Real Estate Jobs Salary

Real Estate Job Salary

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There are a large number of openings for people interested in doing real estate business. Employment of real estate brokers and sales agents is expected to grow 14% in the next 2008-18, faster than all other occupations. This is because of the growing population needs for a house of theirs. However job growth will be limited by the increasing use of internet, which is improving the productivity of agents and brokers and changing the way of doing business. In addition to job growth, a large number of openings will arise from the need to replace workers who shift to other occupation or leave the job. Most of the real estate brokers and agents are more older, on an average, and are expected to leave the occupation over the next decade.

However, employment of real estate agents and brokers is sensitive to swings in economy. In the period of declining economic activity or rising interest rates, the sales and the demand for sales workers tends to fall; this leads to decrease in the income of real estate brokers and agents. This occupation is easy to enter but a bit difficult to establish. Beginners might face heavy competition from already existing agents and brokers.

Projections data from national employment matrix:

Salary:

The median annual salary, including commissions of salaried real estate sales agents were $40,150 in May 2008. The middle 50% earned between $27,390 and $64,820 a year. The lowest 10% earned less than $21,120 and the highest 10% earned more than $101,860. Median annual salary in industries employing largest number of real estate agents in May 2008 were:

Median annual salary, including commissions of real estate brokers were $57,500 in May 2008. The middle 50% earned between $36,420 and $93,970 a year. Median annual salary in the industries employing the largest number of real estate brokers in May 2008 were:

Commissions are the main source of earning in real estate business. The rate of commission varies according to the type of property and its value and to what the agent and broker agree upon. These commissions may be divided among many brokers and agents. The broker or agent who obtains listing usually shares the commission with the broker or agent who sells the property and with the firms that employ each of them. Agent’s share varies greatly from one firm to another and often it is half of the amount received by the firm. But agents who both list and sell the property maximize their commission.

Real estate agent’s income increases gradually as he/she gains some amount of experience. But this also depends on economic conditions and the type and location of the agent. Sales workers who are active in community organizations and in local real estate associations can broaden their contacts and increase their income. Beginner’s income might be irregular because few weeks or months may go without sale. The beginner should therefore have enough money to live for about 6 months or until commissions increase.