Deciding to change your career can be a difficult decision to make, especially if you have been in one industry for most of your working life. However, for the right person, swapping your current job for one as a real estate agent could see you enjoying your working day that much more.
Of course, a change in career may not only be about enjoyment. You may also want to work in a field with the potential for higher pay than you are on at present. Therefore, doing your research before undertaking real estate training, or resigning from your position, could prove to be fruitful.
How Much can you Make?
Working as a real estate agent may pay differently than a standard 9-5 or shift job. Rather than being paid a set salary, many real estate agents operate on a commission scheme. This means that, as opposed to a set salary or wage, companies such as Compass real estate may give you a percentage based on the price of a property that you sell. Therefore it’s in your best interests, to do the best job possible, close a sale, and reap that money.
It is important to note that this is not a pyramid scheme, which may try to get you to bring others into the company or means the money trickles down through others before getting to you. For the most part, those schemes should be avoided, therefore you may want to ensure that you opt for a company that does not work in this way.
The money you may actually earn can certainly vary depending on your skillset, but also where you live across the country. In general, pay is often higher in larger cities. However, you may also need to take house prices into consideration.
As an example, in 2017, the average wage for a real estate agent in New York was $102,310. This differs greatly from the lowest-earning state, Ohio, where the average was only $41,650. However, when considering this, it can also be a good idea to think about the living costs in these areas. You may want to research the average salary for a real estate agent working in your locale to be able to inform you more.
What’s The Cost, If Any?
While you may want to focus on the money you might earn, you should also consider the costs associated with becoming, and remaining, a real estate agent.
Initially, you may need to pay for a pre-licensing program, exam, background check, and then a license fee. The fees do not end here. You could see yourself paying between $600 and $900 every single year for brokerage and membership so that you can continue practicing. This is in addition to the cost of renewing your license. Therefore, you might want to consider this before applying.
Becoming a real estate agent can be a rewarding career, however, you may need to budget to account for the associated costs. Furthering your training could help you to earn more than when you first became qualified as well.