If you’re planning to switch your career to real estate, then you might be inquisitive, ‘how much do real estate agents make?’ Not all agents acquire the same amount of income. If you wish to earn a six or seven-digit income, then you will be needing more than just a few house sales to earn an enormous income. Devising ahead will help you know how much money do real estate agents make. We have reviewed real estate agents across the globe to know what their average income is and what factors affect it.
List of Factors that Affect Real Estate Agents Income
A real estate agent’s income varies and it is remarkably dependent on several factors such as how much do real estate agents make per sale, years of experience, working hours, niche, etc. The answer to, ‘how much do real estate agents make a year?’ is not elementary and depends on several factors. To get a precise number, you must take into account where they plunge on the scale and what factors affect their annual income. Check out the below-mentioned factors for more in-depth detail on the factors affecting their income.
- Working Hours
How much do real estate agents make? One way to find out is to review what real estate agents working hours are and how many hours they commit on a daily or weekly basis. Longer hours indicate higher incomes as opposed to putting in fewer hours. According to a survey, agents who put between 40 to 50 hours every week are estimated to earn around 70,000 USD.
- Job Satisfaction
We might think that job satisfaction does not play a major role, but various research indicates that happy and satisfied real estate agents make more money as opposed to those who are not satisfied or unhappy with their profession.
- Years of Experience
In real estate, a top or experienced agent will earn more. An agent who has a considerable amount of experience will earn between 65,000 USD to 85,000 USD. This estimation will vary and be highly dependent on various factors that regulate the average income of the estate agent.
- The Niche
The niche of a real estate agent determines, How much commission do real estate agents make? What an average commercial real estate agent is making might be more than a residential agent. In general, an average commercial real estate agent earns approximately 75,000 USD, while some niches of real estate such as affordable housing or estate management have markedly less income.
- Brokerage Type
Another factor that determines the average earning of real estate agents is what brokerage type they opt for. For instance, a self-employed agent earns an average of 80,000 USD annually. On the other hand, an agent working at a franchise is expected to acquire an average of 60,000 USD annually.
If you are looking for an answer to the question, ‘how much do real estate agents make?’, then there is no specific answer. It depends on years of experience, brokerage type, niche, working hours, etc. Continue to acquire more about your field and stay updated is imperative to thriving as a real estate agent.
Know Helpful Tips on How to Earn More Money as a Real Estate Agent
The real estate industry offers lucrative earning options. We have listed a few helpful tips that will guide you on how to earn more money as a real estate agent:
- Turn into Buyer’s Agent
To make more as a real agent, many agents turn into buyer’s agents. They work for people who are looking to purchase a home. The job of the agent is to get the customers to the site where the estates are available for sale and show them multiple properties. The real estate agent will write an offer on the selected house for the customers. The clients are dependent on the agent to handle every aspect of the buying process until it is over.
- Listing Homes
A real estate agent can do a listing of homes for sellers. The job profile of a listing agent is diverse from a buyer’s agent. The listing agent will work with the sellers of a property. The listing agent will look for a profitable price for the property and make it ready to be sold. The agent is culpable for negotiating with the buyers to get the best price and complete the selling process.
- Work as a Commercial Real Estate Agent
Most of you are already aware that working as a commercial real estate agent is a more lucrative option as they earn more. They earn more as compared to residential property agents who are paid on a commission basis. To earn more, start working as a commercial real estate agent as they earn approximately 75,000 USD yearly.
- Work as a Property Manager
Another way to earn more income is to handle all the estates for investors and homeowners. A property manager has to handle, maintain, and repair the properties and keep track of accounting. The house owner will give you a percentage of the rent that is acquired on the monthly basis.
- Build Your Identity
It is advisable to make certain that you build your identity in your selected niche. When starting a career as a real estate agent, it is important to build an identity in the market. You can create a user-friendly website, attractive logo, business card, etc. to stand out in the market and boost your career.
Earning enormous money in real estate can be done easily as the commercial and residential market is expanding. A real estate agent should know the different means of earning options that are available for them. You just need to consider a few useful tips while starting your career as a real estate agent.
Real estate agent income varies depending on experience, industry, location, properties sold, etc. The deciding factor is reliant on the commission, selling price, and how many properties they sell. Read the blog to know, ‘how much do real estate agents make?’