How Much Money Do Realtors Make?
Watch the video to quickly learn how much Realtors and Real Estate Agents actually make!
Often times the general public will view Realtors as making money hands over fist!! Turn on the TV, see agents pull up in fancy cars, in the best attire and show million dollar homes... Hmmm.. not sure how that fits in with reality when according to Salary.com, the average Realtor in Rhode Island and Massachusettes earns a whopping income of $43,000!!
$43,000 a year.. aka $827 per week! But Wait!!! Do Realtors get benefits? Are they employees? How many hours a week does a Realtor work? How do Realtors get paid when a transaction falls apart? Glad you asked!
The answer to all of the questions below is NO!
- Realtors are considered Self-Employed and pay their own income and social security taxes!
- Realtors pay their own social security tax which is 12.4%
- Now we are at $37,668
- Lets factor in $5226 in Federal income taxes
- Realtor is down to (not including any deductions) $32,442
- How about State Taxes?
- Realtor is now down $1612 in Rhode Island
- $30,830
- Realtor is now down $2193 in Massachusettes
- $30,249
- How about Health Insurance?!
- Average age of a Realtor 53 years old according to National Association of Realtors
- $408 per month according to ValuePenguin.com
- Realtor is now down to $25,353
So when we deduct taxes and health insurance, your average Realtor is making $25,353! Per year!!! This amount does not include business expenses, brokerage fee's, gas, car payments, car insurance, mortgage or anything else associated with being able to live!!
So basically less taxes and health insurance only, the average Realtor makes $487..56 per 60 hour work week. Aka $8.13 per hour!!!
Isn't minimum wage $9.60 per hour in RI and $11.00 an hour in MA?
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*Speak with a local accountant for details on taxes, etc.
So basically less taxes and health insurance only, the average Realtor makes $487..56 per 60 hour work week. Aka $8.13 per hour!!!
Isn't minimum wage $9.60 per hour in RI and $11.00 an hour in MA?
- Realtors make -$1.47 per hour less than Rhode Island minimum wage
- Realtors make $2.87 less per hour than Massachusettes minimum wage
Imagine that a highly trained and experienced real estate agent makes less than a high school student flipping a hamburger or folding clothes on a retail display.. insane!!
Want a job in real estate? Haha Comment Below and SUBSCRIBE to our YouTube here -->>>
*Speak with a local accountant for details on taxes, etc.
Interesting Article. Hoping that you will continue posting an article having a useful information. Franklin Real Estate
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