Finding the best cities to be a real estate agent in should be something all aspiring real estate agents should consider. After all, making home sales is the name of the game. However, finding an area where there is an opportunity to succeed and possibly with less competition are just some of the factors that need to be considered. While there definitely isn’t just one city that is the best for real estate agents, being aware of the many factors will lend you a better position from which you can choose where to set up shop and start your real estate career.
So, are you ready to identify the best cities to be a real estate agent in?
Read on to find out more!
What city is best for real estate agents?
Let’s start with what city is the best for real estate agents. We won’t be stating a city, but rather we’ll begin by describing what characteristics and factors make up the best city for real estate agents.
Housing market
The housing market is incredibly important, and no doubt you’ll be aware. By this, we mean, what are the trends in the housing markets. If prices are rising in a particular city, that would mean an increase in demand. This means that there will definitely be an opportunity to make sales if you’re able to get listings.
Personal Network
Another factor to consider is your network. If you’re considering moving to a new city, you’ll need to consider your network, not just for your social life but for professional reasons. You’ll undoubtedly be aware that getting listings often relies on your network. While you may succeed in making cold calls or going door-to-door, having a network will make it much easier to be introduced to potential clients.
Population growth
Another factor to consider is the population growth of a particular city. Look at upcoming trends, and if there appears to be a higher growth than average, this will mean that there will be more people looking for properties. An influx of residents will need more accommodation; this is where you can succeed as a real estate agent. On the other hand, if there is a population decline, then that may indicate potential properties going up for sale. This can also work in your favor, but only if you have potential buyers lined up in the pipeline.
Jobs and Employment Rate
Another important factor is job opportunities. If there is a new company opening or just more jobs in general, you will find that there will be more interest in a particular area from people looking to move there. If you’re looking to work in rental properties and maybe even property sales, this is another area where you could succeed as a real estate agent.
Investment Opportunities
Look at current statistics and research, as they typically indicate the best areas where property prices are rising. In addition, we have recently produced an article entitled Best Cities to Invest in Real Estate which covers specific cities in more detail.
Where do the most successful real estate agents live?
You’ll find that many successful real estate agents are just like other professionals. Some desire luxury properties while others are content with maybe suburban properties. If they work in a high-commission area, chances are the properties in the area are just as nice. So they may choose to live there. What’s more, is that some successful real estate agents will have knowledge of properties and what provides good investment opportunities. They may bring this into their own living accommodation and implement these choices too.
Where do Realtors make the most money?
To answer this question, we’ll begin by looking at the overall real estate profession.
How much do real estate agents earn?
According to Average Pay, a website that provides free salary information and negotiation resources for individuals:
- Real Estate Brokers earn $85,277 as an annual average salary.
- Real Estate Sales Agents earn $62,223 as an annual average salary.
Hopefully, that will help settle any misconceptions you may have had.
Now to answer the overall question.
Where do real estate agents make the most money?
Using the Bureau of Labor Statistics, the following are the top five areas with the highest pay for real estate agents.
Massachusetts
In this state, there are 3,370 registered real estate agents with the mean annual wage at $90,390.
New York
Next up, we have New York with 6,660 real estate agents, with the mean annual wage at $81,020.
Wyoming
In third place, we have Wyoming, with only 330 registered real estate agents earning an annual mean wage of $80,580.
District of Columbia
In fourth place, the District of Columbia has 400 registered real estate agents earning an annual mean wage of $77,710
California
In fifth place is California, with 14,800 registered real estate agents earning an annual wage of $76,440.
Where do real estate brokers earn the most money?
Using the same data as above. The following are the top five states for real estate brokers who earn the most money.
They are:
Nebraska
In first place is Nebraska, with 310 real estate brokers earning an average mean wage of $148,820.
California
In second place is California, with 9,280 registered brokers earning an average mean wage of $117,820.
Hawai
Next up, we have Hawaii, which has 350 registered brokers with an average mean wage of $116,290.
District of Columbia
In fourth place is the District of Columbia, with 370 registered brokers with an average mean wage of $112,650
Montana
Finally, in fifth place is the State of Montana, with 230 registered brokers with an average mean wage of $140,030
What city makes the most money in real estate?
The top city for making the most money in real estate will differ if you’re a real estate agent or a broker.
For real estate agents, the metropolitan area which makes the most money is Midland, Texas, where there are 250 registered agents earning an annual mean wage of $100,060.
Whereas for real estate brokers, the highest earning area in New York according to the bureau of labor statistics, however, the exact estimate for an annual wage hasn’t been released, although there are 3,670 registered brokers. With median home prices in New York at $570,500, it’s not hard to see why the real estate business thrives there.
In second place, though, is the San Francisco, Oakland, and Hayward areas in California, where the average real estate broker earns an average annual income of $122,930. California cities feature many homes sold at higher prices than the national average. With many areas in California also having lucrative surrounding cities, having such access is great for real estate professionals.
Can real estate sales agents work in any city?
Unfortunately, real estate agents can only work in the state in which they’re licensed. So you would need to make a decision on where you’d like to work before completing the licensing procedure. Although with a good online real estate school, getting your qualifications to enter the real estate market may not be too difficult. However, it’s important to stay prepared and plan well ahead.
Final Thoughts
As you can see, the best cities to work in real estate depend on a number of factors. Statistics aside, it also depends on your personal preferences. After all, there is something called a work-life balance, right? So make sure to read our other articles and neighborhood guides to find an area or city in which you can call home and also work.