Jobs as commercial real estate brokers are among the most sought after in the real estate market. This article has some useful information on their salary and job description.
Real estate plays a crucial role in the economic growth of a country. Real estate investments have always been recommended by investment experts to individuals for better returns. However, real estate is a field in which not just property investors, but also brokers can earn well in the form of attractive commissions on cracking big deals. Commercial real estate brokers are known to make more than residential ones at many places. There are many skills and abilities which they should have in order to make a mark in the realty market. Here’s a look into their salary followed by a short job description and the educational requirements to enter this field.
The salary of a commercial real estate broker depends on several factors like the area where they operate and their experience in the field. Those who have a master’s degree have a better chance of getting higher salaries. Location is the most important factor which determines the earnings of commercial real state brokers. We know that realty prices are astonishingly high in some parts of United States of America and the brokers operating in metropolitan locations such as New York, Los Angeles or Washington make much more as compared to those who operate in smaller cities.
The salary can be around $75,000 for the ones working for top broking firms in the field of real estate. However, there are people who earn in excess of $80,000 per year in major cities. Entry-level salaries in this field can be between $55,000 to $65,000 per year. Apart from the salaries, these brokers can also get bonuses, incentives. A real estate broker can easily earn over $100,000 per year by setting up his own enterprise. However, this can be done after one has gained considerable work experience in the industry, developed contacts and arranges for initial business capital.
The job of a commercial real estate broker involves acting as a vital link between buyers and sellers of commercial properties. They understand the needs or requirements of buyers and find suitable properties for them. They give the buyers important details such as location of the commercial property, its price per square feet, facilities, kind of infrastructure, developer etc. They have to find the properties that suit the budget of the buyers. For this, they need to be in contact with owners of commercial properties in the market. For the sellers, the brokers have the challenge of getting the best price for the property by using their negotiation skills. A broker has to highlight the assets of the property to help the seller get the best price for it.
Education and Licensing
To become a successful broker, you need to have a complete and professionally prepared profile. Your resume would be impressive if you are highly qualified in the field of real estate or management.
Apart from the degrees, obtaining a license by passing an exam is essential to practice as a real estate broker at most locations. The licensed candidates get to work as commercial real estate agents in select areas. As per the requirements of the California Department of Real Estate (DRE), candidates need to complete some courses like real estate financing, real estate practice, real estate legal aspects and real estate appraisal. These forty five hour duration courses along with the licensing exam can get you the broker license. One thing to note is that this license needs to be renewed after every two years. Clearing the licensing test is tough and you require sincere efforts to get through. The fees for real estate broker license can be around $270.
Being a real estate broker has always been a high paying career option. Though real estate brokers struggled to meet their sales targets in times of recession, they are sure to perform well in a growing economy. The salary of a commercial real estate broker in America is much higher as compared to other countries and hence, this is a good career for people interested in the field of real estate. So, give it a try to secure your future!