When you work as a real estate agent in Washington, you can earn nearly double the national average. The great thing about working in real estate is that it provides you with the opportunity to earn as much as you want. The possibilities for earning more are limitless. Ultimately, how much you earn will depend on how much work you put in. If you’re ready to work hard, then you can earn well.
Within Washington, real estate agents make a lot more than the national average salary. If you look at real estate agents that work forty plus hours a week in Washington. Then you’ll find that they earn more than their counterparts in several other states.
Real estate agents who work more than sixty hours every week can earn close to $100,000 every year.
What Factors Affect How Much You’ll Be Earning As A Real Estate Agent?
There are several factors that could affect how much you actually earn as a real estate agent. These include:
1. The Price Of Home Sale
The average price of a home will vary depending on the neighborhood, how big the home is, the features available in the home, and more. How much you make out of selling each property will directly contribute to your earnings. If you find that a certain piece of property isn’t selling well, consider upgrading or remodeling the property to increase its property value.
Sometimes, it can pay better to upgrade and resell properties at higher prices.
2. The Average Square Footage Of The Home
If the property has larger square footage, then you’ll be making more money by selling that property. In certain localities, the price per square footage is also much higher. This means that where the property is situated will also be important, in determining how much you’ll earn.
3. Market Competition
If multiple people are interested in buying the same property, then you can charge a higher price for it. At the same time, if there are limited offers for a certain piece of property, then how much you can charge for it will go down as well. The price of a property is also dependent on the price of properties in the surrounding area.
Where the market competition is stiff, you can expect to make more by selling property within that market.
4. Hours Worked
How much you earn as a real estate agent will also depend on the number of hours you’ve worked. Usually, you’ll be working around forty hours every week. This is the national average. Some real estate agents however choose to work at least sixty hours a week, if not more. This will allow you to earn more than what the average real estate agent makes in Washington.
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How Much Do Real Estate Agents In Washington Earn?
If you work as a real estate agent in Washington, then you can expect to earn an average salary of $84,459. This is at least 36% higher than the national average when it comes to all salaries in the country. Remember that this applies to real estate agents who put in the hours to make serious money. If you work as a part time real estate agent, then you’ll likely not make as much as this.
Your pay will also mainly be coming through commissions that you make on properties sold. For real estate agents, as much as half of all their earnings come in the form of commissions. You’ll need to be careful of one thing to ensure that the commission is split properly between you and the brokerage you’re working for. This will depend on the sales price of the home.
Some real estate agents split the home selling fee 50/50 with the brokerage. When you negotiate your work contract with your brokerage, remember to talk to them about your commission, and how much they’ll be taking as their brokerage fee.
Before you can start working as a real estate agent in Washington, you’ll need to gain your real estate license. Real estate agents in Washington, generally earn more than in several other states. You will however need to split your earnings with the brokerage you work for. How much you actually earn will depend on several factors, such as the market competition and how many hours you put into your job. This guide helps you learn all about how much a real estate agent makes in Washington.