To formulate the average salary of an active licensed real estate agent or realtor in Florida is in-fact counterproductive. Specifically, because this career is one of the few in which income potential is matched by individual effort. Top producers in Florida can make well over six-figure or seven-figure incomes. In comparison, part-time agents might see a meager return. The sky is absolutely the limit, so get out there and make your mark!
Before establishing the average salary per city in Florida, we think it’s important to see how it compares to state and nationwide average incomes for real estate agents, see the following:
Average Nationwide Real Estate Agent Income:
- Average Salary: $87,218
Average Florida Real Estate Agent Income:
- Average Salary: $94,076
According to ZipRecruiter, in 2019 the average income of a licensed real estate agent in the top 10 cities (by population) in Florida are as follows:
- Jacksonville, FL – $81,569
- Miami, FL – $83,220
- Tampa, FL – $80,982
- St. Pete, FL – $74,094
- Orlando, FL – $76,357
- Hialeah, FL – $73,444
- Port St. Lucie, FL – $82,536
- Cape Coral, FL – $77,384
- Tallahassee, FL – $73,284
- Fort Lauderdale, FL – $78,399
The factors affecting these statistics greatly vary depending on market conditions, situs, mortgage availability, and population. Success of a newly licensed real estate agent can also be dictated by the brokerage company in which they’re active with. With this in mind, the 3 most important questions that a new, aspiring real estate agent should ask when interviewing with a broker is as follows:
- What is your commission program? Commission splits and fees? Does it change based on the type of sales?
- Do you provide training? What kind? Continuous training? Monthly meetings? Company goals?
- Do you provide leads? How are they sourced? Does it change the commission if the company provides a lead?
There are more features of a brokerage that can make your choice easier, but the details will be presented in another article (Click Here).
You’ll know when the right opportunity presents itself, but you should keep an open mind while starting out and welcome any chance to expand your knowledge in this industry. NEVER STOP LEARNING!
Strategies to achieve success in real estate very based on personality, goals, and other limiting factors, but here are 10 tips to find success in real estate that still remain true no matter the personal threshold:
1. Determine your ‘why’
Why are you in real estate? What do you have to gain? Success is different for everyone, so what does it mean to you? How do you know when you’ve found personal success?
2. Set goals
Do you have any short/long-term goals? Have you placed rewards for achieving these goals?
3. Institute PIs (Performance Indicators)
Is there someone to hold you accountable? Friends, family, or superior? Someone, to commend you after you’ve met a goal?
4. Know your USPs (unique selling propositions)
The same is true in any industry whether providing a good or service. How do you want to be seen in the public eye? What makes you unique? Words like ‘honesty’, and ‘integrity’ are okay, but they aren’t enough — they’re used by almost every real estate professional and have lost their impact. Is there anything you could do for your clients better than anyone else? What specialized service or expertise could you offer your clients to set you apart? Answering these questions can help guide your personal profile and eventually you’ll be seen as the real estate agent of choice.
5. Decide how you’re going to find your clients
There’s a multitude of ways to prospect for clients; some free and some paid. Prospecting is all about building relationships for current and future business; building your pipeline with people who would want to use your services. To accomplish this, check in with your broker, team leader, or coach for advice, then settle on your top prospecting strategies and stick with them.
6. Procure listings
How skilled are you at getting in the door for CMAs (comparative market analysis)? How skilled are you at converting these into listings? If your answers are ‘okay’ or “so-so” then you urgently need to up your skill level. Attend training, coaching, webinars, seminars, read or listen to audio books, listen to CDs — whatever makes a difference. Remember the saying, “who has the gold, makes the rules.” The gold in this analogy is your listings. Or you can think of listings as your stock. Without stock you have nothing to sell, and without anything to sell you have no income!
7. Marketing property
Before promoting anything, do you take time to identify the target market? Who are they and where will you find them? Do you know which methods of promoting will be most appropriate for your client? Is it worth it for your seller to invest in a marketing program? If your answer isn’t positive, then there’s plenty of chances to learn this skill. Simply take some time out to further your training.
8. Working with buyers
Are you proficient in identifying the wants and needs of your buyers? Are you capable of sorting the wants from the needs? If not, you could waste your time trying to satisfy the wants, while your buyer goes elsewhere to satisfy their needs. This could be very discouraging since your income depends on the sale; and there’s no charge for wasted time.
9. Negotiating offers
A common pitfall for new agents is forgetting to close. “Now that I’ve shown you these 3 beautiful homes that meet your specifications, which one would you like to place an offer on?” Are you good at influencing the decision-making process? Can you negotiate these offers to ensure the best outcome for your sellers? How good are you at mediating and solidifying agreements? There are plenty of books on negotiation and many ways to increase your skill-set on the topic. To ensure long-term success, pursue every opportunity to help you become an impactful negotiator.
10. Stay on track
You might need the help of other professionals to assist with your business plan, financial plan and how you’re going to track your finances. However, it’s well worth talking with someone skilled in this area, as the industry is littered with real estate agents who work so hard but at the end of the day have nothing much to show for it. Don’t be another statistic — put those plans in motion now!