Real Estate Salary
Real estate agents partner with clients so as to manage the sale and buying of property and houses. Approximately 162,560 real estate sales agents worked in the United States as of May 2012, according to the Bureau of Labor Statistics. Real estate sales agents usually work with licensed brokers or real estate agencies, showing homes to clients and preparing documents when they make sales. Some sell commercial properties such as office buildings and store locations. Salaries for first-year real estate sales agents can vary, depending on where they work. Most individuals with this occupation move on to other jobs after 20 years in this profession.
As stated in the Simply Hired job website, the average yearly salary of a first-year real estate agent as of 2014 was $32,000. In real estate, incomes or salaries are obtained mostly from commissions. According to Move, Incorporated, a real estate company, many real estate agents get 3% on the cataloged sales price of houses. The minimum education requirement is a completion of high school for which can be proven with a high school diploma. For this job, the Bureau of Labor Statistics states that one must have at least 1 year experience in the position of real estate sales. A real estate license can be acquired from their employer. Additional important requirements for the position are social, problem-solving, organizational, business and computer skills.
In 2014, Simply Hired says the average incomes for first-year real estate sales agents differs most notably in the South region. First-year agents in Washington, D.C. earn an annual average of $53k while the ones in Mississippi earn the lowest with $26k. Average yearly incomes in the Northeast region of the United States differ from $40k in Massachusetts and $30k in Maine. In the Western region, the average spanned from $27k in Montana to $38k in California and Alaska. Finally, in the Midwest, average salaries varies from $26k in South Dakota to $35k in Minnesota and Illinois.
BLS reported that the average annual salary for real estate agents was around $52,000 as of May 2012. But, the median income was just around $39,000. This shows that those with the highest salary pushed the total average past the median. The typical salaries for first-year real estate agents usually fall between 25-50% of their salaries. In their 1st year, real estate sales agents practice to look and approach buyers. Since they are not as skillful at looking and closing clients, first-year real estate sales agents earn less than the more experienced ones. As a consequence, they get less in shares.
The BLS calculates roughly 11% growth in jobs for sales agents and real estate brokers in between 2012-2022, which is equal to the national average for all professions. The growth of population must push demand in the available jobs for sales agents and real estate brokers. More individuals are also depending on brokers and agents to be their representations when buying house properties. Real estate occupations are extremely dependent on a country’s economy, as more properties are sold when it is strong.