You can make a good living with your Virginia real estate license!
The actual income amount varies greatly from agent to agent because agents work on commission. The more you sell, the more money you make. So technically, you don’t earn a “salary” as a real estate agent at all! The word salary means a fixed, regular payment. And that’s not what you’ll have. Instead, you’ll receive a commission check every time you close a real estate deal.
Having said all that, you still need to know what Virginia real estate agents make on average so you can plan accordingly and set realistic income goals for yourself.
So let’s look at how much the average agent makes, how much you could be making once you pass your Virginia real estate exam, and what you can do to boost your income potential.
How much does the average Virginia real estate agent make?
Virginia real estate agents make more money than the average American real estate agent. In fact, Forbes listed Virginia as the ninth-best state in the country in terms of real estate income.
So how much are we talking?
According to the Bureau of Labor Statistics, Virginia real estate agents earn an annual mean wage of $66,230. This is especially impressive when you consider than most states fall in the $41,000 - $57,450 range as shown in the chart below.
And that’s just the average, which skews low because of two key factors.
First, many agents work part-time since real estate provides complete flexibility to work around other commitments. Naturally, the part-time salaries drag down the average income calculation.
Then there’s the fact that many agents just received their Virginia real estate license within the last two years. The first few years always produce the lowest income because it takes time for new agents to build relationships with qualified buyers and sellers. After a year or two, you’ll have a few positive reviews from satisfied clients, and you’ll start getting referrals from previous clients. That’s when your business really gets going!
What is the income potential for Virginia real estate agents?
One of the best things about getting your Virginia real estate license is the unlimited income potential. You decide how much you’re going to work, how hard, and how smart. And you can make far more money than the average Virginia real estate agent. Take a look at the real estate earnings on the Bureau of Labor Statistics by state.
To give you a number to shoot for: Virginia real estate agents in the 90th percentile are making over $115,000!
How do I maximize my Virginia real estate income?
There are ways you can make sure you’re near the top of the Virginia real estate income scale. Consider these ideas to increase your income:
Invest early in a website and blog. Your website will give you instant credibility, and your blog will increase your SEO so Google will direct more buyers and sellers to you.
Become a listing agent. Listings require fewer hours than working with buyers, so you’ll be able to close more deals each year.
Test your negotiation skills. Convince your broker to give you a higher commission split.
Focus on luxury listings. You’ll be able to make more money while selling fewer homes.
Keep at it! The National Association of Realtors® (NAR) reported that Realtors with over 16 years’ experience had a median gross income of $71,000 nationwide!
Virginia real estate agents make good money. And it all starts with your Virginia real estate license. Your career is waiting; find your pre-license course today!