Real Estate Brokers and Sales Agents

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 information
• Compare properties to determine a competitive market price
• Generate lists of properties for sale or rent, including details such as location and features
• Promote properties through advertisements, open houses, and listing services
• Take prospective buyers or renters to see properties
• Present purchase offers to sellers for consideration
• Mediate negotiations between buyer and seller
• Ensure that terms of purchase contracts are met
• Prepare documents, such as closing statements, purchase agreements, and leases

Because of the complexity of buying or selling a residential 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.

Real estate brokers and sales agents also may list and show commercial and residential properties for rent. They help clients seeking to rent a property find a property that best suits their needs.

Brokers and agents may represent either the buyer or the seller in a transaction. Buyers’ brokers and agents meet with clients to determine what they are looking 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 assure 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 current on financing options; government programs; types of available mortgages; and real estate, zoning, and fair housing laws.

Some brokers and agents become active in community organizations and local real estate organizations to broaden their contacts and increase their sales.

The following are examples of types of real estate brokers and sales agents:

Real estate brokers are licensed to manage their own businesses. As independent businesspeople, brokers often sell real estate owned by others. In addition to helping clients buy and sell properties, they may help rent or manage 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.

Real estate brokers held about 111,300 jobs in 2024. The largest employers of real estate brokers were as follows:

Real estate sales agents held about 420,900 jobs in 2024. The largest employers of real estate sales agents were as follows:

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. Every state requires real estate brokers and agents to be licensed.

The median annual wage for real estate brokers was $72,280 in May 2024.

The median annual wage for real estate sales agents was $56,320 in May 2024.

Overall employment of real estate brokers and sales agents is projected to grow 3 percent from 2024 to 2034, about as fast as the average for all occupations.

About 46,300 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.