Everything you need to know About Salaries Drawn by Real Estate Agents in Georgia
The real estate market in Georgia is on an upswing, largely because of people migrating to the state. They are drawn by the historical places, temperate weather, and an economic boom. Hence, real estate agents in the state have a lot to look forward to in sales and commissions over the new year 2024.
Now is the ideal time for aspiring real estate agents to enter the market in Georgia and give their careers a solid boost.
For first-timers, Georgia real estate could provide your career the enriching start it needs.
It could also work as a lucrative option for those looking for a mid-life career switch.
Many aspiring real estate agents do not realize the untapped potential in the Peach State’s real estate market.
In this article, we are going to dive deep into the earning and growth potential of working as a real estate professional in Georgia.
We will cover a range of topics and areas, including how much real estate agents make in GA and what are the standard commission rates in the state.
So, if you are interested in joining Georgia’s real estate industry and want to be a part of an exciting and rewarding career path, keep on reading till the end of the article.
Overview of Real Estate Agent Salary in Georgia
Starting a new career is a time and cost-intensive journey, and it is critical to be completely clear about the potential you can have in terms of salary and commissions.
An annual salary of $100k is not uncommon for experienced and hardworking real estate agents in Georgia.
However, before you get all too excited about your earning potential, it is important to learn about what are the factors influencing your earnings.
Factors Influencing Real Estate Agent Salary in Georgia
Your earning capacity will be largely dependent on your work experience and the more experience you have, the higher your salary and commission will be.
According to the industry data, real estate agents with more than 5 years of experience earn at least 20% higher in salary as compared to someone who only has 1-2 years of work experience.
On the other hand, agents who have been in the real estate industry for more than a decade, are at the top of the earnings pyramid with an annual package of $118K or above.
Let us learn more about some of the key factors that play a crucial role in influencing your earnings:
- Location: Whether you are working as a real estate agent, broker, or realtor, your earning potential will be determined by the location where you are active. Not all real estate markets are the same and some are more popular than others. Your earning potential, including your salary and commissions, will significantly improve if you are operating in a sought-after neighborhood, town, or metropolitan area like Atlanta and Georgia.
- Network: It is a popular industry saying that your network is your net worth. Real estate agents who have an extensive network can cast a wider net to attract clients and income opportunities. Highly paid real estate agents have a wide network of leads and potential buyers which helps them build a steady income flow.
- Economy: A strong economy is a crucial factor in influencing how much you can earn as a real estate agent. If the market is stable and steady, then the purchasing potential of homebuyers and investors increases, leading to higher commissions. In a weaker economy, the housing market slows down as well, limiting the earning potential for agents.
- Commission Structure: As a new real estate agent you will have to work under a brokerage firm or senior broker to gain experience. Thus, your commission rates will be decided by the real estate agency or brokerage. The final percentage can vary depending on the specific transaction and your agency’s commission structure.
What is the average salary for a Real Estate Agent in Georgia?
According to data from job portals and employee surveys, a real estate agent in GA can make $50K annually.
Entry-level wages start from $22K and can go up to $100K annually for top-level agents.
For more experienced and senior-level real estate agents, the average annual salary starts at around $60K.
Mid-level real estate agents in Georgia can earn an average annual salary of $46K.
If you are completely new to the industry, then you can expect a starting salary of around $22K per year.
Note that the average salary is dependent on many external factors, such as – the economy of the state, job outlook, popularity, supply and demand balance among others.
Median Earnings of Real Estate Agents in GA?
Yes, real estate is a thriving and rewarding industry that attracts numerous first-timer applicants as well as experienced professionals from other fields.
Knowing how much money you can make as a real estate agent in the Peach State is one of the most commonly asked questions.
If you are planning to enter the real estate industry and make it a career choice, it is important to uncover all the facts related to the average real estate agent salary in Georgia.
Average Salary for Real Estate Agents in Georgia
According to job platform Indeed, the average annual salary for a Georgia real estate agent is around $70K.
This approximate salary is calculated based on considering the average of a wide range of salaries reported by real estate agents, ranging from $20K to $100K.
If you are a reasonably experienced real estate agent in Georgia, then you can expect to make around $8K weekly.
Note that this estimated amount only includes the salary and you can expect to make extra depending on the transaction and other factors.
Commission Structure for Real Estate Agents in Georgia
If you are new to the industry, here’s how real estate agents get paid on a commission basis.
Agents have to work for a real estate agency or broker, and they have to pay a certain amount of money back to the brokerage in exchange for support, experience, and opportunities.
According to industry data and surveys, real estate agents in GA pay around 5.76% commissions, which includes both the listing commission and buyer’s agent components.
Note that Georgia’s current commission rate is higher than the national average of 5.37%.
However, in recent years, low commission rate agents have quickly gained popularity in Georgia, leading to a win-win for all without compromising on service quality.
How Much Do Realtors Make in Georgia?
Many beginners and upcoming real estate professionals use titles like real estate agents interchangeably with realtors.
However, they are specific job roles and specializations and have their own set of licensing and education requirements.
While a real estate agent has obtained a license through state-approved procedures, the same agent is called a realtor after taking membership of the National Realtor Association (NRA)
To become a realtor, you must work as a real estate agent and gather a minimum of years of work experience and post-licensing education. Once you have earned your license, the next step is to locate the National Association of Realtors (NRA) in your state and submit your application.
Additionally, to get accepted as a member of the NRA, you will have to complete and pass the test for the code of ethics.
Thus, being a realtor opens up new opportunities for expanding your network, adding to your knowledge, and growing your skills and industry experience.
Average Salary for Realtors in Georgia
Wondering how much Realtors make in Georgia on average?
However, as of 2023, the average annual realtor salary in Georgia is around $107K calculated based on industry data and surveys.
The salary range for a realtor in GA is around $80K to $120K per year. Note that this varies significantly depending on various factors like education, work experience, location, and network.
Earning Potential for Realtors in Georgia
Licensed realtors can earn as high as $120K annually in Georgia, thanks to the state’s popularity among homeowners, migrants, and investors.
If you are a fairly new realtor with 1-2 years of experience, then you can expect to earn around $70K annually.
For more senior and experienced realtors with 3-5 years of industry experience, the average annual salary is around $80K per year.
Some of the highest-paying cities in GA for realtors include - Atlanta, Augusta, Norcross, Duluth and, Woodstock.
Realtor Commission in GA
Commission Structure for Realtors in Georgia
Wondering what is the realtor commission in GA?
Typically, a realtor's fee is around 5.7% of the total value of the transaction, which comes down to an average of $18K for a typical Georgia home.
Needless to say, most realtors in Georgia expect to earn close to the state’s real estate market average commission rate.
The commission rate does not vary too much and market data indicates that most realtors charge between the range of 3.5% to 6.9% commission.
However, some also work on lower commissions through third-party real estate companies which offer discounted commission rates.
Note that the final realtor commission rate may vary depending on various factors such as - location and size of the property, popularity of the locality, and type of property among others.