According to Indeed, the average salary for a real estate agent in the United States is a little under $100k. That’s almost double than the Florida mean annual real estate agent salary, which according to the Bureau of Labor Statistics data from May of 2021, is a respectable $56,460.
Meanwhile, the National Association of REALTORS® found the median gross income of a Realtor was $43,330 in 2020.
So why are those numbers so vastly different? And what’s the difference between a real estate agent and a Realtor anyway? Let’s break it down.
Real Estate Agent vs. Realtor
Getting a real estate license does not make someone a Realtor (also written as REALTOR®). That person would simply be called a real estate agent. However, most real estate professionals join a local board of Realtors, such as the National Association of REALTORS®. The state of Florida also has its own association of REALTORS®.
NAR outlines a Code of Ethics that all of their members must follow. Consequences for violating these published codes of ethics can include disciplinary action and loss of membership, as well as potential litigation.
Do Realtors Make More Than Real Estate Agents?
Well, since you’re entitled to jump through slightly bigger hoops by following a strict code of ethics, you would think that being a Realtor would automatically mean more money, right? Sadly, that’s not exactly the case.
Being a Realtor doesn’t grant you a higher commission split than if you were just a real estate agent, but that doesn’t mean there aren’t perks to joining! Being a Realtor gives you certain member benefits including access to education and training resources, offers members information on local legislation and regulation that impact the real estate industry, and probably most importantly of all, makes you become part of a larger group of REALTORS®. This means more networking opportunities to make connections that can help you sell more houses!
How Are Real Estate Agents Paid in Florida?
Real estate agents don’t have a typical salary or hourly rate, but instead, work off commission. The commission you'll earn as a real estate agent in Florida can vary. Agents just entering the field might receive a lower commission split (for example, a first-year agent often receives about 50% of the commission paid to the broker). They may also have to split the commission with the buyer’s real estate agent.
Most real estate agents are paid through a listing agreement, which is signed by the seller and the listing agent. The listing broker then shares part of that commission with the brokerage that represents the buyer.
So How Much Does a Real Estate Agent Make in Florida?
According to data gathered from Move.org, more people moved to Florida than any other state in the country in 2021. It’s safe to say that now is the time to dive into the real estate market and get your Florida real estate license.
Let’s break it down by city…
How much do real estate agents make in Tallahassee?
If you’re in the Florida state capital of Tallahassee and considering getting your real estate license, you could potentially make an average of $121,876 per year with a couple of years of experience under your belt. That’s even higher than the national average salary for a real estate agent!
How much do real estate agents make in Jacksonville?
For those who are looking to get their real estate license in a more challenging city, Jacksonville might be the place for you. With a population of a whopping 902,000 people, Jacksonville is the most populous city in the Sunshine State. In this bustling Florida city, agents have reported an average salary of $91,366.
How much do real estate agents make in Miami?
Boasting a population of 461,080 as of 2020, Miami is quite a bit smaller than Jacksonville, but that doesn't mean it isn’t a lucrative market for real estate. Known for its crystal clear beaches, rich culture, and lively nightlife, Miami real estate agents can make an average of $106,470.
While these are only estimates in these three particular cities in Florida, remember that there is no limit to how much a real estate agent can make. Building a reputation in your area and becoming an expert in the field will render no limits to your annual income.
If you’re interested in Florida real estate as a career path, you have to start with getting your license. Start your journey with our Florida pre-licensing course today!
This article was updated on 9/2/22