Name: George F. Lamson III
Job Title: Real Estate Agent
Where: Seattle, Washington
Education: Bachelors
Years of Experience: 5+
Salary: 100% Commission
Employer: John L. Scott Real Estate
Real Estate Agent Job Description:
As a Seattle real estate agent, I am typically working with several buyers and sellers, around 10 or 15 at a time. The reason I have so many is because there are people buying throughout the year, but some people may take 3 months or 6 months to buy. One of the tools I use is the Multiple Listing Service For Real Estate Sales.
What is the salary of a real estate agent?
I would say the average salary of a real estate agent is in the $50,000 range. It is all commission based. Your pay rate structure is based completely on your real estate sales. Someone deciding to go into real estate should probably have some savings to weather those first few months before they make their first sale.
You’re self-employed, essentially an independent contractor. For example, if you live here, you don’t have a set agenda by the Seattle real estate firms; you set your own agenda. Your pay rate is determined by your real estate sales.
The real estate market slows down in the winter time: November, December and January. Real estate sales typically pick up in March and go strong until September; that’s when your pay rate is going to increase. But even in the slow months you keep in touch with your buyers and sellers. That’s true of the Seattle market, real estate sales in McAllen, Texas, or if you look at Houston industrial real estate market trends.
How are real estate sales these days?
Interest rates are still at a relatively low level. That’s helping boost the home sales as well as commercial sales. As job growth increases, companies will need to find more commercial office space.
What do you love about being a real estate agent?
My friends’ parents just bought a place here in the city, that sale was over a million dollars. It was nice to be able to have a big sale, but it was important because it was someone I had known for a long time. It was an emotional thing for me, more than a typical sale would be, because I knew the family for a long time.
Have you had any odd buyers and sellers?
Most buyers and sellers are pretty normal, but one of my buyers talked to a psychic, actually, he talked to 5 psychics. He figured the first psychic was going to tell him what he wanted to hear, the second psychic might get lucky, but the 3rd, 4th and 5th psychics, if they were consistent, would steer his decision. Based on his evaluation of the deal and the five psychics, he decided to purchase the property.
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The salary of the real estate agent depends on the business and the goodwill that his company has in the market. I think the concept that you have come up with is going to vary for each real estate agent.