Are people still making decent money in real estate even with the exceeding numbers of foreclosures? What is the median range of salary for first year real estate agents? Also do you receive base salary as well as commission?
Good agents are still making decent money, the key word being good. Homes are still being purchased and sold and even though the pricing has declined in most markets, the agent still gets paid. Foreclosures do not impact the agent's income, the agent gets paid when selling a foreclosure just as in any other sale, the only difference is that the commission is paid by the bank or whoever now owns the property.. Please understand there is no salary, an agent works on straight commission and a new agent has to be able to plan for the first year to make little money until he or she has established himslef/herself.
real estate agents make money when someone buys or sells a property. It does not matter if the owner of the property is making money the agent would still get a commission. Every agent I have ever met does not get a salary. They only get a percentage. It is pretty much like they are running a small business. So median has no meaning in real estate any more than the median amount a small business owner would make in the first year. Often an agent might actually lose money for a while. They would be spending money of education, licensing, supplies, clothes, larger car, computer and other things even before they make their first sale.
