It is really tempting to take that leap of faith and become a Real Estate Agent upon hearing tales of multi-million dollar transactions by other agents – the question is, do they really happen or are they really just that, tales?
It is a fact, not a myth that there are such ‘super agents’ around. But it is also a fact that these agents have spent years of hard work and monetary investment in marketing themselves to get to where they are. So the true million dollar question is, how much do a typical Real Estate Agents really earn?
How Much Does a Real Estate Agent Earn, Really?
The income of an agent is dependent on the commission he earns from assisting in the buying, selling or renting of a property. In general, the commission scheme for agents goes as follow:
– 0.5%-1% when he assists in finding a buyer for a property on sale
– 1 – 2% when he assists in selling a property
– 1 month for every 24 months of rental amount when he assists to rent out a property
The Million Dollar Dream
Although agents who make millions of dollars are more the exception rather than the rule, it is not an exaggeration to emphasise that majority of agents earn close to $100,000 per annum – a pretty handsome return if you ask me!
Now, Let’s See the Real Statistic How Much Real Estate Agent Earned for Year 2014?
Based on the newspaper published data for the avenue of the TOP Real Estate Agencies for year 2014. (This is the last we can get from a public data source)
- HUTTONS $231m
- ERA $214m
- PN $194m
- OT $69.9m
Let’s do simple calculation to get the average agents income for each agencies. (By the way, I was electronic engineer before joining real estate, I like data-mining.)
- Huttons $231m/ 3500 agents as of Dec 2014 = $66k per agent
- ERA $214m /6140 agents as of Dec 2014 = $34.8k per agent
- PN $194m /5900 agents as of Dec 2014 = $32.8k per agent
- OT $69.9m /2140 agents as of Dec 2014 = $32.6k per agent
In summary, the data shows HUTTONS clocked in HIGHEST revenue amongst TOP Agencies for FY 2014 and Huttons Associates on an average earned 100% more than their counterparts in other Estate Agencies!
Of course, there are a lot of sleeping agents who do not conduct the business for the years at all, i.e zero income! The above is just simple calculation to get a rough idea.
However, the above is an old data! The market is changing fast, and we shall look forward always to adapt it! Over the years, I see many of our team members had growth tremendously in term of earning.
In fact, many of our TTT group Producers are making $200K to $500K a year! We have produce multiple millionaires in the team, and with the top 1 earning > $2mil this year (2021)!
In the whole team, our average is $200K ++ per agent! We’re proudly to say:
“We’re not the biggest team in number, but we’re the one with highest % of top producers!”
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