Being a real estate agent is a fulfilling job, for many reasons. First off, you have flexible working hours, which means a better work-life balance. Also, you get to meet new people and do exciting things. Despite these benefits, not everyone is ready to quit their current jobs and become real estate agents. This is because the transition requires a big change in mindset and a good amount of investment. A better option is to test the waters first, with a part-time real estate position; you can even do this while staying at your steady job. Over time, you can make the shift to becoming a full-time real estate agent, if that is what you want. Money is one of the defining aspects of this shift. How much can you make as a real estate agent? Well, let us look at some numbers.
Commission-Based Real Estate Agent
Most people start off by getting commissions, although some earn a salary as well. The amount that you earn can depend on the number of hours that you put in every day. According to a report by McKissock Learning, the average gross income is $56,521, when you put in anywhere between 21 to 40 hours a week. This increases to $123,024, when you work more than 60 hours a week. Besides working hours, there are also many other factors at play, such as your level of knowledge and experience, your personality, the growth of your real estate market, and the competition. The same report states that experts who follow the industry’s best practices earn about $99,385. Novices start with around $45,688, while those who are not successful still end up with around $39,412.
Planning to Take the Plunge?
Before you decide to commit to real estate, estimate the costs. Be ready to pay around $2,000 for your license. Additionally, keep aside one year’s worth of living expenses, before you move to this career.
What you earn depends on the number of hours that you contribute and on your skills and knowledge. If you do not know what you will make, make sure to set aside some funds for your first year.