, organization, advertising, mediation, attention to detail in paperwork, knowledge of real estate, zoning, and fair housing laws, networking, and problem-solving. Additionally, to be a broker you should be a strong leader in order to supervise the agents working with you.
Education and experience requirements include having a high school diploma, being at least 18 years old, and obtaining a license. The details for each state differ but typically involve real estate courses and an exam. Courses in finance, business administration, economics, and law could also prove beneficial. To become a broker from a sales agent position usually requires one to three years of experience, formal training, as well as the additional license.
In New York, the specific requirements for becoming a real estate salesperson are a 75 hour course and an exam. To be a broker, you must have two years of experience as a licensed salesperson or three years in the general real estate field. You must also take the 75 hour course as well as a 45 hour broker course. An exam must be passed for this position as well.
Oftentimes agents work on a contractual basis, making commission on their sales. They usually work in an office setting. They may be employed by a franchise at one of several branches or by a small company. 40 hour weeks are common, as is working nights and weekends. A real estate agent may choose to work in the residential, commercial, industrial, or agricultural field.
What interests you about this career? What other information would you like to know about it?
Bureau of Labor Statistics
NYS Division of Licensing Services
U.S. News: Real Estate Agent Salary