Real Estate Broker Salary Guide and Career Outlook

Based on the latest survey, the median real estate broker salary in the US is around $55,705 per year, meaning $22.87 per hour. In Canada, the median annual pay for the same job is at C$65,573 ($52,904), while in the UK it can go as low as £18,055 ($24,321). In Australia, it goes up to AU$45,606 ($36,083) per year, while in New Zealand the median annual pay stands at around NZ$47,406 ($34,182).

In India and South Africa, the pays for the same job are the lowest, in India, the median annual pay is at Rs 616,736 ($9,436), while in South Africa it is around R200,000 ($15,021). Below, we will take a look at the main factors influencing the annual salary of real estate brokers.

How Much Does a Real Estate Broker Make per Year by State?

Real Estate Broker Salary US Canada UK Australia New Zealand India South Africa
Hourly Pay $22.87 C$31.52* ($25.43)  £8.00* ($10.78) AU$20.40 ($16.14) NZ$22.79* ($16.43) Rs 296.507* ($4.54) R96.15* ($7.22*)
Annual Pay $55,705 C$65,573 ($52,904) £18,055 ($24,321) AU$45,606 ($36,083) NZ$47,406* ($34,182) Rs 616,736

($9,436)

R200,000 ($15,021)

A (*) indicates that the hourly rate was not available and was extrapolated from the annual salary.

Real Estate Broker Salary Influencing Factors

The salary of a real estate broker varies depending on experience, location, and employer. While independent brokers can earn high incomes from commissions based on how many clients they have every month. The data we have gathered here havea as source Payscale, which offers the real estate broker median annual salary for the US, Canada, the correspondent for that being the real estate agent salary for the UK, Australia, New Zealand, India, and South Africa.

1. Location

Real estate broker salary can go from C$38,783, up to C$137,117 per year in Canada, while the real estate agent salary can rise from £12,360 to £40,238 per year in the UK. Meanwhile, in India, same real estate agents make from Rs 273,692 to Rs 1,515,208 per year. With a rise from R48,322 to R595,976 per year in South Africa.

Real estate brokers working in Chicago, New York, and Los Angeles have the highest salaries. In these locations, the annual income ranges between $59,000 and $61,000. Also, the real estate broker salary in Tampa, Seattle, San Diego and Houston is between $49,000 and $55,000 per year. The lowest salaries are in Atlanta, Phoenix, and San Antonio where real estate brokers earn a median annual income ranging between $41,000 and $44,000.

How Much Does a Real Estate Broker Professional Make in the US?

Real Estate Broker Salary USA Per Year Per Hour
Minimum $26,979 $11.63
Maximum $124,870 $41.22
Bonus/Tip $53,829 $25.87*
Overtime No additional pay No additional pay
Total Pay $30,377 to $152,932

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.

Below, we have prepared a table highlighting the annual real estate broker salary across the United States

Arizona $40,000
Arkansas $50,000
California $52,000
Colorado $43,000
Connecticut $56,000
Delaware $43,000
District of Columbia $61,000
Florida $46,000
Georgia $56,000
Hawaii $30,000
Idaho $32,000
Illinois $56,000
Indiana $47,000
Iowa $48,000
Kansas $45,000
Kentucky $42,000
Louisiana $44,000
Maine $43,000
Maryland $50,000
Massachusetts $59,000
Michigan $49,000
Minnesota $43,000
Mississippi $51,000
Missouri $48,000
Montana $41,000
Nebraska $36,000
Nevada $37,000
New Hampshire $48,000
New Jersey $53,000
New Mexico $43,000
New York $59,000
North Carolina $47,000
North Dakota $43,000
Ohio $47,000
Oklahoma $45,000
Oregon $47,000
Pennsylvania $47,000
Puerto Rico $47,000
Rhode Island $45,000
South Carolina $48,000
South Dakota $37,000
Tennessee $45,000
Texas $47,000
Utah $38,000
Vermont $43,000
Virginia $49,000
Washington $51,000
West Virginia $46,000
Wisconsin $44,000
Wyoming $40,000
US Median $55,705
Hourly Wage $22.87

How Much Does a Real Estate Broker Professional Make in Canada?

Real Estate Broker Salary Canada Per Year Per Hour
Minimum C$30,056 C$14.45*
Maximum C$102,953 C$30.22*
Bonus/Tip C$40,089 C$19.27*
Overtime No additional pay No additional pay
Total Pay C$38,783 to C$137,117

A (*) also indicates that the hourly rate was not available and was extrapolated from the annual pay.

How Much Does a Real Estate Agent Professional Make in the UK?

Real Estate Agent Salary UK Per Year Per Hour
Minimum £12,176 £8.00
Maximum £32,431 £15.59*
Bonus/Tip £15,670 £7.53*
Overtime ~£20,800* £10.00
Total Pay £12,360 to £40,238

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.

How Much Does a Real Estate Agent Professional Make in Australia?

Real Estate Agent Salary Australia Per Year Per Hour
Minimum AU$31,868 AU$15.36
Maximum AU$81,565 AU$29.44
Bonus/Tip AU$50,335 AU$24,19*
Overtime No additional pay AU$40.00
Total Pay AU$32,949 to AU$97,606

How Much Does a Real Estate Agent Professional Make in New Zealand?

Real Estate Agent Salary New Zealand Per Year Per Hour
Minimum NZ$41,181* NZ$19,79*
Maximum NZ$52,074* NZ$25,03
Bonus/Tip NZ$6,280* No additional pay
Overtime No additional pay No additional pay
Total Pay NZ$40,870 to NZ$59,288

A (*) indicates that the hourly rate was not available and was extrapolated from salaries available, respectively from the annual pay.

How Much Does a Real Estate Agent Professional Make in India?

Real Estate Agent Salary India Per Year Per Hour
Minimum Rs 237,567 Rs 114.214*
Maximum Rs 1,515,208 Rs 728.465*
Bonus/Tip Rs 15,000 Rs 7.211*
Overtime No additional pay No additional pay
Total Pay Rs 273,692 to Rs 1,515,208

A (*) also indicates that the hourly rate was not available and was extrapolated from the annual pay.

How Much Does a Real Estate Agent Professional Make in South Africa?

Real Estate Agent Salary South Africa Per Year Per Hour
Minimum R42,282 R20.32*
Maximum R498,824 R239.819*
Bonus/Tip R64,341 R30.93*
Overtime No additional pay No additional pay
Total Pay R48,322 to R595,976

A (*) indicates that the hourly rate was not available and was extrapolated from the annual pay.

2. Experience

Experience is a key factor for people who pursue this career because one must have a comprehensive perspective of the real estate market in order to efficiently deliver the best services for their clients. According to PayScale statistics, in the US real estate brokers with 0-5 years of experience make around $49,500 per year. Furthermore, more experienced brokers with 5 to 15 years in this field can earn an annual salary of $65,000. Last but not least, real estate brokers with over 20 years of experience have annual incomes of around $73,000.

In Canada entry-level real estate brokers win around C$56,000, while more experienced professionals make about C$75,000 per year, only to rise in the late 20 years of career up until C$100,000 and more after that. In the UK there is also a descending rise in salary from ₤18,000 for beginners to ₤23,000 for mid-career professionals, with not such a big rise after 10-20 years in the field – ₤26,000, while a late career of more than 20 years on the job can get this professional ₤36,000 and rising. The situation is different in Australia, where the salary starts at AU$47,000, then rises at AU$64,000 per year in mid-career, remains the same after 10-20 years, then slowly starts to descend until it reaches AU$50,000 after 20 years on the job.

3. Industry

Some brokers work for financial institutions and real estate agencies such as SRS Real Estate Partners, HCM Force, and RKF. In this case, the real estate broker annual salary depends on the size of the financial institution for which they work.

  • SRS Real Estate Partners offers a median pay of around $69,457 per year.
  • HCM Force coming with the highest salaries, between $55,000 and $110,000 per year, according to Indeed.
  • RFK being next, having some minimal salaries of $39,000, but going up to $186,000 per year.

Schedule & Working Hours

Real estate brokers generally work more than 40 hours per week, they work irregular hours because they have to meet with their clients in evenings or weekends, in various locations. Many brokers spend a lot of time networking and attending community events in order to meet potential clients. On the other hand, self-employed real estate brokers have a more flexible schedule. While some can work part time and also have another job in the meantime.

Bonuses & Benefits

A consistent part of real estate brokers are self-employed, so they work mainly on commission which can be as high as $115,000 per year. Besides the annual salary, real estate brokers from the US can also get annual bonuses up to $53,829 and profit sharing up to $5,000 per year from their employer.

The table below shows percents of the healthcare benefits by country. A (–) indicates that there is no health care information available.

Country United States Canada United Kingdom Australia New Zealand India South Africa
Medical 42 34 19 9 17 13
Dental 27 28 6
Vision 24 25 4 4
None 57 66 77 89 83 87

Career Outlook

According to BLS statistics, the employment rate of real estate brokers will grow 2 percent from 2014 to 2024, slower than the average for all occupations. This is because the real estate marketing can never be constant, meaning that the employment of real estate brokers will always vary.

As the population grows, many people will want to own their own homes, making real estate a long-term investment, continuing to need new brokers and agents.

If interested in another job that implies the sale of services, and where there is a close relationship with the client as well, you can read more about the insurance agent salary.

Conclusion

Given the above, the real estate broker salary is quite motivating for people who prefer working on commission, bonuses, and profit sharing. Even if the future employment rate is not high, the real estate market will always need dedicated professionals to deliver the best services. People will always need to purchase homes, so the real estate broker job is sure to be around a long time from now.

One Response

  1. Amberly April 27, 2017

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