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Career and Education Opportunities for Real Estate Brokers in Lexington-Fayette, Kentucky

Many educational and employment opportunities exist for real estate brokers in the Lexington-Fayette, Kentucky area. There are currently 170 jobs for real estate brokers in Kentucky and this is projected to grow by 27% to 220 jobs by 2016. This is better than the nation as a whole, where employment opportunities for real estate brokers are expected to grow by about 8.6%. In general, real estate brokers operate real estate offices, or work for commercial real estate firms, overseeing real estate transactions.

Income for real estate brokers is about $9 per hour or $19,320 yearly on average in Kentucky. Nationally, their income is about $27 hourly or $57,500 annually. Incomes for real estate brokers are not quite as good as in the overall category of Real Estate in Kentucky, and better than the overall Real Estate category nationally.

There are twenty-two schools of higher education in the Lexington-Fayette area, including one within twenty-five miles of Lexington-Fayette where you can get a degree to start your career as a real estate broker. The most common level of education for real estate brokers is some college courses. You can expect to spend a short time studying to be a real estate broker if you already have a high school diploma.

CAREER DESCRIPTION: Real Estate Broker

Real Estate Broker video from the State of New Jersey Dept. of Labor and Workforce Development

In general, real estate brokers operate real estate offices, or work for commercial real estate firms, overseeing real estate transactions. They also other duties usually include selling real estate or renting properties and arranging loans.

Every day, real estate brokers are expected to be able to see details at a very fine level of focus. They need to articulate ideas and problems. It is also important that they listen to and understand others in meetings.

It is important for real estate brokers to sell, for a fee, real estate owned by others. They are often called upon to maintain awareness of current income tax regulations, local zoning, building and tax laws, and growth possibilities of the area where a property is located. They also compare a property with similar properties that have recently sold, in order to establish its competitive market price. They are sometimes expected to generate records of properties for sale, their locations and descriptions, and available financing options, using computers. Somewhat less frequently, real estate brokers are also expected to oversee and operate real estate offices, handling associated business details.

Real estate brokers sometimes are asked to obtain agreements from property owners to place properties for sale with real estate firms. and check work completed by loan officers and other professionals to insure that it is performed properly. And finally, they sometimes have to manage financing of property purchases.

Like many other jobs, real estate brokers must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Lexington-Fayette include:

  • Real Estate Agent. Rent, buy, or sell property for clients. Perform duties, such as study property listings, interview prospective clients, accompany clients to property site, discuss conditions of sale, and draw up real estate contracts. Includes agents who represent buyer.

EDUCATIONAL OPPORTUNITIES: Real Estate Broker Training

Eastern Kentucky University - Richmond, KY

Eastern Kentucky University, 521 Lancaster Ave, Richmond, KY 40475-3102. Eastern Kentucky University is a large university located in Richmond, Kentucky. It is a public school with primarily 4-year or above programs. It has 16,050 students and an admission rate of 69%. Eastern Kentucky University has a one to two year program in Real Estate.

CERTIFICATIONS

Global Mobility Specialist: The purpose of Worldwide ERC's Certified Relocation Professional certification is to encourage members working in specific aspects of employee relocation to gain extensive and useful knowledge of all aspects of employee relocation.

For more information, see the Employee Relocation Council website.

Certified Relocation Professional: The purpose of Worldwide ERC Certified Relocation Professional program is to encourage members working in specific aspects of employee relocation to gain extensive and useful knowledge of all aspects of employee relocation.

For more information, see the Employee Relocation Council website.

Commercial Certified Mortgage Servicer: The Certified Mortgage Servicer (CMS) designation recognizes an individual's superior knowledge and experience in servicing practices, theories and applications.

For more information, see the Mortgage Bankers Association of America website.

Residential Certified Loan Officer: The Certified Loan Officer(CMT) designation creates a recognizable and meaningful seal of quality for residential loan officers.

For more information, see the Mortgage Bankers Association of America website.

LICENSES

Licensed Real Estate Broker

Licensing agency: Kentucky Real Estate Commission
Address: 10200 Linn Station Road, Suite 201, Louisville, KY 40223

Phone: (502) 429-7250
Website: Kentucky Real Estate Commission

LOCATION INFORMATION: Lexington-Fayette, Kentucky

Lexington-Fayette, Kentucky
Lexington-Fayette, Kentucky photo by Jonesey

Lexington-Fayette is located in Fayette County, Kentucky. It has a population of over 282,114, which has grown by 8.3% over the last ten years. The cost of living index in Lexington-Fayette, 84, is well below the national average. New single-family homes in Lexington-Fayette are valued at $167,600 on average, which is well above the state average. In 2008, seven hundred seventy-one new homes were built in Lexington-Fayette, down from 1,227 the previous year.

The three big industries for women in Lexington-Fayette are health care, educational services, and accommodation and food services. For men, it is educational services, construction, and accommodation and food services. The average travel time to work is about 19 minutes. More than 35.6% of Lexington-Fayette residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 14.5%, is higher than the state average.

The percentage of Lexington-Fayette residents that are affiliated with a religious congregation, 47.3%, is less than both the national and state average. Victory Baptist Church, Aldersgate Church and Trinity Hill United Methodist Church are all churches located in Lexington-Fayette. The largest religious groups are the Southern Baptist Convention, the Catholic Church and the United Methodist Church.

Lexington-Fayette is home to the Tates Creek Country Club and the Home of Henry Clay as well as Kentucky State Horse Park and Duncan Park. Shopping centers in the area include Fayette Mall, Turfland Mall and Lexington Mall.