How Much Do Real Estate Agents Make in Florida in 2022?
Are you wondering if it’s worth becoming a real estate agent in Florida? What are the earnings of such specialists, how is their salary calculated, and what factors have an impact on how much you can expect to get during the first years in the business? Keep reading to learn more!
Real estate agents in Florida - scope of responsibilities
A real estate agent is a professional who helps people buy, sell, or rent properties. In Florida, real estate agents must be licensed by the Florida Department of Business and Professional Regulation. They must also complete continuing education courses to maintain their license.
Real estate agents typically work with clients who are looking to buy, sell, or rent properties. They help to find houses or flats that meet clients’ needs and budget. Then, they negotiate the sale or lease of the property.
Real estate agents also provide comprehensive guidance and help with the paperwork. Thanks to them, the entire process of buying, selling, or renting a property is smooth.
How much do real estate agents make in Florida in 2022?
Before we move on to answering the question of how much real estate agents make in Florida, it needs to be stated that such professionals don’t get a regular salary.
Instead, they earn a commission that is split between the brokerages involved in the actual transaction.
For this reason, a Florida real estate agent earns money only if a transaction is completed and closed. The number of hours worked or energy devoted is irrelevant here.
But let’s move on to the main point of this article. How much do real estate agents make in Florida in 2022?
According to Indeed, the average annual base salary of a Florida real estate agent amounts to $92,403. Moreover, it increases depending on the experience. Therefore, specialists who have been in the business for longer than 10 years can expect to earn around $109,303 per year.
How is the commission calculated?
How much commission do real estate agents make in Florida? Usually it's between 3 and 6% of the value of the property.
However, this doesn't mean that the entire amount goes directly to the real estate agent. This percentage is first divided between the brokers and agents representing the seller and buyer.
The real estate agent shares the commission with the broker, who takes between 20 and 50% of the remaining amount. This depends on the agent's individual arrangements and experience.
6 factors that impact the salary
Given the nature of the profession, it's important to mention that how much real estate agents make in Florida depends on a few key factors such as:
Qualifications and education
Good education and the right qualifications are a must-have if you want to earn a lot as a real estate agent in Florida.
For this reason, you should invest in a proven Florida real estate license course that will allow you to learn the vital concepts and acquire the knowledge necessary to get your license.
As your days, months, or years in the industry go by, you gain experience, it's natural. In the real estate industry, this factor is particularly important because, as you already know, your salary relies heavily on commissions.
Experience means being able to overcome adversity and deal with challenges. With the right education and experience, you'll be able to meet clients’ needs and expectations. .
Niche or specialization
Your specialization will have a direct impact on your commission rate.
Depending on whether you focus on renting properties, selling condos or luxury houses, or dealing with commercial spaces, you can expect different annual earnings.
You’d be surprised how Florida real estate agents’ salaries vary from city to city. As evidenced by Indeed, the average base salary can reach:
- $110,284 in Miami,
- $108,878 in Palm Beach Gardens,
- $97,122 in Tampa,
- $94,460 in Kissimmee,
- $93,637 in Lakeland
Therefore, the city where you work also has a huge impact on the money you can make.
The company they work at
If you decide to work as a real estate agent here is what you can expect to earn with some of the following brokerages :
- $153,762 per year (Fair Trade Real Estate),
- $138,538 per year (Ready Real Estate),
- $126,233 per year (REALI),
- $125,922 per year (Douglas Elliman)
Having skills such as market analysis, research, and sales skills also has an impact on the salary.
You will be working as an independent contractor, and you'll bear all business costs related to administration, promotion, advertising, income taxes, and so on. Therefore, the answer to the question “how much does a real estate agent make in Florida?” depends also on what business costs are incurred.
Do not despair though as in the end it will be all worth it. You will be your own boss and you will be working your own hours.
Becoming a real estate agent certainly pays off. Proper education and experience will allow you to successively increase your earnings and get really attractive commissions.
But first you need to acquire the necessary qualiﬁcations and knowledge that will allow you to successfully close deals.
If you're thinking about a career as a real estate agent in Florida, check out our Real Estate License pricing and courses!