How to Boost Your Salary as a Real Estate Agent
How to Boost Your Real Estate Agent Salary
The average real estate agent salary in the United States is $44,090 per year. With the cost of living skyrocketing all over the country, this number may not be high enough for people with families to support.
So if you're new to the real estate game, and you're struggling to make ends meet, we're going to show you how to boost your income.
Open Up New Streams of Income
The first, and potentially easiest, thing you should do is start thinking outside the box. There are different ways you can make money in real estate aside from collecting percentages on home sales.
And luckily, being a real estate agent gives you a lot of flexibility on how you can structure your day. So instead of trying to only sell homes, you might want to consider delving into appraisals, conducting property inspections, or property management.
These are things you can do with your real estate experience until your main source of income starts picking up.
Mine Your Community for Leads
The majority of home buyers found their real estate agents through referrals from their friends and coworkers. This is especially true among first-time homebuyers and younger homebuyers.
So if you want to boost your leads, thus boosting your commissions, make sure to mine your friends and family for leads. Make sure they know that you're available.
Also, stay in touch with your former clients. They'll be more likely to send you promising leads if maintain a good working relationship with them.
Find a Niche
Selling residential homes may be the most exciting for you, and it may be what got you interested in this field of work in the first place, but you can make much more money by exploring less popular niches.
The National Association of Realtors also found that over 70% of real estate agents have a secondary real estate niche they work in. These include things like commercial real estate brokerage, property management, land development, and relocation specialization.
So think about what interests you beyond just residential real estate and pursue those income sources.
Find Your Mentor
The NAR found that realtors with 15 or more years of experience in the field made almost double the total average salary. This means just one thing: experience and knowledge matter.
To boost your income, you can do it the hard way and gradually rack up the experience, learning the lessons on the way. Or you can fast-track your success by finding a mentor in the field that can share their tricks of the trade with you.
We don't all have 15 years to wait for our salaries to increase, so let the pros give you their wisdom right off the bat.
Ready to Boost Your Real Estate Agent Salary?
Boosting your real estate agent salary is no small task, but hopefully with these tips, providing for yourself and your family will be much easier.
If you're looking for an additional way to boost your income, be sure to check out our agent referral program to make money on leads you can't act upon.