Considering a career as a real estate broker or sales agent? These professionals help clients buy, sell or rent properties. The difference between a real estate broker and an agent is that brokers are licensed to run their own real estate businesses, whereas agents must work with a broker. This guide provides all the necessary information and resources to get started. Find out everything you need to know about these occupations, including qualifications, pay and standard duties.

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Real Estate Brokers
and Sales Agents
Table of Contents
04 Summary
07 What Real Estate Brokers and Sales Agents Do
12 How to Become a Real Estate Broker and Sales Agent
15 Important Qualities
16 Pay
18 Job Outlook
21 State & Area Data
22 Similar Occupations
24 Contacts for More Information

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Real Estate Brokers and Sales Agents
Summary
Real estate brokers and sales agents help clients buy or sell real estate.
Quick Facts: Real Estate Brokers and Sales Agents
2014 Median Pay $43,430 per year
$20.88 per hour
Typical Entry-Level Education High school diploma or equiva-
lent
Work Experience in a Related Occupation See How to Become One
On-the-job Training See How to Become One
Number of Jobs, 2014 421,300
Job Outlook, 2014-24 3% (Slower than average)
Employment Change, 2014-24 10,900

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What Real Estate Brokers and Sales Agents Do
Real estate brokers and sales agents help clients buy, sell, and rent properties.
Although brokers and agents do similar work, brokers are licensed to manage
their own real estate businesses. Sales agents must work with a real estate
broker.
Work Environment
Most real estate brokers and sales agents are self-employed. Although they
often work irregular hours, many are able to set their own schedules.
How to become a Real Estate Broker and Sales
Agent
Every state requires real estate brokers and agents to be licensed. Require-
ments vary by state, but all states require candidates to be at least 18 or 19
years old, have a high school diploma, complete a number of hours of real
estate courses, and pass a licensing exam.
Pay
The median annual wage for real estate brokers and sales agents was $43,430
in May 2014.
Job Outlook
Employment of real estate brokers and sales agents is projected to grow 3 per-
cent from 2014 to 2024, slower than the average for all occupations. Employ-
ment generally follows the overall health of the economy and the real estate
market.

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State & Area Data
Explore resources for employment and wages by state and area for real estate
brokers and sales agents.
Similar Occupations
Compare the job duties, education, job growth, and pay of real estate brokers
and sales agents with similar occupations.
More Information, Including Links to O*NET
Learn more about real estate brokers and sales agents by visiting additional re-
sources, including O*NET, a source on key characteristics of workers and occupa-
tions.

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What Real Estate Brokers and Sales Agents Do
Real estate brokers and sales agents help clients find a home that meets their
needs.
Real estate brokers and sales agents help clients buy, sell, and rent properties.
Although brokers and agents do similar work, brokers are licensed to manage
their own real estate businesses. Sales agents must work with a real estate
broker.
Duties
Real estate brokers and sales agents typically do the following:
• Solicit potential clients to buy, sell, and rent properties
• Advise clients on prices, mortgages, market conditions, and related infor-
mation

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• Compare properties to determine a competitive market price
• Generate lists of properties for sale, including details such as location and
features
• Promote properties through advertisements, open houses, and listing ser-
vices
• Take prospective buyers or renters to see properties
• Present purchase offers to sellers for consideration
• Mediate negotiations between buyer and seller
• Ensure that all terms of purchase contracts are met
• Prepare documents, such as loyalty contracts, purchase agreements, and
deeds
Because of the complexity of buying or selling a home or commercial property,
people often seek help from real estate brokers and sales agents.
Most real estate brokers and sales agents sell residential property. Others sell
commercial property, and a small number sell industrial, agricultural, or other
types of real estate.
Brokers and agents can represent either the buyer or the seller in a transaction.
Buyers’ brokers and agents meet with clients to understand what they are look-
ing for in a property and how much they can afford. Sellers’ brokers and agents
meet with clients to help them decide how much to ask for and to convince
them that the agent or broker can find them a qualified buyer.
Real estate brokers and sales agents must be knowledgeable about the real
estate market in their area. To match properties to clients’ needs, they should
be familiar with local communities, including knowing the crime information
and the proximity to schools and shopping. Brokers and agents also must stay

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current on financing options; government programs; types of available mort-
gages; and real estate, zoning, and fair housing laws.
Real estate brokers are licensed to manage their own businesses. As inde-
pendent businesspeople, brokers often sell real estate owned by others. In
addition to helping clients buy and sell properties, they may help rent or man-
age properties for a fee. Many operate a real estate office, handling business
details and overseeing the work of sales agents.
Real estate sales agents must work with a broker. Sales agents often work
for brokers on a contract basis, earning a portion of the commission from each
property they sell.

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Work Environment
Real estate brokers and sales agents show properties to prospective buyers.
Real estate brokers and sales agents held about 421,300 jobs in 2014. About
half of all brokers and sales agents were self-employed in 2014. Most of the
rest worked in the real estate industry in brokerage offices, leasing offices,
and other real estate establishments.
Workplace size can range from a one-person business to a large firm with nu-
merous branch offices. Many brokers have franchise agreements with nation-
al or regional real estate companies. Under this arrangement, the broker pays
a fee to be affiliated with a widely known real estate organization.
Although some real estate brokers and sales agents work in a typical office
environment, others are able to telecommute and work out of their homes.
In both cases, however, real estate workers spend much of their time away
from their desks, showing properties to customers, traveling to see proper-
ties for sale, and meeting with prospective clients.

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Work Schedules
Many real estate brokers and sales agents work more than 40 hours per
week. They often work evenings and weekends to accommodate clients’
schedules. Many brokers and sales agents spend a significant amount of time
networking and attending community events to meet potential clients.
Although they frequently work irregular hours, many can set their own
schedules.
Some brokers and sales agents work part time and may combine their real
estate activities with other careers.

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How to Become a Real Estate Broker and Sales
Agent
Real estate brokers and sales agents often find new clients through referrals.
Real estate brokers and sales agents need at least a high school diploma. Both
brokers and sales agents must be licensed. To become licensed, candidates typi-
cally must complete a number of real estate courses and pass a licensing exam.
Education
Real estate brokers and sales agents must have at least a high school diploma or
equivalent. Although most brokers and agents must take state-accredited preli-
censing courses to become licensed, some states may waive this requirement if
the candidate has taken college courses in real estate.
As the real estate market becomes more competitive and complex, some em-
ployers are preferring to hire candidates with college courses or a college de-
gree. Some community colleges, colleges, and universities offer courses in real

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estate. Some offer associate’s and bachelor’s degree programs in real estate,
and many others offer certificate programs. Courses in finance, business ad-
ministration, economics, and law also can be useful.
Brokers intending to open their own company often take business courses,
such as marketing and accounting.
In addition to offering prelicensing courses, many real estate associations have
courses and professional development programs for both beginners and ex-
perienced agents. These courses cover a variety of topics, such as real estate
fundamentals, real estate law, and mortgage financing.
Licenses, Certifications, and Registrations
In all states and the District of Columbia, real estate brokers and sales agents
must be licensed. Licensing requirements vary by state, but most have similar
basic requirements:
Candidates must:
• be 18 years old
• complete a number of real estate courses
• pass an exam
Some states have additional requirements, such as passing a background
check. Licenses typically are not transferable among states. However, some
states have reciprocity agreements and will accept licenses issued by some
other states.

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To obtain a broker’s license, individuals generally need 1 to 3 years of ex-
perience as a licensed sales agent. They also must take additional formal
training courses. In some states, a bachelor’s degree may be substituted in
place of some experience or training requirements.
State licenses typically must be renewed every 2 to 4 years. In most states,
brokers and agents must complete continuing education courses to renew
their license. To verify exact licensing requirements, prospective brokers and
agents should contact the real estate licensing commission of the state in
which they wish to work.
Work Experience in a Related Occupation
To get a broker’s license in most states, real estate brokers must have expe-
rience working as a licensed real estate sales agent. Requirements vary by
state, but most require 1 to 3 years of experience.
Training
Real estate sales agents improve their skills through practice and repetition.
Because of the sales environment and the complexity of real estate deals,
new agents typically observe and work closely with more senior agents. In
addition, some of the larger real estate companies provide formal classroom
training for new agents as a way to gain knowledge and experience, while
others provide training to employees studying for their real estate licensing
exam.
Advancement
Sales agents who earn their broker’s license may open their own offices.

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Important Qualities
Business skills. Because most brokers are self-employed, they must man-
age every aspect of their business. This task includes reaching out to pro-
spective clients, handling their finances, and advertising their services.
Interpersonal skills. Strong interpersonal skills are essential for real estate
brokers and sales agents, because they spend much of their time interacting
with clients and customers. To attract and keep clients, they must be pleas-
ant, enthusiastic, and trustworthy.
Organizational skills. Real estate brokers and sales agents must be able to
work independently, managing their own time and organizing, planning, and
prioritizing their work.
Problem-solving skills. Real estate brokers and sales agents need to be
able to quickly (sometimes immediately) address concerns clients or poten-
tial customers may have with a property. They also mediate negotiations
between seller and buyer.

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Pay
Real Estate Brokers and Sales Agents
Median annual wages, May 2014
Real estate brokers
$57,360
Real estate brokers and sales agents
$43,430
Real estate sales agents
$40,990
Total, all occupations
$35,540
Sales and related occupations
$25,360
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
The median annual wage for real estate brokers was $57,360 in May 2014. The
median wage is the wage at which half the workers in an occupation earned
more than that amount and half earned less. The lowest 10 percent earned
less than $23,880, and the highest 10 percent earned more than $178,770.
The median annual wage for real estate sales agents was $40,990 in May
2014. The lowest 10 percent earned less than $21,540, and the highest 10
percent earned more than $105,270.
Brokers and sales agents earn most of their income from commissions on
sales. The commission varies by the type of property and its value.
Commissions often are divided among the buying agent, selling agent,
brokers, and firms.
An agent’s income, therefore, often depends on economic conditions, the
agent’s individual motivation, and the types of property available. Income usu-
ally increases as agents become better and more experienced at sales. Earn-
ings can be irregular, especially for beginners, and agents sometimes go weeks

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or months without a sale. Some agents become active in community organiza-
tions and local real estate organizations to broaden their contacts and increase
their sales.
Many real estate brokers and sales agents work more than 40 hours per week.
They often work evenings and weekends to accommodate clients’ schedules.
Many brokers and sales agents spend a significant amount of time networking
and attending community events to meet potential clients. Although they fre-
quently work irregular hours, many can set their own schedules.
Some brokers and sales agents work part time and may combine their real es-
tate activities with other careers.

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Job Outlook
Real Estate Brokers and Sales Agents
Percent change in employment, projected 2014-24
Total, all occupations
7%
Sales and related occupations
5%
Real estate sales agents
3%
Real estate brokers and sales agents
3%
Real estate brokers
2%
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Employment Projections program
Employment of real estate brokers and sales agents is projected to grow 3 percent
from 2014 to 2024, slower than the average for all occupations.
Because people are increasingly using real estate brokers and sales agents when
purchasing homes, employment is projected to grow as the real estate market
improves.
Both financial and nonfinancial factors spur demand for home sales. Real estate
is perceived as a good long-term investment, and many people want to own their
homes.
Population growth also will continue to stimulate the need for new brokers and
agents. The large millennial generation will be entering the prime working-age and
household-forming age cohort over the next decade. Although this generation has
delayed home ownership because of financial and debt considerations, it is project-
ed that many will enter the housing market over the next 10 years.

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In addition to being first-time home buyers, people will need brokers and agents
when looking for a larger home, relocating for a new job, and other reasons.
An improving job market and rising consumer spending also will drive demand for
brokers and agents to handle commercial, retail, and industrial real estate transac-
tions.
However, the real estate market is sensitive to fluctuations in the economy, and
employment of real estate brokers and agents will vary accordingly. In periods of
economic growth or stability, employment should grow to accommodate people
looking to buy homes and businesses looking to expand office or retail space. Alter-
natively, during periods of declining economic activity or rising interest rates, the
amount of work for brokers and agents will slow and employment may decline.
Job Prospects
It is relatively easy to enter the occupation, but getting listings as a broker or an
agent depends on the real estate market and overall economic conditions. As
the economy expands and more people look to buy homes, job competition may
increase as more people obtain their real estate license. In contrast, although the
real estate market declines in an economic downturn, there also tend to be fewer
active and licensed real estate agents.
New agents will face competition from well-established, more experienced brokers
and agents. Because income is dependent on sales, beginners may have trouble
sustaining themselves in the occupation during periods of slower activity.
Brokers should fare better because they generally have a large client base from
years of experience as sales agents. Those with strong sales ability and extensive
social and business connections in their communities should have the best chances
for success.

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Employment projections data for Real Estate Brokers and Sales
Agents, 2014-24
Occupa-
tional Title
SOC
Code
Employ-
ment,
2014
Projected
Employ-
ment,
2024
Change, 2014-24 Employ-
ment by
Industry
Percent
Numeric
Real estate
brokers and
sales agents
41-9020 421,300 432,100 3 10,900 [XLSX]
Real estate
brokers
41-9021 83,900 85,400 2 1,500 [XLSX]
Real estate
sales agents
41-9022 337,400 346,800 3 9,400 [XLSX]
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program

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State & Area Data
Occupational Employment Statistics (OES)
The Occupational Employment Statistics (OES) program produces employ-
ment and wage estimates annually for over 800 occupations. These esti-
mates are available for the nation as a whole, for individual states, and for
metropolitan and nonmetropolitan areas. The link(s) below go to OES data
maps for employment and wages by state and area.
• Real estate brokers
• Real estate sales agents
Projections Central
Occupational employment projections are developed for all states by Labor
Market Information (LMI) or individual state Employment Projections offices.
All state projections data are available at www.projectionscentral.com.
Information on this site allows projected employment growth for an
occupation to be compared among states or to be compared within one
state. In addition, states may produce projections for areas; there are links to
each state’s websites where these data may be retrieved.
Career InfoNet
America’s Career InfoNet includes hundreds of occupational profiles with d
ata available by state and metro area. There are links in the left-hand side
menu to compare occupational employment by state and occupational wag-
es by local area or metro area. There is also a salary info tool to search for
wages by zip code.

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Similar Occupations
This table shows a list of occupations with job duties that are similar to those
of Real Estate Brokers and Sales Agents.
Occupation Job Duties
ENTRY-LEVEL
EDUCATION
2014
MEDIAN
PAY
Advertising Sales
Agents
Advertising sales agents sell
advertising space to businesses
and individuals. They contact
potential clients, make sales
presentations, and maintain
client accounts.
High school
diploma or
equivalent
$47,890
Appraisers and Asses-
sors of Real Estate
Appraisers and assessors of
real estate provide an estimate
of the value of land and the
buildings on the land usually
before it is sold, mortgaged,
taxed, insured, or developed.
Bachelor's
degree
$52,570
Insurance Sales Agents Insurance sales agents contact
potential customers and sell
one or more types of insur-
ance. Insurance sales agents
explain various insurance pol-
icies and help clients choose
plans that suit them.
High school
diploma or
equivalent
$47,860
Loan Officers Loan officers evaluate, autho-
rize, or recommend approval
of loan applications for people
and businesses.
Bachelor's
degree
$62,620
Property, Real Estate,
and Community Asso-
ciation Managers
Property, real estate, and com-
munity association managers
take care of the many aspects
of residential, commercial,
or industrial properties. They
make sure the property is well
maintained, has a nice appear-
ance, and preserves its resale
or leasing value.
High school
diploma or
equivalent
$54,270

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Sales Engineers Sales engineers sell complex
scientific and technologi-
cal products or services to
businesses. They must have
extensive knowledge of the
products’ parts and functions
and must understand the
scientific processes that make
these products work.
Bachelor's
degree
$96,340
Securities, Commod-
ities, and Financial
Services Sales Agents
Securities, commodities, and
financial services sales agents
connect buyers and sellers in
financial markets. They sell
securities to individuals, advise
companies in search of inves-
tors, and conduct trades.
Bachelor's
degree
$72,070
Wholesale and Manu-
facturing Sales Repre-
sentatives
Wholesale and manufac-
turing sales representatives
sell goods for wholesalers or
manufacturers to businesses,
government agencies, and oth-
er organizations. They contact
customers, explain product
features, answer any questions
that their customers may have,
and negotiate prices.
See How to
Become One
$58,380

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Contacts for More Information
Information on licensing requirements for real estate brokers and sales
agents is available from most local real estate organizations and from the
state real estate commission or board.
For more information about opportunities in real estate, visit
National Association of Real Estate Brokers
National Association of Realtors
O*NET
Real Estate Brokers
Real Estate Sales Agents