Real Estate Express is back with an all-new guide stuffed with the latest income statistics from licensed real estate professionals across the United States.
In November of 2021, we reached out to thousands of licensed real estate agents and brokers to better understand the tactics and strategies used to drive income. Having almost doubled the number of responses from last year at just under 9,000 participants, this year’s guide casts a more accurate picture of what real estate professionals are earning and the factors that influence those earnings.
While some insights remained the same (real estate agents still boast a higher career satisfaction rating compared to the average worker in the United States), there were others that were a bit more surprising. Below are some highlights from the guide. (To access the full guide, click this link).
Insight #1: Real estate income is on the rise
Despite an economic downturn due to the COVID-19 pandemic, 75% of real estate agents reported earning more in 2020 than they did in 2019 with an average income of $129,996 for full-time agents.
One of the great things about real estate is that oftentimes you get out what you put in. Whereas with salaried jobs you will earn a set amount each year, with real estate the income potential is unlimited. Download the guide to find tips and tricks to increase your income potential.
Insight #2: Agents are happy with their brokerage
One of the biggest questions new or aspiring real estate agents have is how to choose a brokerage. And it’s an important decision to make since having a supportive brokerage when you’re a newly-licensed real estate agent can oftentimes be critical to your success. Luckily, the vast majority of real estate agents are happy with their brokerage with 84% of agents reporting being satisfied with their brokerage and only 6% planning to switch brokerages in the next year or two.
Insight #3: It pays to specialize
Similar to last year’s results, this year’s results clearly show that specializing in a niche is key to earning more income. This year, the most profitable niche was eco-friendly properties with an average annual income of $263,180, followed by foreign investment and luxury homes. Not sure which niche is right for you? Check out this blog post.
Insight #4: Real estate agents are optimistic about the future
This year, 92% of survey participants reported feeling optimistic about their future in real estate, the highest of any previous year. Unsurprisingly, not many agents reported that they were planning on retiring anytime soon. In fact, only 12% of agents planned on retiring in the next five years. The great thing about real estate is that you can reduce the number of hours you work per week to fit your lifestyle and income goals. While it’s true that reducing the number of hours worked per week typically equates to reduced income, you can still earn a sizeable living as a part-time or semi-retired agent. (Download the guide for full insights).
Want more insights and tips? Download the full version of the 2022-2023 Real Estate Income Guide for free here.