Advantage Real Estate welcomes two new brokers to its team: Cristina Kartsioukas and Bridgette Boekhout. Kartsioukas had visited the Oregon coast frequently
Are real estate agents millionaires?
This is a very interesting question! I have been a real estate agent and investor for over 15 years. I am a millionaire but it was not just being an agent that got me there.
My first question would be what is meant by “millionaire”? Is that someone with a net worth of one million dollars, or someone who makes millions of dollars a year. It is not terribly difficult to become a net worth millionaire especially in real estate.
The average real estate agent makes about $45,000 a year or so. However, that number can be very misleading. Many real estate agents do not work full time, or have a clue what they are doing. When you sign up to be an agent, they do not teach you how to sell houses in real estate school. They teach you how not to break the law. Most new real estate agents do not even know how to write a contract. It is no wonder that many agents do not have a clue what they are doing because after getting their license they pick the broker that will let them keep the most money, not the broker that will offer them the most training.
Most agents who work full-time, get training to learn how to sell houses, and are willing to use a telephone, make at least a $100,000 a year. I had two agents on my team make over $100,000 in their first year in the business. While there are a lot of agents in the business, outperforming them is not hard.
The other advantage real estate agents have is they are around real estate all the time. Real estate is one of the best wealth building tools if you want my opinion. I have bought 18 rentals, and flipped over 130 houses in my career, and there is no way I could have done all that without being in the business full-time. Many agents in my office are millionaires not because of how many houses they sell, but because of the investment properties they have bought while in the business.
Most agents are not millionaires, because most have not clue what they are doing or not full-time. For those agents that are taught how to sell houses, and go at it with all they have, many of them become millionaires and do very well.