If you're considering a career in real estate in New York State, you might be wondering how much money you can expect to make. The answer is it depends. Several factors can affect an NYC real estate agent's commission or salary, including their experience, the brokerage they work for, and their location within the state.
So, how much money does a real estate agent make in New York? This article will explore the ins and outs of real estate agent salaries in New York State.
According to data from the Bureau of Labor Statistics, the average salary for a real estate agent in New York State is $81,020 per year. However, this number can vary widely depending on the agent's experience and location. Real estate agents in urban areas like New York City or Long Island make more money than rural ones.
Unlike many traditional jobs, real estate agents are typically considered independent contractors responsible for their healthcare and paid time off. However, some brokerages offer their agents benefits packages, which can include healthcare, retirement plans, and paid time off.
Most of a real estate agent's income comes from commissions earned on their sales. Commission splits can vary widely depending on the brokerage and the individual agent's experience and negotiating skills.
In New York State, real estate agents must work under the supervision of a licensed broker. The commission split between the salesperson (the agent) and the broker can vary, but a common split is 50/50.
When a real estate agent represents a buyer in a transaction, they're known as a buyer's agent. When they represent a seller, they're a seller's agent. The commission split between buyer and seller agents can also vary, but a common split is 50/50.
To help you better understand how much money a real estate agent makes in New York, we have answered some of the most common queries regarding New York real estate agents.
Real estate agents are typically paid on a commission basis, meaning their income can vary monthly. However, assuming an average salary of $81,020 per year, a real estate agent would make roughly $6,750 monthly.
Real estate agents are typically paid a commission based on the sale price of the property they help buy or sell. The commission is split between the buyer's and seller's agents, who then split their respective portions with their brokers.
Top real estate agents can make significantly more than the average salary. According to Zip Recruiter, the top 10% of real estate agents in New York State make more than $151,418 per year.
Real estate agent salaries in New York State can vary widely depending on several factors, including experience, location, and commission splits. So, how much money does a real estate agent make in New York? While the average salary is $48,340 annually, top agents can make significantly more. If you're considering a career in real estate, it's important to do your research and find a brokerage that offers the support and resources you need to succeed.
Interested in learning more about the highest-paid real estate developers? Explore our My Real Estate Trend resource to learn about New York's top successful real estate developers.