A substantial slice of final earnings for Realtors (just below three-fifths) arrives through commissions. Median overall income in this area is approximately $52K. Geographic location is the biggest factor affecting pay for this group, followed by years of experience. Job satisfaction for Realtors is high. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 53 percent. Just under a fifth report receiving medical coverage from their employers and around one in ten collect dental insurance. The data in this summary comes from the PayScale 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.
- Develop strong relationships with clients, identifying needs, preferences and goals.
- View properties, advise about prices and hold open houses.
- Advertise, network and increase awareness of properties and brand.
- Counsel clients about prices, financing, legal options and expectations.
- Create, review, edit and update contracts, agreements, leases, deeds and other paperwork.
Common Career Paths for Realtor
Although it's unusual, some Realtors transition into jobs as Real Estate Brokers. The latter group reports earning a slightly lower median of $61K per year, though. A lot of Realtors advance their careers by becoming Property Managers and Administrative Assistants. However, those positions offer $10K less and $20K less per year on average.
Realtor Job Listings
Search for more jobs:
Pay by Experience Level for Realtor
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Respondents with less than five years' experience take home $45K on average. In contrast, those who have been around for five to 10 years earn a noticeably higher average of $71K. The average pay reported by folks with 10 to 20 years of experience is around $82K. Respondents who boast more than 20 years of experience can't seem to boast paychecks reflecting that extensive experience, though; veteran Realtors report making only $81K on average.
Related Job Salaries
Key Stats for Realtor
Rated 5 out of 5
based on 18 votes.