Do you wonder what a starting or average salary for a real estate agent is today? Assuming you’re referring to average wages, RE/MAX agents make about $154,634* a year.
This is quite a bit higher than the industry average of $82,800. So why do people become real estate agents?
For many, the flexibility and independence come with the job. You can set your hours, work from home, and be your boss. Plus, there’s no limit to how much you can earn.
The harder you work and the more properties you sell, the more money you’ll make especially if you are at the right brokerage.
It’s More Than A Salary For Most
Of course, being a successful real estate agent takes hard work, dedication, and a lot of knowledge about the industry. But if you’re up for the challenge, it can be a very rewarding career in real estate.
A real estate career can be rewarding due to the flexibility in scheduling, and the opportunity to help people find their ideal homes.
Additionally, the satisfaction of guiding clients through the process of buying or selling a home can be emotionally fulfilling.
Overall, a real estate career offers financial potential, flexibility, and the gratification of assisting others in significant life decisions of buying or selling a home.
What is the Starting Income of a Real Estate Agent?
The starting salary of any real estate agent is less than the average as it takes time to build up a following and clientele.
According to Zip Recruiter, the starting salary of a real estate agent is around $57,000 per year. That’s more than a lot of other jobs’ starting salary.
Of course, you have to take and pass the real estate test to become licensed as a real estate agent. That can take several months to study and pass the real estate exam. (Many agents have had to take it more than once to pass the exam.)
How Do Real Estate Agents Get Paid?
Most real estate agents are paid on commission when a property is sold. It depends on the split with their broker/owner and the agency fees. Commissions are an average of around 6%.
If you are the listing agent you may have to split your commission with the buyer’s agent.
What Other Benefits Of Becoming a RE/MAX Agent Are There?
Brand Recognition
Another benefit of joining RE/MAX is brand recognition. People know the RE/MAX balloon and understand that this brand sells more houses than any other real estate brand.
Once the RE/MAX sign is put on a home or business, it sells faster than any other real estate agency.
Technology
RE/MAX is the leader in the technology of real estate companies.
Not only does RE/MAX have fabulous signs but they also have fabulous websites made from KVCore ready for agents immediately to get started as a real estate agent.
These websites also come with a branded app that agents can share on mobile devices with potential clients along with many other tools to help them with listings.
Other technology includes promotional material from the RE/MAX Hustle. We could go on and on about the technology that helps boost the salary of a real estate agent at RE/MAX of Northern RI.
Training and Mentoring
Not only do RE/MAX real estate agents make a bigger salary but they are trained more than other real estate offices. Here at the Northern RI RE/MAX 6 offices, we offer a mentorship program for all new agents.
They team up with an experienced agent who helps guide them into their first year as a realtor at RE/MAX in northern Rhode Island.
How to Maximize Your Real Estate Salary?
- Invest in your own training with time and a little money. Many of these are business tax deductions too so keep track of them. (However, to be deductible, the expenses must fit the official IRS definition; be directly associated with your real estate duties; be paid for by you, not your broker, etc; and be documented with receipts.)
- Use your website and blog to generate leads and get your name/brand out there.
- Market yourself with social media, email campaigns, etc.
- Focus on becoming a listing agent.
- Sharpen your negotiation skills.
- Find your niche: luxury homes, 2nd homes, multi-family units, etc.
- Stick with it.
What About Part-Time Realtors?
Do part-time realtors make as much money? Usually, they do not make as much money as they work fewer hours.
However, they can build up a following enough to quit their other job and work full-time in the real estate business. It’s a great way to buffer your expenses in that first year in business.
But, do note that working part-time will take longer to increase your salary as a real estate agent.
How Much Salary For A Real Estate Agent Do You Want To Make?
Do you know how much of a salary you want to make as a real estate agent? Start with a goal in mind to help yourself find the right path to achieving it.
Let us at RE/MAX Preferred, Town & Country, and Properties help you on the path to making the best salary for a real estate agent that you make.
Contact Richard Zompa Today!
Contact broker-owner, Richard Zompa with over 37 years in the real estate business with 6 offices located in Rhode Island.
He will help you get started to make more money selling real estate than you could imagine. (As long as you are willing to work hard and stick with it!)
(*1 U.S. Agents, 2021.2 U.S. Agents, as of year-end 2021.)