Since the economy started to spiral down in 2008, many people had difficulties finding jobs because their skills, training and experience that used to be in demand are no longer sought-after or salable. Hence, people have explored other possibilities such as undergoing retraining and having a career shift. On the other hand, while other professions have gone less in demand, people in the real estate market are steadily growing in number. In fact, according to the Bureau Labor of Statistics, the number of agents will increase up to 16 percent at the end of 2018. Despite the bad economy, the real estate agent salary remained fixed. They get 6 percent of the total value of the house they sold or found for a buyer or seller, and they divide it to half to their broker. Their service is very much needed these days because people are selling their properties and homes and they need professional help to be able to dispose their homes to their advantage.
An average agent’s salary is as high as $45,000 per annum. The majority of them earn $65,000 per year, and there are some who earn above $95,000 annually. A real estate agent’s income highly depends on three factors-who they work for, where they are located and the number of deals they closed.
The common place of employment of agents is at a broker’s office. A broker makes money after his agent sells or finds a property for a client. The broker gets 6 percent of the price of the property sold and splits it with his agent. The real estate agent salary is estimated to be around $45,000 to $ 65,000 per annum for those who work under a broker. Agents who work in companies that also have an insurance business on the side earn higher (e.g. those who work in leasing offices and with developers).
The location of properties affects their value and demand. Naturally, the agent’s salary also depends to their location. Agents in New York, Illinois, Vermont and North Carolina earn $65,000 to $85,000 per annum.
Agents do not have a fixed salary. They receive commissions per successful transaction. An agent’s ability to close deals largely depends on his/her marketing strategy, personality, training and experience. People from all walks in life can become agents if they get training and pass the state licensure exam. People can even enroll in an online program to get a certificate to prepare them for the state exam. It is cheap. For 150 hours online training, you will only spend around $500. For more information about a real estate agent salary, please visit Salary.com.