Real estate broker income increases sharply with experience and hours worked per week, as is the case with many careers. For those just getting started in real estate, it’s important to find a supportive brokerage and helpful resources to keep you engaged and growing in your career.
When it comes to your weekly schedule, real estate brokers need to weigh their work-life balance with income desires. Fortunately, in a real estate career, you get to make that decision for yourself.
Here are four common factors that influence North Carolina real estate income:
1. Experience
The first year in real estate is the hardest, but brokers who stick with it will see the payoff in just a few years. A supportive brokerage, a knowledgeable mentor, and a supportive at-home network will all pay off in spades in future years as you establish your business.
2. Number of hours worked
Eighty-three percent of real estate brokers say a flexible schedule is very important in their career. While real estate gives you the option to decide when you’ll work, those who reach their full earning potential put in more hours. It’s up to brokers to find the work-life balance that is best for their situation.
3. Professional development investment
North Carolina real estate professionals who invest in their professional development earn more than those who don’t. Considering the median amount spent on professional development for real estate agents is $680 a year, that’s a worthwhile return on investment.
4. Specialization
Real estate brokers who focus on one or more specializations or designations earn more than brokers who don’t associate themselves with a particular specialization. In North Carolina, the specializations that are the most profitable are foreign investments, vacation homes, investment properties, and luxury real estate.
