A large fraction of take-home pay for Realtors comes from commissions — roughly one-half on average, in fact. The median overall income in this field is approximately $51K. Geography and tenure each impact pay for this group, with the former having the largest influence. Job satisfaction is reported as high by the vast majority of workers. A little less than a fifth enjoy medical while roughly an eighth get dental coverage. Vision coverage is also available to less than 10 percent. Women Realtors who took the survey just slightly outnumber men. This snapshot results from replies to PayScale's salary survey.
Job Description for Realtor
A realtor is a person who helps people buy and sell houses. Typically a realtor will work most closely with persons who are attempting the steps required in selling a house or similar property. However, people who are relocating to an area or looking to move into a new home may also engage a realtor to assist them in their search. In many instances, the realtor acts as a representative in the interests of the buying or selling client they represent. The realtor gets the best sale price possible, while looking out for the best interests of the persons they're assisting.Read More...
In helping to sell a home or property, a realtor will usually engage with the seller to first help determine a fair market value and asking price. The realtor will take into account not only the assessed value of the home, but also recent sales in the vicinity when advising on this asking price. In assisting with the buying aspect of a home or property, a realtor will typically work to discover the needs and wants of a client regarding location and family size and will prioritize these various criteria. The realtor will show clients homes and properties that match these requirements and fit within the buyer's price range.
To work as a realtor, in most jurisdictions a person must become certified. This typically involves classes offered in a community college or other classroom setting. Realtors are salespersons of the highest order, typically relying on commissions as their primary form of income. To be successful, a realtor must be personable and outgoing and have excellent customer service instincts. Most realtors work regular hours during the week, with occasional irregular and weekend duties. Realtors typically split time between an office environment and field work, visiting and showing properties.
- Counsel clients about prices, financing, legal options and expectations.
- Create, review, edit and update contracts, agreements, leases, deeds and other paperwork.
- Advertise, network and increase awareness of properties and brand.
- Develop strong relationships with clients, identifying needs, preferences and goals.
- View properties, advise about prices and hold open houses.
Common Career Paths for Realtor
There are some Realtors — though it's uncommon — that transition into Real Estate Brokers, where earnings are an average $61K annually. Realtors most frequently advance into Property Manager and Administrative Assistant roles even though the median salaries are $9K lower and $19K lower, respectively.
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Pay by Experience Level for Realtor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average worker who claims fewer than five years of experience earns around $43K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $67K. The average pay reported by folks with 10 to 20 years of experience is around $77K. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $62K.