How Much Do Real Estate Agents Make in NYC?

Disclaimer: PropStream does not offer career or legal advice. This article is for educational purposes only.

New York City (NYC) has the most valuable U.S. housing market. As of June 2024, it was worth $2.48 trillion. This also makes it one of the most lucrative places to be a real estate agent. 

In this article, we’ll break down how much you can potentially earn as an agent in NYC, variables that impact real estate earnings, and the realities of breaking into the country’s most valuable housing market.

Average Salary of Real Estate Agents in NYC

According to Indeed, NYC real estate agents earn an average of $105,640 per year. On the low end, they make $47,140, and on the high end, they make $236,738. That’s a range of $189,598. 

This wide salary range can be explained by how most agents are paid. Instead of collecting a regular paycheck, they work on commission. In other words, there is no minimum or maximum salary. The more home transactions you help facilitate, the more you earn (and vice versa).  Plus, the commission will depend on each individual transaction, as the commission percentage has to be negotiated.

As a beginner real estate agent, finding your first clients can be challenging, which is why entry-level salaries tend to be low. However, once you build a client base and start earning referral business, your salary can increase considerably. 

Factors That Influence NYC Real Estate Agent Income

That said, commission structure isn’t the only thing that affects how much you can earn as a NYC real estate agent. Here are some other factors to consider:

• Brokerage type and split. Some brokerages focus on regular homes, while others specialize in luxury properties. Some offer minimal agent support and take a low agent-broker commission split, while others offer more support but take a higher split.
• Property type and price point. The higher the home purchase price, the higher your commission. That’s why it can pay to focus on brokering luxury mansions over small single-family homes or apartment rentals, for example. 
• Experience level and client base. As you gain experience, clients are more likely to trust your expertise. Over time, this trust can help you establish a strong reputation, attract repeat clients and referrals, and ultimately expand your client base, which directly translates into higher and more consistent commission income.
• Networking, marketing, and lead generation skills. Finding new clients is an ongoing challenge for agents. But by improving your networking and marketing skills and adopting powerful lead generation tools like PropStream, you can beat your competition. 
• Seasonality and market conditions. Your agent income can rise and fall with seasonal trends and market shifts. Busy periods like spring and summer often bring more deals, while slower seasons and economic changes can cause your earnings to dip.

The Reality of Starting Out as an NYC Real Estate Agent

Many (however, not all) NYC real estate agents earn little in their first year. This is because it takes time to learn the profession and build a client base. Start by finding a mentor and offering your services to family and friends. Gradually, you can build a reputation that can attract new clients. 

Another challenge beginner NYC agents face is the upfront costs. First, you must get licensed by completing 77 hours of state-approved education and passing a state exam. The state charges a $65 application fee and a $15 exam fee. From there, you must find a job with a licensed real estate broker. Depending on the brokerage, you may also need to pay for MLS access, marketing tools, office space, commuting costs, and more. 

High-Income Opportunities for NYC Agents

Despite the challenges of becoming an NYC real estate agent, there’s plenty of potential upside. 

For example, you could focus on luxury real estate deals to earn a higher commission per sale. One sale of a $10 million home, for example, could lead to a commission of several hundred thousand dollars. The same goes for working with developers of large buildings. 

Alternatively, you could pursue a high volume of commissions instead of high commission sizes. For instance, you could represent rental owners who see a lot of tenant turnover or fix-and-flip investors who regularly buy and sell properties. 

Is Being a Real Estate Agent in NYC Worth It?

Before choosing to work as a real estate agent in NYC, carefully weigh the pros and cons:

To stand out in NYC’s crowded real estate agent market, do the following:

• Develop hyper-local expertise. Know specific neighborhoods like the back of your hand. Buyers and sellers value agents who can provide insider market knowledge.
• Offer exceptional customer service. Be the agent who responds quickly, explains complex real estate practices clearly, and goes the extra mile.
• Leverage lead generation tools. Platforms like PropStream can help you generate property and motivated-buyer leads in no time, giving you a competitive edge.

Find Property and Client Leads with PropStream

Ultimately, your income potential as an NYC real estate agent can vary greatly. It all depends on your effort, strategy, and experience level, but there’s no limit to how much you could earn.

This is why PropStream is a new agent’s bread and butter—making finding motivated sellers efficient and straightforward. With data for over 160 million properties nationwide, custom filtering options to identify selling motivations, predictive AI datasets, built-in marketing tools, and more, agents can easily find and connect with the most promising listing leads.

Don’t let a competitive market get you down—let PropStream be your go-to tool for finding opportunities and scaling your business to unprecedented heights in NYC.