How Much Does the Average Real Estate Agent Make?
If you’re considering switching careers to real estate, you might be wondering, “How much does the average real estate agent make?” Real Estate can be a very lucrative career, and that’s among the top reasons why many people choose to start a career in real estate. However, most North Carolina real estate brokers are not compensated for their work like the average 9-to-5 worker.
Planning ahead to know how much you can expect to earn and how commissions are paid before starting a new career will help you understand how much to save and how to adjust your budget during your career transition.
Real estate income depends on many factors
Your monthly income is highly dependent on many different things such as vocation, years of experience, how many hours you work a week, and how much effort you put into growing your client base. The answer to “How much does the average real estate agent make?” isn’t as simple as giving a dollar figure. To get an accurate number, you need to take into account where you will fall based on a variety of different metrics.
1. Longer Hours = Increased Income
One way to figure out how much the average agent makes is to take a look at what agents who are putting in an average amount of hours are earning. In real estate, longer hours usually mean higher potential income. Agents putting in 40 to 50 hours a week can expect to make roughly over $100,000. Agents who work between 51 to 59 hours a week can potentially earn over $140,000. It’s also important to note that these are only estimates and many factors can influence these numbers.
2. Experienced Real Estate Brokers earn top dollar
In real estate, the more experience you have generally means you will earn more money, and have a solid client base, which means more referrals as well. A real estate agent in the middle of their career might earn somewhere between $149,000 to $164,000 dollars. Again, this number is dependent on a combination of factors which can influence the average real estate agent’s earnings.
3. Markets can play a huge role in determining income
What an average real estate agent makes varies vastly by market. The average residential real estate agent may earn significantly less than a commercial real estate agent solely based on the cost of the properties being sold. In general, average real estate incomes tend to fall in the $140,000 range, while some markets, like property management or affordable housing, have notably lower incomes and others, like luxury homes or green properties, have markedly higher earnings.
How can agents rise above the average broker income?
Your earnings don’t have to be defined by what’s “average” for your market, experience level, or the amount of time you put into your job. There are always ways to beat the odds and go above the median earnings. We’ve found that agents who are earning more typically excel at managing their marketing dollars, finding quality leads, winning real estate listings, and staying updated on best practices.
Ready to start a thriving career in real estate and start earning uncapped income?
Sea Coast, Real Estate Academy, offers dedicated courses designed to prepare you for your new real estate career in North Carolina. Contact us today to get started!