Chart: How much real estate agents make per USA State12650
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|Inman (29 July 2020) Agent wages are rising, but not everywhere or for everyone - New data shows that as of May 2019 the average U.S. agent salary was $62,060. But wages are moving in different directions in different states
Wondering how much real estate agents make in your state?
Check-out this lengthy Inman article that analyzes U.S. Bureau of Labor Statistics for Real Estate Sales Agents in May 2019. (Charts are interactive: hover over a state)
From the Inman article:
Here are the top five states for average agent salaries as of May 2019:
✓ New York, $111,800
✓ Massachusetts, $84,180
✓ Connecticut, $79,780
✓ Alaska, $79,360
✓ Colorado, $76,850
These are the states with the lowest average earnings:
✓ Indiana, $47,670
✓ Ohio, $47,420
✓ Idaho, $47,350
✓ Minnesota, $46,130
✓ Illinois, $42,130
What are your thoughts on the topic of real estate agent income?
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|It's always a little misleading to look at agent income averages - There's the 80/20 rule that 80% of the money is made by 20% of the agents. In reality, you will be working with agents in the top tier who can easily be making $300,000+ in any given year, in gross commissions. Some significantly more than that. On the other hand, you have a gigantic percentage of "working" agents who are lucky if they sell one home every few months, and often make $20,000 or less. It might be more illuminating to do an average of what the bottom 80% of agents average. I would guess that would range from 0-$50,000.
I would say, in most markets, your middle-field agents of the top 20%, the ones who are steady, but not the top producers, make somewhere from $75,000 to $150,000. And "average earnings" often factor in gross commissions, which, most agents split with their broker, as well as have additional expenses such as transaction coordinators, assistants, etc. which reduce their available advertising budget for things such as luxury tours and advertising...
Having coached agents across the country for 30+ years... One thing I can say for certain, is that the general public has a perception that real estate agents make far more money than the vast majority of them actually do - They "do", as a general rule, utilize a lot of credit offers and credit cards. The profile, in general, of a person who is willing to work on the promise of income, vs the security of a paid job with some guarantees, is a person with a high risk personality profile. Why do I say that? In this context, it could be helpful when thinking about working with Realtors, to think about adding some "pay later" options to services - or setting up a payment function that allows them to have the property tours paid for directly by their client upfront, instead of the agent. Many agents work on a shoestring budget, and are counting on that closing (which may or may not happen) to pay for the expenses incurred. If you offered two price points, a "pay now" option which is less, and a "pay at 90 days, or COE, whichever comes first" option, secured by a credit card, you might see a jump in sales.
Just a thought -
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