Study: Rookie Pros Double Their Income After First Year
October 29, 2018
Real estate rookies often face tough challenges getting their business off the ground, but there’s a reason to hang in there. After the first year, most real estate professionals double their income, according to the 2018 Real Estate Agent Income Guide, a study conducted by prelicensing company Real Estate Express.
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Practitioners in the business for less than a year reported earning an average annual income of $19,375, according to the study. But those with one to three years of experience saw their average annual earnings climb to $41,023.
Income continues to grow for agents and brokers who gain even more experience. Real estate pros with four to 10 years of experience saw an annual income of $62,138, and those with 11 to 25 years of experience saw annual earnings of $83,177. Real estate pros with more than 26 years of experience reported earning $86,329, according to the study.
Further, the study shows that agents who work longer hours also tend to reap higher profits. Those who work 60-plus hours per week earn nearly four times the amount of agents who work less than 20 hours per week, according to the study.
“The first year in real estate always is the hardest, but agents that stick with it see the payoff within a year,” researchers note in the report. “Agents that have the most success in the first year are those that find a supportive brokerage and seek out a knowledgeable mentor for guidance.”
“Study: Real Estate Income Doubles After the First Year,” RISMedia (Oct. 28, 2018) and “2018 Real Estate Agent Income Guide,” Real Estate Express (October 2018)
Updated: November 16, 2018