Freight Brokers, in case you didn’t know, are tasked with matching suppliers and couriers together, ensuring that goods get from point A to point B in a fast, efficient, and cost-effective manner for all the parties involved. Essentially, they are a “middleman” between a company which has cargo and a transportation company which is standing by to move someone’s cargo.
Here we have compiled some interesting facts about freight brokers for you, allowing you to better appreciate these unsung heroes of the logistics supply chain.
1. Varied salaries
The average salary for a freight broker can vary from $23,500 to $73,000, depending on your experience and region.
2. Average salary
Despite all this variation, the average US salary for a freight broker is $43,409.
One of the most important parts of a freight broker’s job is to know which carriers are most reliable and calculate the chances of them moving cargo on time compared to other companies.
4. Maximizing loads
Freight brokers can use a combination of mathematics and industry experience to maximize the load size that a shipper can carry, meaning that more cargo can travel on the same journey.
The shipping industry has been greatly helped by freight brokers, who help to establish relationships between transportation companies specializing in different forms of travel, such as land, sea, and air travel.
6. Bond requirement
Due to the bond requirement involved, freight brokers get to enjoy 35% less competition in their roles, which must be nice!
7. Lots of them!
If you were going to get all the US freight brokers on the same subway train, you would need a total of 56 subway cars to fit them all in comfortably.
8. Best state
The best state for freight brokers to work in is Connecticut, where they are paid an average salary of $65,530 for their hard work!
Freight revenue is expected to grow by 64% this year, with the freight industry reaching $1.3 trillion in revenue by the time we get to 2024.
It turns out that truckers carry 81% of total freight revenue that freight brokers organize, meaning that truckers continue to be the most valuable form of transport in most circumstances.
The demand for freight brokers is not going away any time soon, with the industry snowballing and becoming more popular year after year. With some states like Connecticut offering really competitive and juicy salaries for freight brokers, it’s easy to see why people interested in the transportation industry may choose this as a potential career. If you’re naturally entrepreneurial and you want to start your own business, the head of a freight broker business could easily see earnings of $70,000+ if they manage to make it successful.