Aug 03 2023 29 mins
How much money do real estate agents make? Drawing from data provided by the National Association of Realtors Member Profile, we’re diving deep into the realities of being a real estate agent in this episode. We’ll explore the correlation between experience and income and some of the challenges agents face when handling their finances.
Throughout the episode, we’ll provide insights and advice for real estate agents at different stages of their careers. While the real estate industry offers great opportunities for success, we’ll talk about why it is so crucial for agents to be strategic and proactive in their financial planning. We also talk about the importance of working consistently, the potential benefits of working with a team and building strong relationships to secure long-term success in the industry.
Here is some of what we’ll cover in this episode:
- Building trust as a new agent with no track record can be a challenge. Staying in the industry and overcoming the initial years of low income is vital to building a successful career.
- Being part of a real estate team can provide valuable structure and accountability, especially for new agents, even if it means starting with a lower split.
- Real estate agents should focus on their net income after taxes and expenses, as it provides a clearer picture of their actual earnings.
- Retirement planning is crucial for agents, especially since they don't have the benefit of employer-sponsored 401k plans. Relying solely on database referrals for retirement income is risky, and agents should explore diverse investment and savings strategies.
CONNECT:
Need help on the personal side of your finances? Work with Jordan here:
https://www.quantumplanning.com/financial-planning-for-top-producing-real-estate-professionals/
And if it's the business side where you need the most assistance, check out Michael here:
https://kilneradvantage.com/