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One of the most complex and significant financial events in peoples’ lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.
Real estate brokers and sales agents:
- have a thorough knowledge of the real estate market in their communities
- know which neighborhoods will best fit clients’ needs and budgets
- are familiar with local zoning and tax laws and know where to obtain financing
Agents and brokers act as intermediaries in price negotiations between buyers and sellers. They arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions.
Agents and brokers spend a significant amount of time looking for properties to sell. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission.
Agents must work with a broker. They usually provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers, as independent businesspeople, often sell real estate owned by others; they also may rent or manage properties for a fee.
How long will it take?
In every State and the District of Columbia, real estate brokers and sales agents must be licensed. A large number of agents and brokers have some college training. For those who intend to start their own company, business courses such as marketing and accounting are also important.
At Amarillo College, you can earn a certificate in real estate in just 35 credit hours. Or you can earn an associate's degree in about two years.
How much can you earn?
In May 2006, the median annual earnings of salaried real estate sales agents were $39,760. The lowest 10 percent earned less than $20,170, and the highest 10 percent earned more than $111,500.
Where can you work?
Employment of real estate brokers and sales agents often is sensitive to swings in the economy, but brokers and agents can work in every town and city. Employment growth is expected to increase 11% through 2016.
AC can get you there!
