Real Estate Career Titles Explained
The real estate profession is a large field that generates billions of dollars in revenue each year. In 2014, there were more than 165,000 companies operating in the residential brokerage and management field, and there were 25,000 companies operating in the commercial brokerage and management field. That’s a lot of real estate agents, brokers and supporting staff!
Whether you’re just starting out in a real estate career or have been in the profession for a number of years, understanding the various real estate career titles and how each role differs from the other can be a bit overwhelming.
To help you get a grasp of the players in the profession, we’ve outlined some of the most common real estate career titles below. Let’s dig in:
Real Estate Agent: The real estate agent is perhaps the most common role in the industry. Real estate agents are licensed to represent buyers and sellers in a real estate transaction. In exchange for their representation, they are paid a commission.
Agents tend to handle all of the typical work that’s involved in real estate transactions such as showing homes to their clients, negotiating contract terms, or meeting home inspectors. A real estate agent can also be called a “real estate salesperson.”
Real estate agents are required to take pre-licensing education courses, past a state and national real estate exam and meet other requirements put forth by their state. (Helpful hint: you can find real estate exam prep tools at License Exam Tutor.)
Real Estate Broker: A real estate broker is a professional with experience in real estate sales that has made the choice to take their education further. In some states, you must be a real estate agent or salesperson for a number of years before becoming a broker. Brokers can sponsor other agents and can work with buyers, sellers, and business entities without limitation, in their licensing state.
Brokers have to have their broker’s license before they can start on their own office and bring in a sales team and, in most cases, requires additional classroom hours and real estate testing.
Real Estate Associate Broker: A real estate associate broker is a broker who has obtained their broker’s license, however, continues to work for another broker. Associate brokers have also completed additional education requirements and real estate testing. While working for another broker, associate brokers are not able to sponsor other agents, however, would be able to fill in if their broker were not able to fulfill their role any longer. In that case, the associate broker would then become the broker.
Property Manager: If you have ever leased your home or leased one from someone else, you may have worked with a property manager. Property managers help owners of property by managing their properties for them. They are given the responsibility of preserving the property value of the home, generating income, obtaining rent from the tenant, scheduling maintenance, evicting the tenant, and many other duties required by a landlord.
Property managers are usually paid a fee or percentage for each property they manage. These types of properties can include single-family homes, vacation homes, and commercial retail space.
REALTOR®: A REALTOR® is any real estate professional who is a member of the National Association of Realtors®. A member of the National Association of Realtors® includes a wide range of professionals: real estate brokers (residential and commercial), salespeople, and property managers. REALTORs are known for their expertise in their industry and are required to follow the specific rules and regulations designated by the National Association of Realtors® and must uphold certain duties to their clients and other professionals. There are over 1 million real estate agents that are REALTORs.
Whether you’re on your way to becoming an agent, broker, or property manager, connect with our team today and let us know how we can help you further your real estate career. If you are getting ready to take your real estate exam, our real estate exam prep tools are guaranteed to help you pay on your first try, or your money back.