The average real estate income an agent can expect to make annually is highly dependent on the market. Both the state you live in and the community you work in have an impact on the amount of money you can expect to earn from real estate.
Do you live in a state with high reported income for real estate agents? Based on our latest survey, here’s what we know about real estate income across states.
FREE Guide: Find out how real estate agents are earning income with our 2018 Real Estate Agent Income Guide.
10. Minnesota — $73,000
9. Connecticut — $74,375
8. Tennessee — $76,042
7. North Carolina — $78,508
6. Texas — $80,833
5. New York — $83,239
4. Massachusetts — $88,750
3. Washington — $94,000
2. Ohio — $101,190
1. Virginia — $122,813
Real estate income is also impacted by the market size
Your state isn’t the only location that can have an impact on your real estate income. It’s no surprise that living in a rural market versus an urban market can impact your earnings. In fact, our survey showed there was more than a $12,000 annual difference between income for suburban agents and those who worked in a major metropolitan center. The yearly income of agents working in rural areas was more than $30,000 less than the average for those in major metros.
How can you increase your real estate income?
Don’t feel doomed if you don’t live in one of the top 10 states for real estate income. There are many steps you can take to increase your earnings no matter where you live. Here are just a few ways you can make more real estate income each year.
1. Stick with it
Our research reveals that income increases the longer you spend in the industry. Real estate agents in their first year reported earnings of $19,375 with earnings doubling after one year in the business. Agents with 11 to 25 years of experience had earnings of more than $80,000.
2. Choose a niche
Our survey respondents indicated that selecting a niche could have a substantial impact on the earnings. Real estate professionals in commercial property reported earnings of $91,208 while professionals in multi-family properties earned an average of $75,525 in real estate income each year and those working in property management had a real estate income of about $64,976.
3. Find quality leads
Not every real estate agent feels comfortable creating new leads, but it’s a massive part of the business. Real estate agents who identified as experts at lead generation reported an average annual real estate income of $122,674 while those who said their lead generation skills were novice reported an average real estate income of $50,419.
Keep learning to improve
No matter where you live, you can increase your real estate income by improving your skills and advancing your education. Through continued education and staying current with market trends, you can create the career of your dreams.