While real estate agents can make good salaries, there is no doubt that specializing in particular niches can be lucrative. However, not all niches lead to higher wages. For example, affordable housing agents tend to have lower salaries. If you are looking to make your career in real estate particularly profitable, these are the top 3 highest-paying niches.
Foreign Investment Properties
Real estate spans the entire globe. Savvy agents never focus only on their own backyards; they keep their eyes on trends around the world, particularly in terms of investment properties. While working on domestic investment properties can lead to a good salary, working on foreign investment properties can edge it out, leading to an average earning of over $79,700, according to a recent study.
Relocation Real Estate Agents
Relocation real estate agents specialize in clients who need to move for their professions. These agents focus on a niche that deals in executive homes. Often, these agents get to work on both sides of the transaction; thus, they can quickly earn two commissions. In addition, buyers who are relocating are generally on a timeline, speeding up the process. Word of mouth travels quickly in these professional circles, earning an agent referrals and an average salary of over $90,000.
Commercial Properties Are the Most Profitable
Commercial real estate certainly requires a lot more work than other niches require, but this niche is also the highest-paying specialty. These agents focus on businesses and large properties, rather than residences. As such, obtaining licensing and certification is different and more extensive. However, do consider that this niche offers the highest average salary among specializations.
If you are looking to get a lot of bang for your buck, it is hard to go wrong with these specializations. While these niches may require commitment, the good news is that your work is likely to pay off, as these niches also offer some of the highest salaries in the industry. If you are looking to earn more as an agent, these niches are excellent places to start.