A career in real estate offers a great deal of flexibility. It can be a fulfilling career path for people who want to work their own hours and earn a great salary. Some choose to go beyond the typical residential real estate agent and pursue higher-risk paths like becoming a property developer or broker. Others stick with traditional real estate as a means of securing solid income. Whatever career path you choose, it is important to understand the average real estate agent salary before jumping in feet first.

Unlike many other careers that offer a set base salary, most real estate agents earn only a commission when they help their clients buy or sell property. As a result, it is common for new agents to start with lower earnings. However, after gaining experience and developing their network, agents can expect to see their earning potential increase. Read more https://www.cashforlandfl.com/we-buy-land-alachua-county-fl/

In New York City, real estate agents can earn a maximum of $104,180 per year. This includes the amount of commission that an agent will receive on each transaction plus additional cash compensation for perks and services they may provide their client. This is higher than the national average of $50,598, which was reported by Glassdoor in 2022.

A real estate agent’s salary will also depend on the sector they are in and their level of expertise. For example, commercial real estate (CRE) agents typically earn a higher salary than their residential counterparts. This is because CRE agents assist businesses and investors with the acquisition and management of commercial office space, industrial facilities, warehouses, and land for development.

The average sales price of a property will also impact the amount of money a real estate agent will make. The higher the sale price, the more that an agent will earn. However, it is worth noting that the majority of a real estate agent’s time is spent on unpaid activities like networking, meeting with prospective buyers and sellers, and conducting research on property values. In fact, according to NestApple, most agents spend over 90% of their time on unpaid activities that don’t lead to a closed transaction.

As independent contractors, most agents do not receive benefits like health insurance or paid vacation time that salaried employees might get. In addition, they often have to pay for their own real estate education and attend industry events to stay up-to-date on changes in the market.

While some agents find that these sacrifices are well worth it, others are looking for a more stable and secure career path. One way to balance a career as a real estate agent with a steady income is to become a commercial mortgage loan originator, who can offer a more predictable monthly income. Those who want to avoid the risk of working in a volatile industry can also seek out positions at large brokerage firms that offer base salaries alongside commissions. In these cases, the agent will likely have to sacrifice a higher percentage of their commissions in exchange for a steady income.