6 answers
Carter
Student
Grafton, Ohio
4
Questions
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What are the hours and salary range for a real estate agent
#business #real-estate
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6 answers
William C. Hanson, SIOR
Commercial Real Estate Brokerage
3
Answers
Mahwah, New Jersey
Updated
William C.’s Answer
The hours you spend are dependent on many factors. Residential brokerage is very different from commercial, maybe not in the number of hours, but when you are working.
I am in commercial. What I tell our new agents is you have the freedom to work when you want, but if you truly want to be successful it is much more than a 40 hour a week commitment.
For the most part it is not a "salaried" industry. Most agents work on commissions. How much you can make is dependent on how you spend that "more than 40 hours" but I would say once you get established, which takes 3-5 years, the idea of making six figures should be a minimum goal, and the industry has no limitation on how much you can make. I know many agents who make in excess of a million dollars a year.
I am in commercial. What I tell our new agents is you have the freedom to work when you want, but if you truly want to be successful it is much more than a 40 hour a week commitment.
For the most part it is not a "salaried" industry. Most agents work on commissions. How much you can make is dependent on how you spend that "more than 40 hours" but I would say once you get established, which takes 3-5 years, the idea of making six figures should be a minimum goal, and the industry has no limitation on how much you can make. I know many agents who make in excess of a million dollars a year.
Meghan Thrasher
Real Estate Agent
32
Answers
Fort Worth, Texas
Updated
Meghan’s Answer
It depends. The hours are usually whatever you decide. Often times their long because the more you work the more money you make.
Agents don’t typically make salaries. They make commission which means they make a percentage of a total purchase price. In Texas a typical commission split is 3% so if you sell a house for 250,000 you walk away with a check for 7,500.
To be in real estate you have to be very forward thinking. The check you get at closing is for the work you started doing 3-6 months ago. That’s why agents work long hours. They aren’t planning a budget for this month or even next month, they are looking 3-6 months ahead.
You are constantly chasing new business because you know that working on a few deals that will close next month will leave you high and dry in the following months.
It is not an easy career choice but it can be very exciting and rewarding. If a salaried position and set hours are important to you then sales may not be the best field. With sales you are always on call.
You could look into sales rep positions with a base salary and commission pay instead. That generally has a bit more stability but the hours will still be long.
I hope this helps!!
Agents don’t typically make salaries. They make commission which means they make a percentage of a total purchase price. In Texas a typical commission split is 3% so if you sell a house for 250,000 you walk away with a check for 7,500.
To be in real estate you have to be very forward thinking. The check you get at closing is for the work you started doing 3-6 months ago. That’s why agents work long hours. They aren’t planning a budget for this month or even next month, they are looking 3-6 months ahead.
You are constantly chasing new business because you know that working on a few deals that will close next month will leave you high and dry in the following months.
It is not an easy career choice but it can be very exciting and rewarding. If a salaried position and set hours are important to you then sales may not be the best field. With sales you are always on call.
You could look into sales rep positions with a base salary and commission pay instead. That generally has a bit more stability but the hours will still be long.
I hope this helps!!
Margaret Tamuleviz
Property Management
3
Answers
Marshfield, Massachusetts
Updated
Margaret’s Answer
Carter,
Depending on someone's experience within the real estate industry, the salary range for a real estate broker can be anywhere from $25k to $110k annually. Typically, brokers work 40 hours per week; however, there are many folks who work longer hours to accommodate their clients who have more availability during evenings and on weekends.
Thank you!!
Depending on someone's experience within the real estate industry, the salary range for a real estate broker can be anywhere from $25k to $110k annually. Typically, brokers work 40 hours per week; however, there are many folks who work longer hours to accommodate their clients who have more availability during evenings and on weekends.
Thank you!!
Brian Edwardson
23
Answers
Updated
Brian’s Answer
Being a real estate agent is very much like running your own business. This should be part of your mindset if you are going to approach this career.
Many times - the amount of money you make is tied to how much you grind. Your salary is directly tied to your sales and usually your sales are directly tied to how hard you work to expand your network.
If you are passionate about being a realtor then I would pursue it. However, I don't know if I would have it replace getting a degree.
A very successful way to setup a realtor career is to start it as a side gig young and keep growing it. You can basically make your own hours but you're then also tied to giving up a lot of your free time.
Many times - the amount of money you make is tied to how much you grind. Your salary is directly tied to your sales and usually your sales are directly tied to how hard you work to expand your network.
If you are passionate about being a realtor then I would pursue it. However, I don't know if I would have it replace getting a degree.
A very successful way to setup a realtor career is to start it as a side gig young and keep growing it. You can basically make your own hours but you're then also tied to giving up a lot of your free time.
Jenn Marino
Account Executive
1
Answer
Old Saybrook, Connecticut
Updated
Jenn’s Answer
Hi Carter,
This all depends on how much time you put in. Being a real estate agent you are an independent contractor of the brokerage firm you work for. Though each state and brokerage have different hours to put in when you first start this is technically all up to you. The more you put in the more you can earn. People also do this as a side job as well.
This all depends on how much time you put in. Being a real estate agent you are an independent contractor of the brokerage firm you work for. Though each state and brokerage have different hours to put in when you first start this is technically all up to you. The more you put in the more you can earn. People also do this as a side job as well.
MORENA LOBOS
Executive Assistant
5
Answers
San Francisco, California
Updated
MORENA’s Answer
Hello all depends on how much time you spend. The real estate is a abroad business that you need to create contacts and get to know your suppliers as well as your potential buyers. Be very organized and dedicate as much time as you can on what the potential buyer is looking for.