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This question is about real estate agent salaries.
How are realtors paid?
Most realtors are paid by commissions they make on houses or property they sell, meaning nearly all realtors do not have a consistent salary. Commissions are based on a percentage of the home or property's sale price.
Realtors can make varying amounts of money in a given year, this depends on the number of transactions they complete, the percentage of the commissions, and the split with the real estate company, sponsoring broker, or any other real estate professionals involved.
A realtor can make a commission of 1% to 6% of the sales price. However, the average typically falls in the 5% to 6% range.
Properties valued at $1 million or more see a realtor getting a commission of 4% to 5%. This rate is generally negotiated between the listing agent and the seller before a contract is signed.
Commissions are then split between the listing agent and buying agent. Typically, this is a 50/50 split, however, variations can happen.
Dual agency is another possibility that relates to a realtor's commission. If the listing agent secures a buyer and represents both then they receive full commission.
Lastly, the commission is split between the realtor and broker. The broker will receive the proceeds from a sale, then pay the realtor their portion. The agreed-upon commission split can vary from realtor to realtor, even within the same brokerage.
Rookie realtors may receive a 50/50 split while veteran agents can get upwards of 70/30 or 80/20.
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