Experience and hard work matter … a lot
Don’t sell yourself short. Real Estate Agents can earn a ton more than the median salary (the median real estate agent income in 2016 was $44,090, according to the Bureau of Labor Statistics (BLS)) via two pretty simple strategies: working harder and building experience.
The first one, you can do right away. Agents working 60 hours or more per week averaged $95,000 per year,* according to the National Association of REALTORS 2015 Member Profile. The key is to do the tasks that only YOU can do. Get others to do the work you either don’t enjoy or aren’t good at.
Try investing in real estate software and applications that improve your efficiency. Focus on getting out and socializing, sharing content of value (not just your business card). You might even spend some time finding the right person to design your real estate website to attract more customers or learning how to use written-for-you content to build more visibility.
Building experience takes time, but if you put in the work now, it’ll pay off down the road. Take training on the ins and outs of Facebook ads and posts, audiences, words you should use and not use. Get your own website personalized and make sure YOU know how to add content to it.
The data also shows that agents with 15 years of experience average nearly $70,000 per year, or $25,000 above the median income. You can also educate yourself as much as possible and learn from the best by devouring as many real estate books as you can.
Source: Capterra Real Estate blog, July 2017
* From BLS Report – The median annual wage for real estate brokers was $56,790 in May 2016. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $24,370, and the highest 10 percent earned more than $162,260.
The median annual wage for real estate sales agents was $44,090 in May 2016. The lowest 10 percent earned less than $22,230, and the highest 10 percent earned more than $112,570.
Spend that 50-60 hour week working where YOU can make a difference and use tools like Real Estate PowerWords that Work to save you time. It’s just smart business.