What Will Your Average Salary Be With A Rhode Island Real Estate License?

When considering whether or not to obtain your Rhode Island real estate license, questions of average salary may cross your mind. To tell you the truth, there is no “average.” Your annual amount is never capped - you can make as little or as much as you want! There are a variety of factors involved that may vary your personal yearly income, including:

1. Type Of Property You Work With
    Working with homes and rentals are two different ball parks, commission wise. Generally, when you sell a home with your Rhode Island real estate license, you receive about 5% of the selling price. After taxes and your broker’s commission (which we will get to), you will generally walk away with about 2%. This is still a hefty amount from just one home.

    Commission based off a rental, however, works differently. Depending on the property manager, your services may be paid equivalent to one month’s rent. Other property managers may have a flat rate, no matter the tenant’s rent. Again, out of the commission, you will still owe your broker and government out of your check.

2. Your Broker’s Commission/Overhead
    Understandably, you need to pay your broker a portion of each commission you make. Every Rhode Island real estate agency you work for will have different pay structures- some will have a flat rate, most will charge a percentage. Some agencies will mandate that you pay an additional stipend for space usage. Make sure you understand what is required of you.

3. Your Dedication
    After your receive your Rhode Island real estate license, it is so freeing to know you are technically your own boss. It’s everyone’s dream to make their own hours! But the amount of work you do to market yourself and your properties will directly correlate to your annual income.

    If you only work a few hours a week, you will probably only rent or sell a few properties a year. If you use your Rhode Island real estate license to it’s full potential, you can make more money than you could with a regular salary.

The fact that you cannot cubbyhole a Rhode Island real estate agent’s income is incredibly exciting. If you are passionate and determined, you can make much more than sitting in that cubical!