With more than 1,200 vigorously employed, the greater Los Angeles region remains a productive area for real estate brokers. The Bureau of Labor Statistics reports that a reviving job market, coupled with rising consumer spending, will serve to bolster an even greater demand for these licensed professionals in the coming years.
In L.A., brokers earn an average annual salary of $110,000, according to current data. Qualified candidates that have taken courses in business administration, finance, economics and law should have the best prospects at being hired by an established firm. Experts say those with vast social and business connections within their communities are destined for success.
Now that a growing number of families are relocating to Silicon Beach, home to well over 500 startup companies, remunerative opportunities for ambitious brokers are abundant.
"Los Angeles is an incredibly active market, filled with creative individuals who want to live in a metropolitan area by the beach," said Tami Pardee, a broker and owner of Pardee Properties. "The entertainment industry has always been a driving force, but the emergence of a strong technology sector has really reinvigorated the market."
What defines an accomplished real estate broker?
"A successful broker is someone who is honest, educated and supportive. Buying and selling a home is a very emotional transaction, not just a financial one."
How will a broker's role change by 2025?
"No technology will ever replace the importance of the personal experience between a broker and their client. However, I think being on a team is the future of real estate, as it is impossible to be all things to all people. That model is broken."
How must one prepare for a sustainable career in this field?
"Aspiring real estate brokers need to learn the process and learn about people. Working with an experienced real estate team is invaluable."
What is your message to striving real estate brokers?
"You need to know everything about the market you are working in. Finding a connection with your client is key, and looking out for your client's best interest should be at the core of what you're doing."
Sharon Raiford Bush is an award-winning journalist. Some news articles she has authored are archived by the Smithsonian Institution in Washington, D.C.
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