Residential Real Estate Agent Salaries
Real estate sales agents use their extensive knowledge of a community and its available properties to facilitate the sale of a home to a prospective buyer. The U.S. Department of Labor’s Bureau of Labor Statistics notes that most real estate agents sell residential properties, and classifies them under the category “real estate brokers and sales agents.” A high school diploma is the minimum educational requirement for real estate sales agents. All states and the District of Columbia require agents to be licensed.
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Features
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As of May 2010, real estate sales agents earned an annual mean wage of $52,490, according to the bureau. Salaries for this occupation ranged from $20,460 for the bottom ten percent to $95,220 for the top ten percent. The median annual wage for real estate sales agents was $40,030. The bureau calculated annual mean wages by multiplying the hourly mean wage of $25.24 by 2,080 -- the average number of hours worked by a “full-time, year-round” employee.
Industries
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The industry sector that reported the highest employment level for real estate sales agents was “offices of real estate agents and brokers.” In that sector, which refers to real estate offices as opposed to insurance carriers, the annual mean wage was $53,880. “Agencies, brokerages, and other insurance-related activities” was the industry sector with the highest annual mean wage for real estate sales agents -- $89,590. As of May 2010, there were 153,740 real estate sales agents employed in the U.S., according to the bureau.
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Locations
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Florida was the state that reported the highest employment level for real estate sales agents. This means that Florida was the state where the largest number of real estate agents worked -- 21,240. The annual mean wage in Florida was $40,540. The top-paying states for real estate sales agents were: the District of Columbia, at $84,070; New York, at $75,180; Illinois, at $72,440; North Carolina, at $68,310; and Vermont, at $67,770. Two of the ten highest-paying metropolitan areas for real estate sales agents were located in North Carolina, with Wilmington, N.C., topping the list at an annual mean wage of $95,020.
Considerations
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Employment for real estate sales agents is expected to grow by 14 percent through the year 2018, according to the Bureau of Labor Statistics. Job growth will be attributed to the need to replace existing agents, as well as the desire by younger people to own their own homes. However, the bureau cautions that employment for real estate sales agents is very sensitive to fluctuations in the economy. The best employment prospects will be for real estate sales agents who have a solid network of potential buyers in their community and are well-trained. Commissions are a primary source of income for real estate sales agents. The bureau suggests that new brokers have six months of income to live on while getting established.
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References
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