For instance, being a real estate agent is a commission-based job, which means there is potential to make serious money. On the other hand, your success is a function of your efforts.
Real estate agents don’t receive a base salary. Instead, real estate agents earn money when they sell a real estate property, such as a house, and receive a commission for it.
On average, a real estate agent commission is five to six percent of the purchase price. However, some agents are willing to negotiate with clients and offer a discount.
Real estate agents only get paid when a seller transfers their property ownership to the buyer. Real estate professionals refer to this transaction as closing.
The average real estate wage for real estate agents ranges from $42,000 to $49,000 annually.
The NAR reported that a REALTOR with more than 16 years of experience had a median gross income of $71,000.
Real estate agents make money when a property sells. However, certain factors can help increase an agent’s income above the average salary.
1. Experience
2. Property Type
3. Lead Generation
Factors That Can Improve A Real Estate Agent’s Income