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What is the annual pay for a real-estate agent?

#real-estate #salary

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Graham’s Answer

Being a real estate agent, in most situations your pay is determined on the # of sales transactions you are part of. It's a commission driven sales role. You need to hustle to build your book of business, make relationships/connections with other agents, specialize in your craft - either commercial or residential realsesate. I've seen realsesate agents lose money as they need to pay their brokerage/license fees and not make any sales. I've also seen real estate agents make millions of dollars. The work live balance of the role is appealing, but you need to put in the work to build the cliental list, learn the craft, understand the market dynamics, negotiate pricing, and ultimately book the purchase/sale for your clients. It's a crowded job market for real-estate agents, but the ones who put in the time, reap the rewards.
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Sheila’s Answer

Hi Airic:

According to US Bureau of Labor Statistics, the median annual wage for real estate brokers was $60,370 in May 2020. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10% percent earned less than $25,460, and the highest 10% percent earned more than $174,120.

The median annual wage for real estate sales agents was $49,040 in May 2020. The lowest 10% percent earned less than $25,100, and the highest 10% percent earned more than $112,410.

Brokers and sales agents earn most of their income from commissions on sales. The commission varies by the type of property and its value. Commissions often are divided among the buying agent, selling agent, brokers, and firms.

An agent’s income often depends on economic conditions, the agent’s individual motivation, and the types of property available. Income usually increases as agents become better and more experienced at sales. Earnings can be irregular, especially for beginners, and agents sometimes go weeks or months without a sale. Some agents become active in community organizations and local real estate organizations to broaden their contacts and increase their sales. I hope this was helpful. Best of luck to you!

Sheila recommends the following next steps:

U.S. Bureau of Labor Statistics • https://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm#tab-5
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Pro’s Answer

According to salary.com, it could range from $65,505 to $86,640
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