Real Estate Agent Salary: 3 Things That Can Affect Your Income

There are several factors that can affect the salary you will earn as a real estate agent. Fortunately, most of these are within your control. Here are a few things you’ll want to consider in trying to determine what you can make working as an agent.

1. Time & Commitment

If you are able and willing to make real estate your full-time career, you will naturally have more time to invest in developing your skill set and cultivating your network. Becoming a skilled real estate agent requires experience and involves learning about a wide variety of topics. Market trends are continually changing and staying up-to-date on real estate law and contract updates are imperative.

While administrative duties can be a large part of an agent’s job, working efficiently means less time behind a desk and more time spent in front of clients and on networking.  Utilizing the support offered by your office and taking advantage of technology tools can make a big difference.

2. Commission Structure & Brokerage Fees

There are several different models in regards to agent commission and brokerage fees. A brokerage may offer a consistent commission split or a tiered commission split, while others offer 100% real estate agent commission. Some offices may charge agents transaction fees, desk fees and/or office supply fees. There are brokerages that offer a profit share to their agents, and others that hire agents on a set salary, with or without bonuses. A brokerage’s structure may include any combination of these variations and it’s up to you to choose a plan that suits you and your goals.

3. Market Conditions

Many things can affect real estate values, and therefore, your take-home pay. While the health of the global economy and local economy are the most important factors, there are many influencers at play.  The real estate market in your area can be impacted by geographical location, demographic trends, available inventory and the season, to name a few.

In recent years, many agents have had to deal with a spike of foreclosures and short sales. These transactions require agents to invest much more time communicating and managing progress. It can be many months before they receive a commission check and they may not always receive their full commission depending on the bank.

Elite Realty was founded by an agent who was looking for a real estate company that valued expertise and offered fair compensation. We offer 100% commission to our agents with low fees in an energizing, innovative and supportive environment. Contact us to learn more about how joining the Elite team can help you excel as a real estate agent in Las Vegas!