Ideas for how new real estate agents can boost their salaries during the first crucial years – all while learning the business and making a name for yourself.
There is a direct correlation between a real estate agent’s salary and his or her experience. According to a recent survey conducted by the National Association of Realtors®, new real estate agent incomes were $40K lower than agents with more than 15 years of experience, averaging around $30K per year.
Meanwhile, as you are making less money on fewer transactions than your more seasoned competitors, you are likely working without any extras and benefits that other professionals have. According to the same NAR survey, just 5% of real estate agents receive health coverage from their brokerage and only 33% are provided with errors and omissions insurance. Continue reading
If you’re thinking about getting into real estate, you might find that real estate professionals’ titles can be somewhat confusing. Below is a cheat sheet for real estate career titles, along with a quick explanation of what you are responsible for within each position.
Note that each state regulates its own licensing requirements and titles, so you might find that they vary slightly from state-to-state, but in general you will find the following to be the most common real estate titles used: Continue reading
With nearly 110,000 real estate brokerage firms in the U.S., it’s important to know the essentials of picking the right one for your career.
If you’re lucky, you come from a line of real estate agents in your family who have established a long track record of excellence in your service area, and selecting a brokerage firm is easy. However, if you are like most real estate agents today, before you can sell your first piece of property, you have to find a real estate brokerage firm that best suits your needs – a place to call home, if you will.
Choosing a broker is far more than a decision on where to hold your license. You’ll need to consider a number of components to ensure you’ve selected the right broker for your personal and financial goals.
Here we will walk you through the 5 things to consider when choosing a real estate broker or brokerage firm to work for. Continue reading
It’s not all a bed of roses. Being a real estate agent isn’t just about driving around and looking at beautiful homes. Some homes are not so beautiful and you will spend a lot of time driving around. More importantly, you have to be good with numbers, compete with every other agent in the neighborhood, and continually improve your tech-savvy, marketing strategy, and business acumen.
On top of that, the housing market is anything but stable. The recent housing collapse proved that unless you have a plan B, big disruptions to the housing market could leave you in financial ruin if you are not prepared. Sounds fun huh? Well, actually it is! Ask any real estate agent and they will tell you that the rewards far outweigh the costs.
In fact, a career as a real estate agent ranked in the top 20 business jobs by U.S. News & World Report. Some of the standards by which the list was created are the reasons why real estate is a great career: Continue reading