Tempted to become a real estate agent in Nashville? Then, you must be concerned about the financial side of the business. Although it’s fairly easy to enter the profession, and the cost of real estate education is low in comparison to other professions, you’ll only start making the big bucks a few years after you will have established yourself as an expert in the area. The more years of experience you have under your belt, the more money you make.
Gaining experience is the hardest part of real estate as it requires a lot of patience. You start building from the ground up, often doing repetitive and boring tasks before you even get your first client. According to the National Association of Realtors®, in the residential sector, real estate agents in Nashville had 11 transactions on average last year. Well, for someone just starting his or her realty career, that is a huge number and is very unlikely to materialize. However, financial results also depend on how many hours you invest in the business, in personal branding, and in learning how to get new leads. As you improve and formulate your own sale strategy, you will start seeing results.
Because most real estate agents are self-employed, the word “salary” doesn’t quite fit because they are paid on a commission basis and they split the commission with the buyer’s agent as well as with the broker. Real estate agents in Nashville with less experience usually have lower commissions, and charge extra for services like staging or video tours. According to UpNest, the average commission of Junior Agents is 4.2% - 1.2% lower than the national average of 5.4%. But what is the average salary of a real estate agent in Nashville TN? Or how much money can you make as the real estate matchmaker?
If self-employed, there is no upper limit on your earning potential. According to Payscale, agents take home about $48,000 per year or $4,000 per month. The median gross income of real estate professionals in Nashville was $41,800 in 2018, as revealed by the NAR. So, the average salary of a real estate agent in Nashville TN is between $3,500 and $4,000 per month, although beginners might have to be content with the minimum wage for a while.
But Nashville is a hot real estate market and the city is attracting new residents every day. The main downside is its low inventory, though. This means that bidding wars are common. For seller’s agents, when more buyers are fighting over their listing, it’s pretty sure that they’ll sell above the asking price. It’s harder to be the buyer’s agent. Losing a bidding war is quite frustrating. It also takes a lot more time to find a property for a homebuyer than to sell. Assisting renters in between also brings in some money. So, at about 3% commission, what is the average salary of a real estate agent in Nashville TN?
So, do you want to become a real estate agent in Nashville? It’s a piece of cake! Anyone can do it! And the cost to enter this booming industry is really low.