As a realtor, your income is determined by two things: YOU and the MARKET.
As an independent contractor, you are essentially running your own business. The amount of work you are willing to put into your business, as well as the status of the real estate market, will most likely determine your income. Some years, the market will be great, and new opportunities will present themselves with little effort. But when the market isn’t doing well, you will have to work harder to find new clients.
There are no set salaries or working hours, which means that when the market is good, you can often make as much or as little as you want. Some agents choose to take a couple listings a year, while others are constantly on the phone, following up on new leads and potential sales. This is what sets apart a realtor with a low income from a realtor with a high income, respectively. As a new realtor, you will quickly find that you get out of it what you put into it.
With the ups and downs that occur in your life and within the real estate market, your income may have ups and downs as well. If your wife has a baby, chances are you might want to focus less on real estate and more on your expanding family. While the market is doing relatively well now, just ten years ago we faced a recession and a housing market crash. It’s important to understand how to live on a strictly commission based salary. There is never a guarantee that you’ll have a paycheck next week or next month. When you do well one year, you should take into account that the next year could be different.
Every realtor has the potential to make millions in real estate. If you are determined, hard working, and passionate about real estate, you WILL succeed! We’ve put thousands of students on the road to success in real estate. Your journey starts here: www.myrealestateschool.com