Real Estate Brokers and Sales Agents Held About 564,000 Jobs in 2006
Employment
In 2006,Real Estate Brokers and Sales Agents held about 564,000 jobs;real estate sales agents held approximately 77% of these jobs. Many worked part time,combining their job activities with other careers. About 6 out of 10 of the job were self-employed. Real estate is sold in all areas, but employment is concentrated in large urban areas and in rapidly growing communities.
Real Estate Brokers and Sales Agents are older, on average,than most other workers. Historically, many homemakers and retired persons were attracted to real estate sales by the flexible and part-time work schedules characteristic of the field. These individuals could enter,leave,and later return to the occupation,depending on the strength of the real estate market,their family responsibilities,or other personal circumstances.
Nature of the Work
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 market in their communities. They know which neighborhoods will best fit clients' needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.
Real Estate Agents usually are independent sales workers who provide their services to a licensed Real Estate Brokers 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 are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee.
When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers during which the details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often,this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for cosing sales; in others,lawyers or lenders do.
Earnings
The median annual earning of salaried Real Estate Brokers, including commission, were $39,760 in May 2006. The middle 50 percent earned between $26,790 and $65,270 a year. The lowest 10% earned less than $20,170, and the highest 10% earned more than $111,500.
The median annual earnings of salaried Real Estate Sales Agents, including commissions, were $60,790 in May 2006. The middle 50 percent earned between $37,800 and $102,180 a year. The lowest 10 percent earned less than $17,600, and the highest 10 percent earned more than $92,770.
Commissions on sales are the main source of earnings of Real Estate Brokers and Agents. The rate of commission varies according to whatever the agent and broker agree on, the type of property, and its value. The percentage paid on the sale of farm and commercial properties or unimproved land is typically higher than the percentage paid for selling a home.
The information source: Bureau of Labor Statistics at www.bls.org
From Real Estate Brokers page to Principal Of Marketing page
From Real Estate Brokers page to Home Page
|
