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How Much Do Real Estate Agents Make in Florida?

Published: 08-20-24 Category: Marketing

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

Bustling Miami beach during an overcast day.

A career selling real estate can be lucrative, especially in a state like Florida. Both residential and commercial real estate agents have found rewarding opportunities within Florida due to its popularity with retirees, celebrities, and businesses that fuel its dynamic property market.

Another “plus” for agents: Florida has seen a major population increase.

Between the years 2020 and 2023, these Florida metro areas gained the most significant numbers of residents:

Tampa-St. Petersburg-Clearwater grew by 155,135;
Orlando-Kissimmee-Sanford grew by 135,442; and
Miami-Fort Lauderdale-West Palm Beach grew by 49,834.

Commercial brokers and agents have much to celebrate as well. During 2023, Florida saw an 86% increase in corporations who chose to move their headquarters to the state. This was the highest percentage in the nation.

But how much do real estate agents make in the Sunshine State? This article looks at the opportunities for agents in Florida, their average income, and the factors that influence their commissions.

First, we'll look at the opportunities awaiting licensed agents.

Surveying Florida's Real Estate Landscape

In Florida, real estate agents may assist consumers, business owners, and/or investors.

Residential Real Estate Agents deal primarily with traditional homes and condominium units.
Commercial Real Estate Agents focus on properties used for business purposes. These may include office buildings, retail spaces, warehouses, and industrial properties.

Depending on licensing requirements, it's not unheard of for an agent to handle both residential and commercial listings.

Next, we'll look at the types of listings that are especially numerous in Florida.

Beachfront Commercial Properties. Luxury Condominiums.

Something that newcomers to Florida notice is that some areas, especially those with beachfront views, have more than their share of condominiums.

While plenty of condos are priced for retirees who have been wise with savings but aren't millionaires, luxury high-rises are creating a new skyline in Miami and other major cities.

Perhaps the most newsworthy building is at 888 Brickell, as both interiors and exteriors are being designed by legendary Italian couturiers Dolce & Gabbana.

Prices begin at $3.4 million for a two-bedroom condo unit, while the four-bedroom, 5.5-bath penthouse can be had for $35 million.

Even with a commission structure of around 3%, a real estate agent can easily earn a six-figure salary by selling just a few luxury condo units with coveted addresses.

Agents specializing in commercial properties have their own chances at big paydays.

Now that we've reviewed the types of real estate that Florida agents manage, we can look at the income they generate.

Typical Earnings for Florida Real Estate Agents

Like any other sales job, real estate agent earnings in Florida vary for a number of reasons, including:

Experience level;
Type of real estate; and
Commission rates.

It's important to note that almost all licensed real estate agents work on a commission basis, meaning their income can fluctuate significantly yearly. In addition, sales pros are like the rest of us…they rarely talk about their income.

Another reason it's challenging to find out precisely what a real estate agent earns is because of the lack of centralized reporting.

Generally speaking, we can only rely on estimates provided by related groups, such as employment consultants.

Florida Residential vs. Commercial Agent Earnings

We've gathered the following intel from a cross-section of estimated and reported salaries published online.

We'll begin with residential real estate agent salaries.

An online recruiter who relies on self-reported salaries described an average Florida agent as earning $95,393 per annum.

Another online recruiter who publishes salaries described a typical Miami REALTOR or real estate agent as making a median salary of anywhere from $54,000 to $150,000 per annum.

Commercial real estate (CRE) agents tend to earn more than their residential counterparts. This is mainly due to higher property values.

One online recruiter described the average CRE agent's income as $107,042 per annum.

Another online recruiter asks visitors to provide their salaries anonymously. Recent estimates for a Miami-based CRE agent's income were from $145,000 to $270,000 per annum, with $194,000 as the median earnings.

Another estimate of a Florida CRE agent's earnings can be found in online forums like Reddit.

“The Bloodbath That Is Brokerage”

CRE agents and brokers often discuss their salaries online, although almost always anonymously.

A 14-year veteran of commercial real estate described his annual income as follows from the beginning of his career to his 14th year:

Year 1 thru 3: $40k to $60kish;
Year 4 thru 6: $80k to $90kish;
Year 7: $0 (changed firms, every deal fell through);
Years 8 to 13, his earnings fluctuated from $80k to $300k.

As of August 23, 2023, he had only earned $60k during his 14th year as an agent.

Let's see how residential real estate agents are doing compared to their commercial colleagues.

”A Few Warm Leads But That's It”

Due to several factors, including considerably more competition, residential agents generally make less than their commercial counterparts.

During a 2023 discussion in an agents-only online group, an agent asked the forum about first-year earnings.

Many admitted they didn't close a single sale, while another stated that she closed 22 sales and earned $175,000.

Next, we'll look at different factors affecting an agent's annual income, whether in commercial or residential real estate.

Luxury Properties = Luxury Commissions

Like many other sales-based businesses, the real estate agents whose sales earn the most for their brokerage, sponsor, or agency often choose to specialize.

Some agents may focus on luxury properties, foreclosures, or specific industries for commercial real estate.

Specialized training and education are often rewarded with higher sales. When an agent decides to invest in his or her career by taking on additional studies, prospects are impressed by their dedication.

Some of the highest-earning Florida agents hold one or more of these specialist certifications:

RSPS: Resort and Second Home Property Specialist;
SRS: Seller Representative Specialist;
SFR: Short Sales & Foreclosure Specialist;
PSA: Pricing Strategy Advisor; and
ABR: Accredited Buyer's Representative.

By now, you should have a general understanding of how much a real estate agent or broker earns.

Connect With Commercial Real Estate Agents and Brokers for Free on MyEListing.com

If you're ready to find a commercial real estate agent to work with, visit the online agent directory here at MyEListing.com. You can search for local agents and specify the type of agent you're seeking.

Whether you're interested in buying, selling, or leasing property in Florida, working with a trained, experienced real estate agent is your best strategy.