Welcome to the world of real estate!
One of the most common questions aspiring agents ask is, “How much can I earn as a real estate agent?” The answer is simple: the sky’s the limit. It all depends on how much effort you’re willing to put in.
Some new agents earn as much as $60,000 to $70,000 in their first year. However, after a few years of experience in the business, you have the potential to earn millions of dollars. Of course, this depends on the market you’re in and the type of homes you’re selling. Building up to this level takes time, and you’ll need to learn the market, work hard, and get your name out there.
Many people also wonder if real estate agents work strictly on commission. The truth is, a majority of opportunities in this field are commission-based. However, there are some companies that offer salaried positions, especially for property management. Otherwise, you’ll likely be working on a commission basis.
The amount you can earn as a real estate agent is truly limitless. With hard work and dedication, you can achieve financial success beyond most other industries. So, if you’re ready to take on the challenge and reap the rewards, the real estate industry may be the perfect fit for you.
FREQUENTLY ASKED QUESTIONS
What are some personality traits of successful agents?
It’s important to be a “people person” – being able to talk well, being able to get along with people, no fear of asking the hard questions, no fear of having to have courageous conversations with people.
What's a typical day like for a real estate agent?
A typical day might include talking with your sphere of influence, and connecting with people who’ve been in contact with you in terms of being in interested in buying property. You’ll be studying the market, figuring out how your chosen market works in terms of pricing, in terms of how long properties stay on the market, and how the market responds to different types of homes.
How much can I earn as a real estate agent?
The sky’s the limit! It depends on how much you put into it. Some agents earn $60-$70K in their first year, and after a few years in the business, they may earn millions of dollars. It depends on your market and the type of homes that you’re selling. But typically it takes time to build up to that level. You’ll have to learn the market, work the market and get your name out there.
Do all agents work strictly on commission?
A majority of the opportunities are straight commission. There are some companies who pay salaries for property management, and if you’re going into some sort of private real estate management firm, you might be paid a salary. Otherwise, most of it is commission.
Does the agency keep part of my commission?
Yes, you’ll negotiate with your firm to determine how much of the commission they will keep. Usually you will keep the majority. Then there are some firms you can join that will just charge a transaction fee. Those who take part of commission will provide you with more support services.
Can I do real estate part-time?
Many firms will accept part-time Agents, but you’ll get out of it what you put into it.