Real estate sales managers help client buy, sell, and rent properties. Sales agents usually work with real estate brokers.
Real estate sales managers are employed in real estate firms, real estate leasing offices or banks. They supervise real estate sales agents, perform administrative duties and stay informed about the latest changes in the real estate industry. Sales managers possess a college education and may gain higher-ranking roles by working their way up within the company.
|Required Education||Bachelor's degree in real estate, finance, or business administration|
|Other Requirements||Sales agent or broker licensure is common|
|Projected Job Growth (2014-2024)*||5% (all sales managers)|
|Average Salary (2015)*||$130,400 (all sales managers)|
Source: *U.S. Bureau of Labor Statistics
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Real Estate Sales Managers Job Description
The main responsibility of real estate sales managers is to motivate their agents to close sales. Managers develop effective training programs that teach agents how to acquire customers, negotiate deals, secure financing and complete paperwork for the sale. After training, managers set weekly, monthly and yearly monetary goals for the agents to achieve. These goals are tracked through sales meetings that are conducted by the manager. During the meeting, sales managers discuss whether or not the sales team, as a whole, is meeting goals. If the goals are not met, sales managers offer advice and motivation. Sales managers may offer incentives and reward teams that reach their goals.
Besides supervising sales agents, real estate sales managers also perform human resources duties, such as conducting interviews, hiring new staff and transferring or dismissing seasoned staff. They also prepare employee payroll, budget and inventory reports. Marketing roles may include planning, budgeting and coordinating open houses or other initiatives to develop new leads and increase sales for the office. Sales managers may perform administrative duties and issue supplies or equipment when needed. Occasionally they attend association meetings to receive the latest information on housing regulations and legislation that affects the industry.
To become a real estate sales manager, an individual must enroll in a 4-year bachelor's degree in real estate, finance or business administration. After graduation, individuals are qualified to work as real estate sales agents. But before they can practice, the agents must obtain state licensure. According to the U.S. Bureau of Labor Statistics, sales agents in every state and the District of Columbia must complete 30-90 hours of classroom instruction, pass a written exam on the basics of selling real estate and renew their real estate license every 1-2 years (www.bls.gov). Experienced sales agents are usually promoted to sales manager. Most employers hire managers with a 4-year bachelor's degree and advanced skills in negotiating, selling, marketing and operating computers.
Real estate brokers and sales agents are expected to experience an 3% increase in job opportunities from 2014 to 2024, as reported by the U.S. Bureau of Labor Statistics (BLS). Sales managers of all kinds are projected to see employment opportunities increase 5% during that time. Sales agents, specifically, earned an average annual wage of $58,410 in May 2015. During that time, all types of sales managers earned an average of $130,400 per year, according to the BLS.
Real estate brokers may own and operate their own real estate businesses, though sales agents must work with brokers in the course of their employment. Both take a commission from the sales of properties.