Real estate brokers held about 123,100 jobs in 2021. The largest employers of real estate brokers were as follows:
| Self-employed workers | 59% |
| Real estate and rental and leasing | 38 |
Real estate sales agents held about 438,900 jobs in 2021. The largest employers of real estate sales agents were as follows:
| Self-employed workers | 58% |
| Real estate and rental and leasing | 34 |
| Construction | 3 |
Workplace size for real estate brokers and sales agents ranges from a one-person business to a large firm with numerous branch offices. Many brokers have franchise agreements with national or regional real estate companies. Under this arrangement, the broker pays a fee to be affiliated with a widely known real estate organization.
Real estate brokers and sales agents typically work in an office setting. However, they spend much of their time away from their desks to show properties, see properties, and meet with current or prospective clients.
Work Schedules
Most real estate brokers and sales agents work full time, and some work more than 40 hours per week. Work schedules may vary and often include 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 are able to set their own schedules.
Some brokers and sales agents work part time.
Real estate brokers and sales agents typically need a high school diploma or equivalent to enter the occupation. They also must complete a number of real estate courses and pass a licensing exam. States typically require licensed agents to have experience before obtaining a broker’s license.
Education
In addition to having a high school diploma, real estate brokers and sales agents must complete some real estate courses to be eligible for licensure. Although most brokers and agents must take state-accredited prelicensing courses to become licensed, some states waive this requirement if the candidate has taken college courses in real estate.
Some community colleges and 4-year universities offer courses, degree programs, or certificate programs in real estate. These postsecondary credentials typically are not required, but many real estate brokers and sales agents have a bachelor’s degree. Courses in finance, business administration, economics, and law also may be useful.
Prospective brokers who plan to open their own company may find it helpful to 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 experienced agents. These courses cover a variety of topics, such as real estate fundamentals, real estate law, and mortgage financing.
Licenses, Certifications, and Registrations
All states require real estate brokers and sales agents to be licensed. Minimum requirements for candidate licensure vary by state but typically include being at least age 18, having a high school diploma or equivalent, completing prelicensing courses, and passing an exam.
Some states have additional requirements, such as passing a background check. Licenses typically are not transferable between states. However, some states have reciprocity agreements that streamline the process for brokers and agents licensed in one state to get a license in another state.
For a broker’s license, states typically require that candidates have a specified number of years of experience as a licensed sales agent and take additional formal training. In some states, a bachelor’s degree may be substituted for 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. Prospective brokers and agents should verify requirements with the real estate licensing commission of the state in which they wish to work.
Work Experience in a Related Occupation
Most states require that candidates for a broker’s license have experience working as a licensed real estate sales agent. Requirements vary by state, but most require at least 2 years of experience.
Training
Real estate sales agents improve their skills through practice and repetition. Training varies depending on the real estate company. Some provide formal training, while others allow their agents to enter the field immediately after obtaining their license. In some states, agents must be sponsored by a broker while they are working to get their license.
Because of the sales environment and the complexity of real estate deals, new agents may observe and work closely with more senior agents. Larger real estate companies may 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.
The length of training also may vary, depending on the number of real estate transactions in which the agent takes part. Agents involved in a large number of home sales may have a shorter period of on-the-job training than agents involved in few transactions.
Advancement
Sales agents may advance by getting a broker’s license. Brokers may open their own business or work as associate brokers to manage an independent office within a real estate company. Their responsibilities might include hiring, training, and assisting sales agents.
Real estate brokers and sales agents typically have an interest in the Persuading and Organizing interest areas, according to the Holland Code framework. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
If you are not sure whether you have a Persuading or Organizing interest which might fit with a career as a real estate broker and sales agent, you can take a career test to measure your interests.
Real estate brokers and sales agents should also possess the following specific qualities:
Business skills. Because most brokers are self-employed, they must manage every aspect of their business. This includes reaching out to prospective 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 pleasant, 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 potential customers may have with a property. They also mediate negotiations between the seller and buyer.
The median annual wage for real estate brokers was $62,010 in May 2021. 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 $30,470, and the highest 10 percent earned more than $176,080.
The median annual wage for real estate sales agents was $48,340 in May 2021. The lowest 10 percent earned less than $28,270, and the highest 10 percent earned more than $102,170.
In May 2021, the median annual wages for real estate brokers in the top industries in which they worked were as follows:
| Real estate and rental and leasing | $61,890 |
In May 2021, the median annual wages for real estate sales agents in the top industries in which they worked were as follows:
| Construction | $48,270 |
| Real estate and rental and leasing | 47,530 |
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 often depends on economic conditions, the agent’s individual motivation, and the types of property available. Income usually increases as agents become more experienced at sales. Earnings may be irregular, especially for beginners, and agents sometimes go weeks or months without a sale.
Most real estate brokers and sales agents work full time, and some work more than 40 hours per week. Work schedules may vary and often include 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 are able to set their own schedules.
Some brokers and sales agents work part time.
Overall employment of real estate brokers and sales agents is projected to grow 5 percent from 2021 to 2031, about as fast as the average for all occupations.
About 54,800 openings for real estate brokers and sales agents are projected each year, on average, over the decade. Many of those openings are expected to result from the need to replace workers who transfer to different occupations or exit the labor force, such as to retire.
Employment
There will be a continued demand for real estate brokers and sales agents because people turn to these workers when looking for a new home, relocating, or purchasing property for a business, among other reasons. Employment is projected to grow along with the real estate market.
Tighter credit regulations and increasing real estate prices may force some people to continue renting as opposed to entering the housing market, which may result in fewer new jobs for real estate brokers and sales agents.
The real estate market is highly sensitive to fluctuations in the economy, and projected employment of real estate brokers and agents varies accordingly. In periods of economic growth or stability, employment should grow to accommodate people looking to buy homes and commercial or retail space. Alternatively, during periods of declining economic activity or rising interest rates, the amount of work for brokers and agents often slows and employment may decline.
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