A recent RISMedia study found that real estate agents more than double their salary after a year in the industry.
In their first year in real estate, Realtors® earned $19,375 on average, while agents with one year to three years of experience earned $41,023 on average. And as experience increased, so did the salary for most agents.
Agents with more than 26 years of experience typically take home the highest salary, on average, at $86,239. Agents with 11-25 years experience make, on average, a salary of $83,177. Agents with four years to ten years of years of experience earn $62,138 annually on average. Overall, agents earn $71,000 annually on average, and work 21-40 hours a week. Brokers, on the other hand, earn $123,000 annually, but typically work 41-59 hours a week.
The majority of both real estate agents and brokers also reported they earned more in 2017 than in 2016. On average, 59 percent of agents had a higher salary, as did 65 percent of brokers.
Those in the real estate industry are also happier than those in other professions. On average, agents rated their career satisfaction at 79 percent, while brokers rated theirs at 93 percent. The national average in the U.S. is 51 percent. They are also optimistic about the future, 80 percent of agents and 85 percent of brokers reported their future “looks bright.”
Why are those in the real estate industry so content? The top reason is the flexible schedule (71 percent), followed by the ability to help people (63 percent) and the income potential (61 percent).
However, the industry is not without struggles. One of the top challenges of the industry is recruiting new talent, according to 83 percent of brokerages.