Real Estate Agents and Brokers

While many successful agents develop professionally by expanding the quality and quantity of their services, others seek advancement by entering management or by specializing in residential or commercial real estate. An agent may enter management by becoming the head of a division of a large real estate firm. Other agents purchase an established real estate business, join one as a partner, or set up their own offices. Self-employed agents must meet state requirements and obtain a broker's license.

Agents who wish to specialize have a number of available options. They may develop a property management business. In return for a percentage of the gross receipts, property managers operate apartment houses or multiple-tenant business properties for their owners. Property managers are in charge of renting (including advertising, tenant relations, and collecting rents), building maintenance (heating, lighting, cleaning, and decorating), and accounting (financial recording and filing tax returns).

Agents can also become appraisers, estimating the current market value of land and buildings, or real estate counselors, advising clients on the suitability of available property. Experienced brokers can also join the real estate departments of major corporations or large government agencies.