Are You Earning Enough? Discover Your Real Estate Hourly Rate.
Optimizing your real estate career with hourly rate analysis.
January 1, 2024
For those of us in the real estate industry, understanding our earnings in terms of an hourly rate can be an eye-opening experience. It’s not just about how much we earn, but how efficiently we earn it. Knowing your hourly rate is crucial to identifying what activities are boosting your income and what might be dragging it down.
Start by calculating your net income, which is the actual amount of money that goes into your bank account. This is what funds your lifestyle, not your gross income or Gross Commission Income (GCI), but what you really net after expenses and taxes.
To find your hourly rate, take your annual net income and divide it by 52 (the number of weeks in a year). Then, divide this weekly figure by the number of hours you work per week. While many of us aim to work 30 to 40 hours, the reality often ends up being 60 to 70 hours.
“Knowing your hourly rate is crucial to identifying what activities are boosting your income and what might be dragging it down.”
This calculation gives you your true hourly rate. It can be a moment of excitement or a wake-up call. If the number is higher than expected, it’s cause for celebration. If it’s lower, it’s an opportunity to reassess and make changes.
It’s important to remember that what you don’t pay in money, you often pay in time. Knowing the worth of your time is key to increasing your net income. This means focusing more on the tasks that raise your hourly rate and eliminating or delegating those that don’t.
Understanding your hourly rate in real estate is about more than just knowing what you make — it’s about understanding how you make it and how you can make it more efficiently. If you’re interested in exploring this further and leveraging your life to raise your hourly rate, follow the link below. We’re here to offer a free business strategy session to help you maximize your earning potential.
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ABOUT THE AUTHOR, Brindley E. Tucker
Brindley Tucker unifies teams and helps agents increase leverage in their businesses. 1 ColumnShe is a licensed Realtor® and the owner of Your Realty Leverage, Inc., a recruiting, training, and coaching firm. This expertise, coupled with her experience as a former Real Estate Operations Coach for MAPS Coaching, now allows her to share her knowledge by assisting agents, brokers, and industry leaders to attract and retain top talent for their teams and offices. She helps bridge the gap between operations and sales through recruiting, training, coaching, and consulting the top real estate teams in the country.
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