What are Land Brokers? Dig Into Their Key Roles and Responsibilities!
Are you interested in learning about land brokers – including their responsibilities, the types of transactions they specialize in, and whether this might be the right career path for you? Well, you came to the right place! We, at The Robert Weiler Company, have highlighted important information that we think you’ll find helpful. As one of the top commercial real estate firms in Columbus, Ohio, we’re here to provide you with everything you may want to know about this field. Let’s dig into this interesting, challenging, and rewarding field.
What is a Land Broker?
First and foremost, let’s discuss exactly what a land broker does. Simply put, they are responsible for the negotiation and acquisition of land. They gain the rights of way for commercial and industrial purposes, including developing well sites, pipelines, coal mines, power lines, roadways, and more. Oil, gas, mining companies, engineering firms, and government agencies typically employ these professionals. Land brokers have years of training under their belt, both in schooling and in the real estate field.
If you’re considering becoming a landbroker, the salary varies, depending on location, education, and experience. However, Columbus, Ohio land brokers make close to the national average. According to ZipRecruiter (as of 2023), a land broker makes roughly $75,211 annually in the USA and $72,100 annually in Columbus, Ohio.
Key Responsibilities of Land Brokers
Land brokerage is a complex, diverse, and specialized niche in the real estate industry. Some key responsibilities include identifying property disposition and acquisition opportunities, acting as a public affairs liaison in communities on behalf of their employer, and maintaining the land inventory of the employing municipality. When evaluating properties, a landbroker must consider many facets, such as wildlife protection, hazardous waste disposal, and all necessary permits. They should also be knowledgeable about local land ordinances and zoning issues.
Types of Land Transactions
There are several types of transactions that land brokers can specialize in. Their place of employment will determine which types of projects they work on. Such transactions include farms and ranches, undeveloped tracts, transition or early development stages, subdivision and lot wholesaling, and site location and assembling parcels. Each transaction differs and requires a unique set of skills, as briefly outlined below.
Farms and Ranches:
The person brokering a ranch or farm for sale in Ohio needs to know specific information to accurately determine the value of properties, including crop rotation, weather cycles, over-grazing, water rights, and the latest happenings from the Environmental Protection Agency (EPA).
Brokering tracts of undeveloped land – especially those near fast-growing urban areas – requires knowledge of local business trends, employment, urban growth patterns, land use regulations, and development costs. Possessing top negotiation skills in the corporate environment is also a key asset.
Transition or Early Development Stages:
Working with transition or early development land could include anything from closed military bases to tracts set aside for specific developmental purposes. In any case, the purpose of the tract is usually predetermined. Therefore, property brokers should be informed about the economic viability of the approved uses and the required development costs. They should also know about governmental and tax incentives to get the best deal for all parties involved.
Subdivision and Lot Wholesaling:
If you specialize in subdivision and lot wholesaling, you prefer to purchase an undeveloped tract, acquire the approvals, subdivide it, and install utilities, roads, and other infrastructure. You then wholesale the lot to builders to construct homes or commercial properties. To succeed, these types of lot brokers require commercial and residential expertise and marketing capability to builders.
Site Location and Assembling Parcels:
This highly specialized niche requires locating parcels for a specific buyer or purpose. This often requires negotiations with various owners to acquire enough adjacent land for the proposed project or development.
Education Requirements for Land Brokers
To become a land broker, one must take — and pass — a real estate licensing exam. In preparation for the exam, 60 hours of classes at an accredited school is required in the state where the person plans to become a real estate agent. The real estate licensing exam must be administered in the same state. A list of accredited real estate institutions is available on the Department of State governmental website for each state. You can also find a list on the National Association of REALTORS® website.
Do You Have What It Takes to Become a Land Broker?
People with certain characteristics are more likely to succeed in a career as a land agent. The most important traits are excellent oral and written communication, strong negotiation and organizational skills, and the ability to manage business-to-business and business-to-customer transactions. Knowledge or experience in geography, environmental studies, marketing, management, economics, and/or commerce doesn’t hurt. While most land brokers starting out choose to find work specifically in land brokerage companies, most will work for general real estate brokerage companies. Some closely related career choices include accredited land consultant (ALC), land acquisition manager, land acquisition specialist, and land agent. Several career choices are loosely related to this field, including a commercial realtor, insurance agent, and travel coordinator; these paths might also be worth pursuing.
Below are overviews of a few career paths related to land brokers.
What is an Accredited Land Consultant (ALC)?
Accredited Land Consultants (ALCs) are land experts who have the most experience and accomplishments. Becoming an Accredited Land Consultant requires the successful completion of a rigorous education program. The program is through the REALTORS® Land Institute’s LAND University (LANDU) and involves 104 course hours. A proven track record of impeccable transaction performance is also a requirement. According to REALTORS® Land Institute, Accredited Land Consultants make an average of $373,925 annually (in 2023).
If you’re looking to hire an Accredited Land Consultant, try searching for the following: accredited land consultant near me (or) best land realtor near me
What is a Land Acquisition Manager?
A land broker may continue their education and become a Land Acquisition Manager. Land Acquisition Managers are essentially land agents and real estate managers. The primary role of a Land Acquisition Manager is to find, buy, and sell land on behalf of their client. They also organize, oversee, and manage transactions, negotiate land acquisition contracts, and conduct land analysis surveys, market research, and feasibility reports. According to ZipRecruiter, a Land Acquisition Manager makes roughly $127,124 annually (in 2023).
If you’re looking to hire an Land Acquisition Manager, try searching for the following: land acquisition manager near me
What is a Land Acquisition Specialist?
A land acquisition specialist, also called a land specialist, is essentially a commercial real estate agent who specializes in land buying and selling. Many refer to this role as a land agent. The primary role of a Land Acquisition Specialist is to find or sell land on behalf of their clients. They also find land leases for clients looking to lease land. Land Acquisition Specialists conduct land analysis surveys and market research to assist in the decision-making process. According to ZipRecruiter, a Land Acquisition Specialist makes roughly $78,936 annually (in 2023).
If you’re looking to hire an Land Acquisition Manager, try searching for the following: land specialist near me
Join the Club of Professional Land Specialists
If you become one of the many land brokers in Ohio, it is wise to join the REALTORS® Land Institute. This esteemed institute acts as a global network of land professionals. As mentioned above, REALTORS® Land Institute also provides you with the education, tools, advice, and networking opportunities needed to become an Accredited Land Consultant (ALC).
The Robert Weiler Company: Trusted Land Brokers in Columbus, Ohio Metro
The Robert Weiler Company knows what it takes to be successful at brokering Ohio land for sale. As a full-service commercial real estate brokerage, development, property management, appraisal services, and CRE consulting firm with 85 years of experience, we have a competitive market knowledge and a value you won’t find at any other commercial brokerage firm. Keep us in mind if you have any questions; we’re always here to help future land brokers. Reach us at 614-221-4286.