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What is the starting salary for Real Estate Agents?

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Thomas’s Answer

It varies by state and level of experience. Accoording to Payscale.com , the average in the US is $48,635/ year.

Source: https://www.payscale.com/research/US/Job=Real_Estate_Agent/Salary
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Hassan’s Answer

My understanding is that agents are usually purely paid commission and so you make nothing till you sell something. https://work.chron.com/realtors-make-base-pay-25238.html

That makes it challenging to get started but once you have a reputation and good broker then you can make good money.

Also, pay will vary significantly based on the housing market. Some years will be great, while others may be very challenging.
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Pamela’s Answer

Real estate agent work on commission and have a contract with the brokerage firm that holds their license... this can vary greatly depend on the standard commission in the area you live, the average selling price of a home(as the commission is typically a % of the sales price), how any homes you sell and close a year. Would recommend trying to speak with a real estate agent of firm in your area to see if there maybe someone who can mentor you as you make your decision.
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Kim’s Answer

Hi Reece, traditional real estate agents are considered independent contractors which means they typically are not paid a salary. On average, agents earn 2.5-3% of the sale price of the home, and of that 2.5-3% they then have a split with their brokerage (i.e. 80/20, 90/10). However, there are brokerages who are now offering salaried real estate agents (i.e. Houwzer, Redfin, etc.) These types of brokerages not only provide a salary for their agents but also bonuses and often times pay for all associated overhead costs that come with being a real estate agent. Also, take into consideration that as an independent contractor, you are responsible for self-employment taxes which are more than traditional taxes as a W2 employee.

Hope this helps!
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Judith’s Answer

In Chicago it depends on the agency you work for and how they structure commission.

https://www.ziprecruiter.com/Salaries/Real-Estate-Agent-Salary-in-Chicago,IL
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