The Awful Truth About Careers in Real Estate and What To Do About It
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Despite the myth of the millionaire real estate agent, the real estate business can hardly be thought of as a lucrative endeavor, and the chances of any real success are limited by the excess of practitioners all competing for business they will not be receiving. If you do what they do, you will get the results they are getting.Are you sitting down? According to the “2017 National Association of Realtors® Member Profile,” members in the business two years or less had a median gross income of $8,930 in 2016. That’s the median, meaning that half of them earned less. Expenses were $6,000. A paper route would be more profitable.Why is the pay so bad, you may wonder? The answer is the business version of the natural selection process; sadly, inexperienced real estate agents are earning exactly what they are worth — next to nothing.If you can survive the first two years, it gets better, but not much, the median income for licensed salespersons was $31,670. Subtract their business expenses and their pretax profit is just above the poverty line for a family of four.The median for all NAR members including brokers was $69,640.However, those in business for more than 16 years earned $78,850 and had 15 transactions as opposed to the typical agent who had 12. Not only does their volume increase, but they earn more than twice as much per closing than less experienced members.But, before you jump to the conclusion that longevity is the secret rather than value, brokers typically earn about twice that of an experienced salesperson. Those members willing to invest time and money to advance in their profession by obtaining a broker’s license are likely to further expand their knowledge through other avenues.It is apparent that the combination of experience derived from tenure and knowledge attained through self-improvement lead to more and better business.Now you know the truth. The million-dollar real estate agent is a myth. But, it perpetuates an
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