Are you looking to start a career in the real estate industry? Or, maybe, you want to supplement your income by selling properties?
Many people have made lucrative careers in real estate, especially in the state of Washington. Keep reading to learn how much real estate agents make in Washington. And once you’re ready to become a real estate agent, follow the steps on how to apply for a license.
How Much Do Real Estate Agents Make in Washington?
According to the U.S. Bureau of Labor Statistics, real estate agents in Washington make an average of $69,700 annually. This value seems promising for those starting in the industry. However, it is important to note that several factors affect how much real estate agents earn.
Years in Industry
One of the factors that can affect how much real estate agents earn is their years in the industry. This is representative of their expertise, education, and training as real estate agents.
Job Satisfaction and Happiness
Sales determine your earnings, and how you sell real estate may also depend on your job satisfaction and happiness. A 2019 study at Oxford University found that happy workers are 13% more productive. In the real estate industry, productivity translates to more sales.
Real Estate Agent Commission Rates in Washington
In Washington, there is no government mandate that dictates the commission rate for real estate agents. However, it is customary for sellers to pay the 6% real estate agent commission from the final proceeds. Usually, 3% of the commission goes to the listing agent, and 3% goes to the buyer's agent.
So how much can you make on the sale of one house? Let's say you help sell a home for $500,000. The total commission paid by the seller will be $30,000. You'll get about half of that, or $15,000. However, that's not your total takeaway. You'll likely need to pay a cut to your sponsoring broker, which is usually around 50%.
When all is said and done, you'll likely walk away with $7,500 after a home sale of $500,000.
How to Get Your Washington Real Estate License
As a real estate agent or a broker, you need to have a license to work in Washington. The Washington State Department of Licensing enumerates the following steps to get it.
1. Meet Education Requirements
You'll need 90 hours of state-approved education. This includes a 60-hour Real Estate Fundamentals course and a 30-hour Real Estate Practice course. Aceable Real Estate School offers pre-license courses to help you meet this educational requirement.
You’ll need to complete your real estate education within two years before your exam application. Additionally, you need to be at least 18 years old and have a high school diploma or its equivalent.
2. Take and Pass the PSI Examination
After starting your education, make sure to register as a student at the PSI Testing Excellence. When you complete your real estate education, your school will forward your credentials to PSI.
Then, contact PSI to schedule your exam by calling 855-746-8168 or using the online portal. Take note of the reminders for your exam day.
After you pass the exam, you have one year to apply for a license. Otherwise, you’ll need to reapply for the exam, which might require additional education.
3. Start Your License Application
Before applying for a license, make sure you received confirmation from the Licensing Department that they have your exam results. Get your legal documents ready and schedule to submit your fingerprints.
Then, create your account at the Washington State Agencies website and log in. Click on the “Apply for License” in the To Do’s section. Follow the on-screen steps to proceed with your application.
4. Pay Your Application Fees
You’ll also need to pay your application fees through the WSA website. This includes your licensure fee and a $10 research fee.
5. Get Your License
Once you receive your license, you’ll need to activate it through a real estate firm. You’ll receive an invitation through your WSA account, so make sure to log in to accept that.
Ready to Take Your Washington Real Estate Courses with Aceable?
To become successful in real estate, you have to keep your knowledge and skills updated. With that, Aceable Real Estate School offers courses, such as the Proven Path Training course. With these, you can keep up changing economic conditions, attract customers, and make those sales.