How Much Does a Real Estate Agent Typically Make in Illinois?
“What do I want to do with my life?” That is a question we have all asked ourselves. Some of us find the answer early in our life, while some of us have this question ever-present in the back of our minds, much like a fruit fly buzzing around overly ripe fruit. If you’ve ever found yourself considering this question, perhaps you’ve thought “maybe I could sell real estate”. Today we will focus on real estate brokers in Illinois, how much they make, and what factors to consider when thinking about a real estate broker’s salary. But before we get started, I want to note that while the term “real estate agent” is commonly used across the country, in Illinois the term “broker” refers to a real estate professional.
According to the
U.S. Bureau of Labor Statistics, the average pay for a broker in Illinois as of May 2022, is $65,850. This is lower than the reported average from
ZipRecruiter ($74,353),
Indeed ($77,107), and
Salary.com ($85,346).
When considering the salary of a broker, there are many factors that you should examine. For example, the cities and towns you work in, and their corresponding population determine how many opportunities you will have. Other things to consider are the number of years of experience you have, how much education you have, and how many hours you wish to work; more of each of these could give you a nice boost in pay!
Location
Location has a major effect on the salary of an agent. If you want to earn more, try going for urban areas that are highly populated and suburban areas with higher prices per home. If you work in a small town, typically the population is small, resulting in less real estate to buy and sell, however, there might be less competition with other real estate professionals in this scenario. When working in a larger city, you will have much more real estate available to buy and sell, but you may have more competition with other professionals in the area.
Specialty
Just like any other business,
the niche or specialty is going to decide what kind of real estate agent you are going to be. Some examples might be first-time homebuyers, military, relocation services, luxury properties, etc. Each one is going to bring in a different income but owning the category you chose is where the success is. Your goal is to become the market expert in that specialty or niche.
Years of Experience
Real estate is a business where knowing people or being top of mind is very important. Creating a sphere of influence and connecting with that audience is crucial to creating business for yourself as an agent. Visit our blog
Business Networking with Other Real Estate Agents to hear how one professional worked her way up from the bottom to become a successful salesperson. Networking becomes easier and grows with time and experience. Therefore, the first year in real estate is always the hardest but stick with it and trust the systems that you have set in place!