GeorgiaCoastal
11-13-2005, 01:26 PM
The average Realtor makes more money the longer they practice their profession. According to National Association of Realtors (NAR) statistics, the difference in salary between new Realtors and experienced Realtors is $79,750. New Realtors are those who have been in the business for two years or less. Experienced Realtors are those who have been practicing real estate for twenty-six years or more.
Not all real estate agents are Realtors. Licensed agents can call themselves Realtors only if they subscribe to the Code of Ethics and Standards of Practice, which holds Realtors accountable for their actions. It addresses duties to clients and customers, duties to the public, and duties to Realtors. The Code of Ethics was adopted in 1913, just a few years after the founding of the National Association of Realtors in 1908. The intent was to form a set of standards and ethics within the real estate profession. Many states modeled their license law after the after the Code of Ethics.
Real estate is not a “get rich quick” profession. It takes years for a Realtor to build a referral business. NAR says advertising alone does not sell real estate. According to their studies, “82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.” New Realtors should not expect to get into the profession and starting make big money right away.
Education is a key to success. Almost half of Realtors hold a bachelor’s degree, even though the minimum education requirement is simply a high school diploma. Continuing education also plays an important role. Georgia law requires twenty-five hours of approved post-license training in the first year for a new licensee, plus a minimum of six hours per year maintain active license status. But perhaps most important are professional designations. One example is GRI, Graduate Realtor Institute. To earn this designation, a Realtor must successfully complete ninety hours of specialized study. What makes this type of training so valuable? Agents with a professional designation earn $33,200 more annually than agents without them. In other words, education pays.
Realtors have reason to be encouraged as they look to the future. Why? Because they can make more money! According to The 2005 National Association of Realtors Member Profile, Realtors with at least twenty-six years of experience earn an average of $92,600 per year. And those earning $25,000 or more have grown their business at 7.2. over the past few years. An overwhelming majority of Realtors surveyed plan to remain in their profession for at least the next few years.
Not all real estate agents are Realtors. Licensed agents can call themselves Realtors only if they subscribe to the Code of Ethics and Standards of Practice, which holds Realtors accountable for their actions. It addresses duties to clients and customers, duties to the public, and duties to Realtors. The Code of Ethics was adopted in 1913, just a few years after the founding of the National Association of Realtors in 1908. The intent was to form a set of standards and ethics within the real estate profession. Many states modeled their license law after the after the Code of Ethics.
Real estate is not a “get rich quick” profession. It takes years for a Realtor to build a referral business. NAR says advertising alone does not sell real estate. According to their studies, “82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts.” New Realtors should not expect to get into the profession and starting make big money right away.
Education is a key to success. Almost half of Realtors hold a bachelor’s degree, even though the minimum education requirement is simply a high school diploma. Continuing education also plays an important role. Georgia law requires twenty-five hours of approved post-license training in the first year for a new licensee, plus a minimum of six hours per year maintain active license status. But perhaps most important are professional designations. One example is GRI, Graduate Realtor Institute. To earn this designation, a Realtor must successfully complete ninety hours of specialized study. What makes this type of training so valuable? Agents with a professional designation earn $33,200 more annually than agents without them. In other words, education pays.
Realtors have reason to be encouraged as they look to the future. Why? Because they can make more money! According to The 2005 National Association of Realtors Member Profile, Realtors with at least twenty-six years of experience earn an average of $92,600 per year. And those earning $25,000 or more have grown their business at 7.2. over the past few years. An overwhelming majority of Realtors surveyed plan to remain in their profession for at least the next few years.