Are you considering a career change? Are you wondering what it’s like to be a real estate agent?
Becoming a real estate agent requires excellent interpersonal skills and knowledge of the market in your neighborhood.
Yet what is a real estate agent salary, and can you afford to live on it?
Let’s take a look.
1. Real Estate Agent Salary
The amount of money you’ll make as a real estate agent will vary greatly depending upon your geographical area. Other factors that play a role are the number of hours you can put in each week, as well as your level of training and licensing. Your real salary, however, will get determined by the number of deals you actually close, as well as the percentage of commission you make off each sale.
In 2018, however, the average US real estate agent made a median salary of $48,690. The top 25% of these made an average of over $74,000, and the lower 25% had a median of over $33,000.
Some real estate agents work part-time and find that they make a wonderful supplement to their income. Others work full time and make considerably large salaries.
2. Transitioning Into Real Estate
Many new real estate agents are surprised by how long it takes them to make their first sale. Once you get established, however, it’s easier to draw clients to you.
When you’re ready to start venturing out into real estate, you’ll want to have a back-up salary for at least a few months. Make use of your existing sphere of influence, or those people you have existing relationships with. These could be at schools, houses of worship, and community groups.
Tell everyone you know that you’re becoming a realtor, and will be available to help them with all of their real estate needs. Make sure you use your online networks and send out email blasts.
3. Qualities of a Successful Real Estate Agent
Excellent real estate agents are good at more than just small talk. You’ll need to be pleasant, passionate, and enthusiastic about your work. Your energy will shine through and win new clients.
In addition to an agreeable personality, you’ll have an undying commitment to making your client’s deal happen at all costs. This will require some negotiating skills, as clients depend on agents to get them a good buying or selling price. You’ll have to get creative and do a little research on negotiating if you’re new to the art.
Your new career will also require some computer skills, including the ability to use social media to network. You’ll also probably be required to learn some software that will enable you to send out new listings to clients and give good comps to those looking to sell their homes.
A solid real estate agent dresses and acts professionally at all times. The impression you’re giving will go a long way toward winning clients.
Most of all, you’ll want to show your clients that you’re serious about them and selling their home at the right price or finding them the right home. Make sure you always listen respectfully and show a genuine interest in them.
4. Becoming a Real Estate Agent
Becoming a real estate agent doesn’t require a college degree. It will, however, require you to gain some credentials, so you’ll need to start preparing for your career transition several months before you plan to start.
You’ll need to complete your state’s requirement for pre-licensing education and pass the final exam. Your state may then also have a separate licensing exam that you’ll need to pass.
Next, you’ll want to find a local broker who can sponsor you. Find an agent with a good reputation and find out how they can help you with leads and other marketing strategies. You may feel comfortable with an agent right away, but make sure it’s a solid place to get started and begin advancing in your career.
Finally, you can apply for a real estate license in your area. You can finally start to help people interested in investing in real estate that they will value for a long time.
5. Making Da Money
Many folks go into real estate because they know there’s high earning potential. The right strategy, however, is key to helping your career take off.
Some agents look for a niche in their neighborhood or community that is currently underserved. You may, for example, live in a residential village where many people own their homes. Yet those looking for affordable rentals may be looking for agents with great options.
Short-term or vacation rentals are another great way to get started. If you live in an area that people escape to, you can begin helping local homeowners turn their homes into lucrative rentals.
Real estate investing is another great way to start making profits. You can join an investment club and begin by investing along with a team before you start venturing out on your own.
Other agents may choose to become property managers and earn a steady source of monthly income.
Whichever way you venture into the exciting world of real estate, make sure that you go at it with all your heart. An adventure of profits awaits!
Your New Career
Real estate is an exciting field that allows you to meet new people, enjoy flexibility, and make as much money as you can. With a little research and hard work, your real estate agent salary could be the key to a fresh start and a new lifestyle.
Don’t stop learning about careers in real estate now. For more information on getting started, read our blog today.
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