Becoming a Realtor in Salt Lake City seems easy at first. Take 90 hours of classes (soon to be 120 hours), pass the state exam, get your real estate license and join a real estate brokerage. Your on your way, right?
Sounds easy, but it’s far from easy. First of all, you don’t get paid until someone buys or sells Salt Lake City real estate, and the brokerage takes a big chunk of that commission check. No medical benefits, no sick time or paid vacations, and the bills keep rolling in.
When I started I had enough money saved to cover my bills from many years of working in corporate America and my monthly overhead was low too. If it wasn’t for that, I probably wouldn’t have made it.
I remember when I started I thought since I had experience in commercial real estate and a MBA, that everything would just fall into place. I’ve made a good living being a Salt Lake City Realtor, but getting started was tough.
From the beginning, I’ve always worked with my client’s best interest in mind. Patiently working with each client until they find what they want. I don’t get to dictate when I make money, because it’s up to each client when they will buy. I’m more of a guide than a salesman.
Much of what I’ve learned as a Salt Lake City Realtor has been from the 10 years of helping clients with their needs and doing transactions. Most of these things are not taught, but they can be learned from hard work and putting in your time.
If you’re thinking about a career as a Salt Lake City realtor, here are some stats to consider from the National Association of Realtors (NAR).
The median income for a Realtor was $36,700 in 2008, down from $42,600 in 2007. Members licensed as brokers earned a median of $49,300 last year, while sales agents earned $28,400.
Realtors® in the business for two years or less earned a median of $8,600, while those with three to five years of experience earned $27,100. For six to 15 years, the median was $42,400, while members in the business for 16 years or more earned $53,900.
There were similar differences in income depending on the number of hours worked. Members who worked less than 20 hours per week earned a median of $8,200, while those who worked 60 hours or more earned $74,000. The typical NAR member has been in the business for 10 years, up from eight years in 2007.
If you need help with the purchase of a Salt Lake City home, condo or duplex, please contact me. I’m an experienced Salt Lake City realtor and the majority of my clients are buyers of Salt Lake City homes and condos.
Kevin Coyle
Associate Broker, MBA
Stonebrook Real Estate
Mobile: 801-243-0699
Office: 801-466-8977
Source of the NAR data (5/13/09): http://www.realestaterama.com/2009/05/13/realtor-member-survey-shows-response-to-challenging-market-ID05347.html
