What are the wages of a Chicago Realtor?
Highly Variable Wages Can Mean Feast or Famine
What's the average salary for a Chicago real estate agent? Before we answer that, consider that many people in Chicagoland have real estate licenses but they have full time jobs doing something else, so the "average" looks a lot lower than the wages of a full time agent. The economic outlook over the past few years has also slashed commissions in both the luxury and regular real estate market. Prior to the housing collapse, gentrification was in full swing, and many remodelers also dabbled in real estate so they could keep the sales commission on properties. Many realtors were involved in home flipping and property investing as well, so they made money on the sale while they pocketed the gain on the residence, whether it was a condo, duplex, or freestanding home. Many real estate agents had a salary exceeding $200,000 per year and there were even some bona-fide millionaires in the mix thanks to commercial deals and major urban renewal projects. An average realtor may only make between 40-60 thousand dollars per year full-time, but there are some well connected folks who still pull in a lot more than that.
Notes and Special Information
Special note: Personality, drive, and determinatin go a long way in real estate success. You may have to work long hours for years to get a group of high-end clients who make you commissions that will get you where you want to go?