If you’re curious about what a real estate agent salary is and what the job entails, you might want to continue reading. Becoming a real estate agent can be a fulfilling career path, with lots of growth and development opportunities.
It’s not just about selling homes, it’s also about being a knowledgeable guide for people navigating one of the biggest financial decisions of their lives.
But what exactly does it take to become a real estate agent? And what kind of salary can you expect? We’re going to explore these questions and more in this article.
Table of contents
Who is a real estate agent?
A real estate agent is someone who helps people buy or sell houses and other properties. They are like a middleman between buyers and sellers, helping both sides get what they want.
Think of them as experts in the world of houses and properties – they know the ins and outs of the real estate market, how to negotiate prices, and how to make a sale.
You can think of a real estate agent as a tour guide, but for buying and selling houses instead of showing you around a city. They help you find the best house for you and then walk you through the process of buying or selling.
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Realtor vs real estate agent
You might have heard the words “realtor” and “real estate agent” used interchangeably, but they’re actually a bit different. A real estate agent is anyone who is licensed to help people buy or sell properties.
A realtor, on the other hand, is a real estate agent who is a member of the National Association of Realtors (NAR).
So, what’s the big deal about being a realtor? Well, members of the NAR agree to follow a code of ethics and a set of professional standards.
Real estate broker vs agent
A real estate broker and a real estate agent are both licensed professionals who help people buy and sell properties. But here’s the difference: A real estate broker has additional training and experience, and they’ve passed a broker’s license exam.
This means they can also hire and supervise real estate agents. Think of them as the big boss in the world of real estate.
So, what’s the benefit of working with a real estate broker instead of an agent? Brokers often have more experience and expertise, which can come in handy when you’re dealing with complex transactions or tricky negotiations.
What is the job description of an estate agent?
As a real estate agent, you’re like a jack-of-all-trades regarding houses and properties. A real estate agent’s job is a fascinating blend of interpersonal skills, market savvy, and attention to detail.
One of their main roles is to act as a guide for buyers and sellers, listening to their needs and preferences, and helping them make informed decisions. Agents also often take clients to visit various properties, showcasing different features and amenities to help the buyers visualize themselves living in the space.
Marketing is another crucial part of a real estate agent’s job, as they help sell properties to potential buyers by highlighting their best features and creating appealing listings.
In addition to the above, real estate agents also have to handle paperwork and contracts. This involves working closely with buyers, sellers, and lawyers to ensure that all documentation is accurate and complete and that the terms of the sale are acceptable to all parties.
Negotiating is another key aspect of the job, as agents must represent their clients’ best interests during the sale, aiming to strike the best possible deal. This requires excellent communication and problem-solving skills.
Real estate agents also need to stay on top of the latest market trends and local developments. They must understand what buyers and sellers are looking for, and how current market conditions might affect the success of their clients’ transactions.
It’s a demanding job that requires a lot of knowledge, people skills, and flexibility, but for those with a passion for real estate and a love of helping others achieve their dreams of home ownership, it can be an incredibly rewarding career choice.
What do you need to become a real estate agent?
Real estate agents don’t just magically appear overnight. To become one, you need to take some steps.
1. Research the requirements for your state
Each state has its own rules about who can become a real estate agent and how they can do it. These rules include things like how old you have to be, what kind of education you need, what courses you have to take, and how much it costs to get your license.
To find out the specific requirements for your state, go to the website of the government agency that regulates real estate agents in your state.
2. Complete the required prelicensing course
Part of becoming a real estate agent in most states is completing a prelicensing course. This course teaches you about the laws, ethics, and finances of real estate, and usually costs around $350.
How long the course is depends on where you live. In California, you need to take three real estate classes that add up to 135 hours. In New York, the courses take 77 hours, and in Georgia, they take 75 hours. In Florida, the course takes 63 hours.
You can usually take these courses online or in-person, either at real estate schools or community colleges.
Also, see: 15 Best Real Estate Classes Online for Beginners & Pros
3. Take the licensing exam
Once you’ve finished your prelicensing course, you’ll need to take the real estate license exam. This exam covers both general real estate principles and your state’s specific real estate laws.
It usually costs between $100 and $300 to take the exam, which is computerized and multiple-choice. The number of questions and time you have to answer them can vary from state to state.
To pass, you need to get a passing grade on both parts of the exam, the national part and the state-specific part.
4. Apply for your real estate license
Once you’ve completed the prelicensing course and passed the exam, you can apply for your real estate license. This usually involves submitting an application, paying a fee, and passing a background check.
The licensing process can take anywhere from a few weeks to a few months, depending on the state.
Some states also require you to submit fingerprints and pass a criminal background check before you can get your license. This is to make sure that you’re trustworthy and can be relied on to handle important financial transactions.
5. Get and activate your license
After you’ve successfully passed your real estate license exam, it’s time to get your license. You do this by applying to your state’s real estate regulatory organization. This usually involves sending them your application, along with some documents and fees (which usually cost between $200 and $400).
Once your application is approved, your state will send your real estate license certificate to you, and you’ll officially be a licensed real estate agent.
Your name will also be listed on your state’s real estate authority’s website, which will help potential clients find you.
6. Get hired and join a brokerage
Working as a real estate agent is a bit like being an entrepreneur – you get to be your own boss, but you also have to cover a lot of your own costs. You don’t get paid a regular salary, but instead, you earn a percentage of the money that the brokerage makes from your deals.
In exchange, the brokerage provides you with a place to work, technology, business cards, and other tools you need to do your job. But you have to pay for these things, and you also have to pay for your license, continuing education, and other expenses.
Choosing a brokerage can have a big impact on your success as a real estate agent. Look for one that provides good training, support, and resources for its agents. You might also want to consider the size and reputation of the brokerage, as well as the commissions they offer to their agents.
Real estate agent salary
The average real estate agent salary in the United States is about $85,793 per year, or about $41 per hour, according to ZipRecruiter.
That’s the average, but real estate agents can make more or less depending on things like their experience, the type of real estate they specialize in, and where they work.
Real estate agents are typically paid on commission, which means they earn a percentage of the money from each deal they make. This means that their income can vary a lot from month to month.
Real estate agent salary in Nigeria
In Nigeria, real estate agents and property managers earn an average monthly salary between ₦25,645 and ₦75,495 per month in 2024, according to My Wage NG. Entry-level real estate agents and property managers can expect to earn a monthly wage that ranges from ₦25,645 to ₦61,020.
However, according to Payscale, the annual salary for real estate agents in Nigeria is around ₦1,000,000.
It’s worth noting that real estate agents’ salaries in Nigeria can vary greatly depending on factors like experience, location, and the type of properties they deal with.
Land real estate agent salary
ZipRecruiter estimates that the average annual salary for land real estate agents in the US is around $73,270 per year or $35 per hour.
This salary reflects the fact that land real estate agents have a specialized role, helping buyers and sellers navigate the market for undeveloped land, which is a unique and often complex area of real estate.
However, like other real estate agents, land real estate agents typically earn their income through commissions, so their pay can fluctuate depending on the number and value of the deals they close.
Investment real estate agent salary
According to Glassdoor, Investment real estate agents have an average salary of $192177 per year in the United States, according to recent data.
This high income reflects the fact that investment real estate agents are highly specialized professionals who help investors buy and sell properties to generate profit through rental income, appreciation, or other forms of value.
Real estate agent vacancies
To find real estate agent vacancies in Nigeria, you can check out the job posting websites below:
1. LinkedIn
If you’re looking for real estate sales agent jobs in Nigeria, LinkedIn is a great place to start. LinkedIn has a dedicated section called “Real Estate Sales Agent Jobs in Nigeria,” where you can find a variety of positions available in the real estate industry.
2. Glassdoor
Glassdoor is another resource for finding real estate jobs in Nigeria. Just like LinkedIn, Glassdoor has a section called “Real Estate Jobs in Nigeria” where you can browse through listings of different positions in the real estate industry.
Glassdoor also has reviews and information about companies and salaries, which can be helpful as you explore different job opportunities.
3. Indeed
Indeed is another website where you can find real estate jobs in Nigeria. Indeed has a search function that allows you to find real estate jobs in specific locations, including Nigeria.
Just like Glassdoor, Indeed also provides reviews and information about companies and salaries. This can be a helpful tool as you search for a job in the real estate industry.
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4. Jobberman
Jobberman is another job search website that can help you find real estate jobs in Nigeria. Jobberman has a section dedicated to real estate jobs in Nigeria, where you can browse through different positions and companies in the industry.
Jobberman also has an option to create a profile, which can help get your resume noticed by potential employers. This is a great resource for anyone looking for real estate jobs in Nigeria.
FAQs
Real estate officers and realtors are two of the highest-paid types of real estate agents. Real estate officers typically earn between $82,500 and $137,000 annually, while realtors can earn anywhere from $79,500 to $125,000 per year. These professionals are responsible for assisting clients with the purchase, sale, or lease of properties.
To create a compelling resume for a real estate agent position, be sure to include a dynamic profile summarizing your qualifications, an engaging section detailing your experience, relevant education and certifications, and your real estate agent-related skills. This combination will make you stand out to potential employers.
In Nigeria, real estate agents can earn a monthly income ranging from ₦100,000 to ₦250,000, depending on their level of experience. Top-performing agents can even earn up to ₦1,000,000 per month. Becoming a real estate agent in Nigeria can be a lucrative career choice with the right skills and knowledge.
Conclusion
Becoming a real estate agent is a rewarding career choice, offering opportunities for growth and earning potential. To succeed in this field, agents must be knowledgeable about real estate, have strong communication skills, and be able to build relationships with clients.
References
- investopedia.com – How to become a real estate agent
- payscale.com – Average Real Estate Agent Salary
- ziprecruiter.com – Real Estate Agent Salary
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