How Much Do Real Estate Agents Make in Florida?
The U.S. Bureau of Labor Statistics, in 2020, reported the average income of real estate agents in Florida ranges from $24,856 to $162,283. These earnings vary depending on location, experience, specialty, and average hours worked. These figures are averages, and understand that very top producers in Florida make well over a million dollars of income each year.
Real Estate Agent Income by Experience
The initial year in real estate is the hardest, but agents who persevere will earn the benefits of their work in just a few years. A supportive broker and a growing network will pay off as you establish your business.
In Florida, all real estate candidates must first complete 63-hour of approved pre-licensing education to get their license.
Real Estate Agent Income by Location
Port St. Lucie
There are some distinct variations in real estate agents earnings depending on which metropolitan area realtors©️ are working in. According to the Bureau of Labor Statistics, agents in Tampa earn an average of $83,418 annually, however further north in Tallahassee, the average salary per year stands at $75,926. Average annual earnings come out at $85,985 in Miami Beach, but in Port St. Lucie, agents average salaries of $84,417 a year. The Fort Lauderdale area boasts the agent income, standing at $81,620 per year on average.
Real Estate Agent Income by Hours Worked
For full-time agent, the average gross income was $72,247, compared to $24,298 for part-time agent. While real estate gives you the opportunity of a flexible schedule, those who put in more hours, achieve their full earning potential.
Real Estate Agent Income by Specialties
Real estate agents who focus on one specialization earn more than agents who don’t associate themselves with a particular niche. The most profitable specializations are luxury real estate, foreign investments, short sales and foreclosures, and green or eco-friendly properties.
Real Estate Agent Benefits and Advantages
In addition to a higher-than-average salary, these are some of the other awesome benefits that a career in real estate offers.
You’re self-employed now! While you may wish to have an office, you have the freedom to take care of most of your work at home (or anywhere else for that matter).
The ability to work from home
We’ve already mentioned that the time you put in is often a large determinant of your salary. That being said, your schedule is now your own. Even with a high-tempo work week, you’ll have the flexibility to work at the times that work best for you.
A flexible schedule
There is no end to the professional development opportunities you have as a real estate agent. Whether it’s courses, seminars, business experience, coaching, mentoring, or public speaking, the real estate community abounds with sources of knowledge and development.
Within the real estate career field, there is a wide community of like-minded people to connect with. Everyone from investors to brokers to building contractors become a part of your network over time. Additionally, your clients will come from all walks of life. Not only will you become a contact for them, you’ll quickly find how useful it is to meet, and develop a relationship with, so many members of your community.
Because you’re self-employed, you’ll be required to pay self-employment taxes. However, this also means that anything you purchase for your business is now tax deductible. This includes travel for sales calls, business equipment, and professional development costs.
Should you start a career as a real estate agent in Florida? It all depends on who you are. If you want a flexible schedule, can develop the discipline to put the necessary hours in, and enjoy working with members of your community, then starting a career as a real estate agent is an excellent opportunity.