I am planning on going into the real estate field but have a few questions. I was interested in becoming either a Real Estate Broker Agent or Realtor. I wanted to know the job description for each individual career and also the salaries I knwot hey work off commission but do either have a base yearly salary on top of commission.Also I'm going to major in business in college will this help me in real estate? Also what does a real estate firm do?
what hours do I have to have my home office open?
A real estate broker can negotiate leases and sales with a client. A Realtor is a member of a trade organization.
An agent just represents buyers and sellers in real estate transactions. They typically either split their commissions with the broker or pay the broker a monthly fee and in turn the broker supports them, advises them, and oversees their work. Brokers can represent buyers and sellers themselves and also get a part of their agents commissions, but its alot of work. Also they have to provide the office and equipment and stuff so they have high overhead. Usually you have to work for some years as an agent before you can become a broker. Many really good agents break away from the brokers and simply run their own offices (maybe with only themselves as the only agent).
A broker is typically the owner of a real estate company. The broker will have other agents (realtors) that they oversee (not manage). Each agent has to hold their license with a broker. The agent and broker have an agreement stating how much of a cut of the commission the broker gets and how much (if any) in monthly fees the agent will pay the broker. In most cases you have to have your real estate salesperson (realtor) license for two years before becoming a broker. Most of the time their is no salary for realtors, you only eat what you kill. Your major doesn't have any bearing on your real estate career. I would suggest talking to a broker in your area, they will be able to help you figure out if real estate is what you want to do.
