You may have seen shows like Million Dollar Listing or Selling Sunset and thought to yourself, how much money do real estate agents really make?
The annual income of a real estate agent depends mostly on how many listings the agent works on and the price point of those listings. Agents that work on multiple large deals a year can earn a substantial income.
Real estate agents can make $75,000-$100,000 in their first year alone and it only grows from there. The best agents can make anywhere between $500,000 and $1,000,000 a year!
In this article, we’ll discuss how real estate agents earn money, how much you can earn buying, selling, or renting houses, and our secret formula to making it big in real estate.
Is a real estate career for you? Find out by taking our 2-minute quiz.
How much can you make working with buyers, sellers, and renters?
In New York, there are countless buyers, sellers, and renters looking for a real estate agent to help them through the process.
When representing a buyer or seller, real estate agents take home 3% of the total listing price. The average price point of a home in New York is $3.4 million, so helping someone buy or sell a home at this price means you earn $102,000 on just one deal! 6 figures, here you come!
The average rental cost of a home in New York is $4,000 per month. When representing a renter, real estate agents earn 15% of the annual rental cost. This means that you can earn over $5,000 on just one rental listing. On top of that, typically, rental agents close multiple deals per month.
Repeat The Process
The key to earning a steady and substantial income as a real estate agent is closing just one deal and repeating the process. The more clients you work with, the more money you make, and the easier it gets to find those clients and close those deals.
Corofy Academy’s lead instructor was a real estate agent that closed tens of millions of dollars in transactions himself. Throughout our course, he’ll give you his insider tips to maintaining a steady flow of clients and listings.
Expand Your Business
One key characteristic of a good real estate agent is the ability to build a strong reputation. The recipe for building your reputation as an agent is getting referrals from your previous clients.
Deliver a stellar experience for each client you work with and in no time, you’ll have a strong network of clients that guarantees you a growing income each year.
Should you become a real estate agent?
The answer is simple.
If you are great at working with people and have the drive to build a business that earns you 6 figures a year, getting your real estate license sounds like a no brainer.
To get started, click apply to learn more about our fast track real estate bootcamp.
Or, if you still have some doubts, take our 2 minute quiz to find out if real estate is your calling.
If you are interested in having more freedom in your work schedule, why not earn more money and become a real estate agent?