When consider entering a career in real estate, a lot of people are under the impression that anyone who enters the field of real estate, that they will earn a lot of money. During a boom in the real estate market, this was a safe assumption; however, with all the changes in the real estate market, the results may not be what you are expecting. At one time, it was not unheard of for a real estate agent to make hundreds of thousands of dollars a year in the real estate business; however, times have changed and the incomes may not be what you would expect.
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mortgage broker $61,000 |
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real estate agent $52,000 |
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real estate lawyer $134,000 |
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real estate appraiser $57,000 |
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real estate inspector $65,000 |
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discount real estate agent $48,000 |
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home builder $51,000 |
With the above graph, it is easy to assume that a lawyer would be making over $100,000, and from the results, that is true; however, it is surprising to see that the average real estate agents income has dropped to a mere $57,000. Also, if you are a discount real estate agent, then you can only expect an average annual salary of $48,000. This is a lot lower than most people would assume. With all the time and effort that a real estate agent must put in to helping you get your dream home, it is surprising to see that they can barely afford to buy a home for themselves.
The mortgage broker also shows some surprising numbers. At one point it was easy to believe that a mortgage broker could make over one hundred thousand dollars a year, not to mention multiple thousands of dollars was possible if enough work was completed; however, now in this profession, you can only expect to receive approximately $61,000.
Real Estate Agents around America
If we look around America, we can see huge differences in income based on where the real estate agent is located. The following graph will provide you with some of this information:
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real estate agent in California $86,000 |
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real estate agent in New York $103,000 |
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real estate agent in Miami, FL $82,000 |
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real estate agent in Detroit, MI $88,000 |
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real estate agent in Seattle, WA $82,000 |
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real estate agent in Utah $68,000 |
Not surprisingly, the real estate agent in New York makes the most. This is fully dependent on the property values. While we view different parts of the country, we can see that as the market value of properties depreciates, so does the income for the real estate agent. This is not really surprising, but is this consistent with what mortgage brokers make?
Mortgage Professionals around America
Looking around America, mortgage professionals have a more aligned market value for there services; however, they do go up and down proportionally for the value of the properties in certain areas. If the market value is a lot higher, then they will expect to make more money then a location with lower property value. The following graph will provide more information on this:
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mortgage professional in Utah $32,000 |
With this information, it does show that the real estate business may not be as lucrative as most people think; however, this is during a down market. One can only assume what the numbers would look like during a rising market. If you are thinking of entering the real estate market as a career, then you may want to consider having an additional skill set to switch careers during bad times. As a lot of people in the real estate field found out, they could not trust there incomes during times of recession to pay their bills.
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