A real estate agent’s income depends on many factors. Most noteworthy, it depends on the transactions that you are able to close. Every agent has an opportunity to earn significant income. Below are ways for you to get the highest real estate agent income that you possibly can.
Your annual income will depend on the state in which you live. This is due to a few factors, including the market’s average home value and how many transactions you close. For example, an agent will earn much less selling a $200,000 home than selling a $350,000 home.
The average agent earned an average income of $42,500 in 2016, according to the National Association of REALTORS®. The top three states with the highest earning real estate agents were as follows: New Jersey ($46,604), Alaska ($45,800), and California ($45,206).
What Other Factors Should You Consider?
Besides annual income, there are other factors that you should consider. For example, these factors include your knowledge of the local market, as well as the real estate job opportunities that exist in the market. You should also consider the lifestyle that you and your family hope to achieve.
How Can You Increase Your Income as an Agent?
Every agent has the ability to increase income. Personal limitations have a great impact on real estate income. In fact, they can have a greater impact than the market(s) in which you choose to work.
Master One Lead Generation Method
There are many ways to connect with potential homebuyers and sellers. This might include cold-calling prospects, attending network events, hosting open houses, or purchasing ads. There is no right way to generate real estate leads. However, it is important that you become proficient with at least one method. This will help you maintain a pipeline of potential business.
Focus on a Niche
Focus on a specific home category, such as condos, townhouses, or duplexes. Doing this will, over time, position you as an expert in that niche. You will gain a greater depth of knowledge in your area of expertise. Thus, you will be able to attract homeowners who are seeking specialized advice.
There are a variety of ways for you to increase your income as a real estate agent. Thus, with all of these choices, you will need to look at the ones that fit best with your circumstances.