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Real Estate Agents rent, buy, and sell property for clients on a commission (percentage of sales) basis. Real Estate Agents who belong to the National Association of Realtors are called "Realtors" or "Realtor Associates".

JOB DUTIES

Real Estate Agents may:

Study property listings to learn about what is for sale

Keep informed of property values and market conditions

Find prospects and develop leads and referrals

Interview prospective clients to solicit listings

Show property sites, quote prices, and discuss terms of lease

Draw up listings (through computer searches) and contracts such as purchase agreements

Negotiate loans on property

Prepare marketing plans such as advertising strategies and open houses

Study and assist clients with available mortgage options

In addition to performing the above duties, Brokers, who are independent business persons, may own and manage their own real estate firms and engage the services of real estate agents. Their duties may include:

Renting and managing properties

Making appraisals

Developing new building projects

Arranging for loans to finance purchases after a sale

Handling all office business operations

Tools, equipment, and materials used may include:

OCCUPATIONAL SPECIALTIES

Real Estate Agents may specialize in these areas:

250.357-018 REAL-ESTATE SALES AGENTS rent, buy, and sell property for clients on a commission (percentage of sale) basis.

250.357-018 REAL-ESTATE BROKERS hold a brokerage license and may own and manage their own real estate firms and engage the services of real estate agents. They also may make appraisals, develop new building projects, and arrange financial loans.

Some additional specialties are: commercial or farm property, land development, property management, or real estate counseling.

In addition to learning about these specialties, you may also find it helpful to explore the following CEscripts:

WORKING CONDITIONS AND REQUIREMENTS

Real Estate Agents are frequently in contact with prospective clients. They work independently under the supervision of a Broker. A Broker is usually the owner or part-owner of a firm and is legally responsible for the business.

Real Estate Agents spend part of their time in clean, well lighted, and well ventilated offices. Most of their time is spent out of the office showing property or seeking prospects. Their work is not strenuous, but some walking is necessary. Selling real estate is a year-round business, but more sales are generally made during warm weather, and agents often work longer hours during this time of year.

Work hours for Real Estate Agents are irregular. They seldom have a set number of hours, either in their offices or outside. Agents often schedule their working hours during evenings and weekends for customer convenience. Individuals who dislike the eight-to-five routine might like the freedom of regulating their own working hours.

Real Estate Agents spend much of their time driving to view and show property and to seek new customers. Agents must generally provide their own automobiles.

Some Agents and brokers belong to The National Association of Realtors and The National Association of Real Estate Brokers. Both organizations have written codes of ethics to which every member is pledged. They may also belong to or participate in athletic clubs in order to build business. Real Estate Agents who belong to associations, clubs, or other organizations must pay periodic membership fees.

You Should Prefer:

• Having business contact with people

• Communicating information or ideas to others

You Should Be Able To:

• Get along with people of all types

• Work on your own initiative

• Remember names and faces

• Remember prices and other details of the business

• Evaluate information using your own judgment

• Influence people's opinions/attitudes/judgments about things

• Use arithmetic quickly and accurately

• See details/recognize errors in numbers/spelling/punctuation

Math Problem You Should Be Able to Solve:

What is the straight-line rate of depreciation for a building with an estimated remaining life of 33 years?

Reading Example You Should Be Able to Read and Comprehend:

Must be able to read and comprehend topographical information.

For example, the SE 1/4 of the SE 1/4 of the SE 1/4 of section 15, in Township IN, Range 3E of the Sixth P.M. contains ten acres.

Writing Example You Should Be Able to Produce:

Must be able to describe a subdivision by reproducing the plot in map form identifying metes and bounds on the map by linear measures and bearings with the appropriate identifying monuments.

For example, Lot 2, Block B, Crestwood Estate Subdivision, Section 1, recorded in Plot book 12, Page 97, June 11, 1968, Clarke County, Georgia .

Thinking Skill You Should Be Able to Demonstrate:

Excellent analytical skills, organizational, and decision-making skills in consulting clients regarding real estate.

The State of Michigan requires a license for this occupation.  Click here  for "Michigan Licensed Occupations," see Real Estate Associate Broker, Real Estate Broker, and/or Real Estate Salesperson for specific licensing information.

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EDUCATION AND PREPARATION OPPORTUNITIES

NOTE: On-The-Job Training provided by the employer or a High School Diploma or Equivalent or a Certificate (program of up to one year of study beyond high school) or an Associate Degree (two years of study beyond high school) may qualify a person for this occupation.

The following education and preparation opportunities are helpful in preparing for occupations in the CEscript:

***SCHOOL SUBJECTS***

0500 BUILDING TRADES , 0600 BUSINESS , 0700 CAREERS , 0900 COMMUNICATIONS , 1000 COMPUTERS , 1100 ECONOMICS , 2000 LIFE MANAGEMENT , 2200 MATH , 2800 PUBLIC SPEAKING , 3000 SOCIAL STUDIES , 3100 STUDY & WORK OPTIONS

***VOCATIONAL EDUCATION PROGRAM***

There are no Vocational Education Programs related to this CEscript.

***POSTSECONDARY PROGRAM***

151 REAL ESTATE

Programs in Real Estate provide opportunities to gain the knowledge and skills needed for employment in the real estate industry. Skills needed for careers in sales, property management, or government agencies may also be learned.

Courses vary from school to school but may include:

Real Estate Appraisal	Real Estate Principles & Policies
Economics	Real Estate Investment & Finance
Construction	Real Estate Computations
Economics	Sales License Training
Salesmanship	Real Estate Management
Broker Training	City & Regional Planning
Residential Design	Tax Aspects of Real Estate
Internship	Legal Aspects of Real Estate

    

    Search for a College and/or Instructional Program

***APPRENTICESHIP OPPORTUNITIES***

There are no Apprenticeships related to this CEscript.

***MILITARY TRAINING PROGRAMS***

There are no Military Programs related to this CEscript.

    E-Learning Courses and Programs

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OPPORTUNITIES FOR EXPERIENCE AND METHODS OF ENTRY

One method of exploring this field is to work on a part-time basis in a real estate office. Part-time positions are sometimes available for licensed Sales Agents. Postsecondary education classes in real estate are available.

School-to-Work opportunities include:

informal apprenticeships

mentorships

job shadowing experiences

touring a local Real Estate Agent employer

internships

volunteer work with a Real Estate Agent employer

community service work with an agency

Training policies of individual firms and applicants' educational backgrounds determine entry jobs. Beginners may be office assistants, filing clerks, lot sales agents, or rental agents. Applicants should apply directly to real estate firms and should be willing to take entry-level jobs, provided they have advancement possibilities. Newspaper want ads might list openings in real estate. In addition, you should access and search the Internet's on-line employment services sites such as:

Michigan Careers, Colleges, Training

Real-Jobs

Career Bank

Michigan Talent Bank

Michigan Jobs & Career Portal

Classifieds Employment

Yahoo! Careers

MONSTER.COM

You should also enter an electronic resume on these on-line services.

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EARNINGS AND ADVANCEMENT

Earnings of Real Estate Agents vary on experience, sales ability, initiative, geographic location, and economic conditions. Real Estate Agents are paid on a commission basis, based on agreement between the Agent and the real estate firm (Broker). Factors determining the amount of commission paid are the city and the section within the city where the property is located, the kind of property offered for sale, and its value. Very few Agents work for a salary. Therefore, their earnings, especially those of new Agents, may vary greatly from month to month, depending on the regularity of their sales.

Nationally, the median earnings of full-time Real Estate Agents were about $36,140 annually (2003). Many experienced, full-time Agents earned over $65,166 per year. The most successful Agents and Brokers earned considerably more. The median yearly earnings of "all" workers in the U.S. were $32,240 in 2003.

In mid 2004, Property Mangers earned an average total compensation of $69,600. Leasing Managers earned $95,600. A few top level managers earned over $136,400. Broker commissions in Michigan generally ranged between 5-8% of the selling price on residential property and between 8-11% of the selling price on commercial property. The total commission may be divided several ways. The person who obtains the listing receives part, the person who sells the property receives part, and the real estate firm receives the rest.

Some real estate firms furnish group life, health, and accident insurance. Most salespeople are considered independent contractors and must pay their own social security contribution and other benefits.

Advancements for Real Estate Agents are limited. Most advancement comes through increased earnings as Agents develop their sales ability. After gaining experience, completing educational requirements, and passing state licensing examinations, Real Estate Agents may become Brokers. Some may purchase or start a real estate firm.

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EMPLOYMENT AND OUTLOOK

Nationally, there were about 164,500 Real Estate Agents and Brokers employed in 2002. Many work part-time. Employment is expected to grow about as fast as the average for all occupations through the year 2012. About 52.4% of them were self-employed. The industry distribution for Real Estate Agents looked like this:

The highly competitive nature of this occupation will result in many beginners having to transfer to other fields of work after a short period of time. The replacement rate for Agents is approximately twice the average rate for all occupations. Real estate sales employment opportunities will be affected by the Internet "Web" sites currently available and those under development that list properties online. These "Web" sites allow the public to review property listings using their personal computer and modem. This may reduce foot-traffic in local real estate offices.

Real estate sales positions should continue to be relatively easy to obtain. Not everyone is successful selling real estate. However, well-trained, ambitious people who enjoy selling should have the best chance for employment and success. The highest demand for Real Estate Agents will occur in parts of the country experiencing rapid population growth.

There are about 44,025 Real Estate Agents and 21,050 Brokers licensed in Michigan . Many were employed in real estate agencies, most as independent contractors. Although many were licensed, only about half of them are employed full-time. Some of them worked part time selling real estate or held a license for use in other types of work such as working for local and state governmental agencies, banks, and savings and loan associations. Still others were employed in the realty offices of large corporations.

Employment of Real Estate Agents in Michigan is expected to grow faster than the average for all occupations through the year 2010. An average of 290 annual openings is expected, with 140 due to growth and 150 due to replacement of those who retire, die, or leave the labor force for other reasons.  Additional openings will occur as workers change jobs or occupations. Opportunities will be best for those willing to relocate to other parts of the country which are experiencing rapid population growth.

MICHIGAN 'S EMPLOYMENT OUTLOOK TO 2010

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SOURCES OF ADDITIONAL INFORMATION

Printed Occupational information is available upon written request from sources below.

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