As a commercial real estate broker, you will give guidance to clients who are completing a real estate transaction. A broker usually represents a seller by listing down all the properties available for sale, oversees and arranges all open houses, advertises the property, and arranges other viewings. As a broker, you will have to work with your client, determine what their needs are, help your clients prepare finances, take them for sight visits, and so on.
If the work is too much, you can choose to hire a sales agent who will take on most of the tasks above. You get paid on commission on the final sale, and you will be required to share some of it with the sales agent who helped you through this process.
You must exhibit strong communication skills to thrive in this business. Remember, you must be in touch with your clients throughout this whole process. You also should be able to negotiate on your client’s behalf to meet their needs. You also need strong business skills to manage employees, attract potential clients, and take care of their brokerage’s finances.
Do I Have to Train to Become a Real Estate Broker?
You must gain experience in the real estate sales field before you can become a broker. The work of a sales agent is a brokerage, helping clients sell, buy, or rent houses plus other properties.
In some cases, you will be required to first go through a pre-licensing course at any state-approved college. You will learn about the broker license, real estate legal issues, taxes, contracts, insurance, and real estate finance.
Upon completion of the course, sales agents can go ahead and work for brokers.
How Long Does it Take to Become a Commercial Real Estate Broker?
This will all depend on your state’s requirements.
In most cases, brokers have to spend two to three years working as sales agents before they can acquire the license.
Depending on the training you are undertaking, it might take additional weeks or even months to complete the course and pass the examination.
How Much Does a Real Estate Broker Earn?
According to Statistics in the U.S., real estate brokers earn a commission of $28.05 per hour. The lowest-paid make less than $12.32 (this depends on experience and the client), and the highest-paid earn about $85.07 per hour.
Keep in mind that commercial real estate brokers are paid on commission. Your earnings will solely depend on how many transactions you can complete for your client.
Also, these prices tend to fluctuate from month to month, depending on your ability to attract clients, not forgetting the housing market.
How to Apply for Real Estate Broker Jobs
If you want to start as a broker, you might as well consider working for the broker who initially hired you as a sales agent.
On the other hand, if you want to start your brokerage, you need to get clients first for your business. Take advantage of local newspapers and social media to advertise your services. Reach out to former clients, too; you might get referrals.
Also, check out websites such as Glassdoor, LinkedIn, Upwork, or Craigslist for openings.
Are you interested in becoming a commercial real estate broker? Well, I hope this article gives you tips and ideas on how to start on your new journey.
You need to be enthusiastic, determined, and persistent to make it in this industry. Unless you are willing to sacrifice your hours, it will be hard to break through.