Real Estate Agents and Brokers

Employers

There are approximately 465,500 real estate agents and brokers currently employed in the United States; agents hold about 79 percent of the jobs. Many work part time, supplementing their income with additional jobs in law, finance, or other fields.

Agents work in small offices, larger organizations, or for themselves. (About 56 percent of real estate agents and brokers are self-employed.) Opportunities exist at all levels, from large real estate firms specializing in commercial real estate to smaller, local offices that sell residential properties. Much of agents' work is independent; over time, they can develop their own client bases and set their own schedules. Many real estate agents and brokers work part time, supplementing their income with additional jobs in law, finance, or other fields.

Starting Out

The typical entry position in this field is as an agent working for a broker with an established office. Another opportunity may be through inside sales, such as with a construction firm building new housing developments. Prospective agents usually apply directly to local real estate firms or are referred through public and private employment services. Brokers looking to hire agents may run newspaper advertisements. Starting out, prospective agents often contact firms in their own communities, where their knowledge of area neighborhoods can work to their advantage.

The beginning agent must choose between the advantages of joining a small or a large organization. In a small office, the newcomer will train informally under an experienced agent. Their duties will be broad and varied but possibly menial. However, this is a good chance to learn all the basics of the business, including gaining familiarity with the databases used to locate properties or sources of financing. In larger firms, the new agent often proceeds through a more standardized training process and specializes in one aspect of the real estate field, such as commercial real estate, mortgage financing, or property management.