Many people are wondering how much real estate agents make in Australia. This question is easily answered by taking a look at data provided by the Australian Department of Employment in Canberra.
However, if you're wondering about real estate agents' income because you want to work in real estate industry, the real question isn't how much money real estate agents are currently making. The most important question is really how much earning potential will you have in the future?
We'll discuss both of these important questions plus answer another related question that might be on your mind as well: what do you need to become a real estate agent?
What Do Real Estate Agents Do, and What Are Their Job Titles?
According to the Australian Department of Employment, real estate agents hold job titles such as real estate representative, real estate sales agent, real estate agency principal, real estate agent, property manager and business broker.
These professionals may engage in diverse activities such as the following:
Property inspections
Listing homes for lease or sale; creating listings that accurately convey the noteworthy details about each property
Listing businesses for lease or sale
Advising buyers about various businesses, properties and their merits
Advising people about lease agreements they may be considering
Advising buyers about the terms of sale required to complete a particular real estate transaction
Advising property sellers about options like auctions and home inspections that exist for marketing and selling their properties
Helping buyers to locate properties that will be appropriate for their needs
Calculating valuations of businesses and properties
Determining clients' needs as well as using knowledge of Australian law in order to structure settlement terms that will be both lawful and acceptable to clients
Handling the collection of rent from tenants on behalf of property owners
Performing the duties of collection agent when tenants fall behind on rent
Arranging financing for particular properties
Performing land brokerage duties
Property maintenance
Some of these activities are more lucrative than others. Job descriptions and job titles will vary depending on the organization you'll be working with. As a real estate agent, you'll probably specialize in certain of these activities. It's worth remembering that the less-lucrative activities can skew the statistics downward when you consider what your prospective salary might be in the future. Your experience and negotiation skills also play a role in your future earning potential.
The Current Average Income for an Australian Real Estate Agent
According to the Australian Department of Employment, real estate agents earn an average of 1,000 Australian dollars weekly. This calculation is made before tax rates are applied. For a full time real estate agent, that would result in average before-tax earnings of about $52,000 per year.
According to the CourierMail website, there are Australian real estate agents who are earning as much as a million dollars per year. They report that inexperienced property managers in their first three years earn average salaries around $45,182. For professionals who have been in business more than 3 years, salaries reach a higher average of $58,068.
Recent postings at the Seek.com.au website have been for real estate agents earning salaries as high as $86,611 per year.
It's worth noting that the Australian Fair Pay Commission does maintain an Australian Pay and Classification Scale in which fair labor rates are mandated. This means you can be assured of earning a fair rate of pay for your work as a real estate agent in Australia.
The Top 3 Fastest Growing Employment Opportunities in Australia
Home building, real estate sales and interior design are 3 areas where the Department of Employment is predicting strong growth in Australia through 2019.
Data published by the Department of Planning and Environment indicates strong home building growth prospects for the future. By reading their website, one can determine that housing demands in Australia are growing at such a strong pace they require intervention from the Australian government in meeting them. The Department of Planning and Environment has outlined plans to build more than half a million homes in Australia. Sydney, Brisbane and other prominent Australian cities are poised for strong housing growth in the near future.
This could result in boundless opportunities for you if you're interested in becoming a New South Wales real estate agent or a Queensland real estate agent.
What You Need for Becoming a Real Estate Agent QLD
You'll need a real estate license for becoming a real estate agent QLD, which you can prepare to apply for by taking a real estate licensing course.
So now you're updated on how much you could expect to make as a real estate agent in Australia. We hope this information is helpful to you when you plan your future.
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