How Much Can a Real Estate Agent Make in Illinois?
Quick Answer: A career in Illinois real estate can be quite lucrative, with some statistics indicating potential earnings of up to $89,350. However, it's important to note that salaries can vary significantly from one individual to another.
The average income for a real estate sales agent in Illinois is $27.51 per hour and $57,220 per year, according to the U.S. Bureau of Labor Statistics (BLS). This can vary widely for many reasons. We’ll discuss those below.
Average Real Estate Agent Earnings in Illinois
On the low end, Illinois sales agents make around $31,150 per year, according to the BLS. On the high end, annual salaries are around $89,350.
Your potential earnings could be even more. Indeed found the average real estate agent’s annual salary in Illinois is $95,544 per year. Using data submitted by local agents, it calculated a salary range of $45,901 to $198,875.
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Factors Affecting Illinois Real Estate Agent Earnings
Which part of the state you work in makes a difference. Illinois real estate agents generally earn more in large cities than they do in rural areas. In the Moline, Rock Island, area, agents make an average of $75,870 per year, according to the Illinois Department of Employment Security. Cook County agents make 9% more than the overall state average. In the Charleston-Effingham-Centralia area, the average is $31,544.
Indeed reports the average annual income for real estate agents in Springfield and Peoria is more than $116,000 per year, with Chicago’s annual average being almost $95,000. Glassdoor estimates that the average base salary for a Chicago real estate agent is $132,662 per year. It estimates total pay for Chicago averages $222,571 when including bonuses, commissions, profit sharing, and tips.
In addition to your geographical location within Illinois, many other factors will affect your earnings. The Illinois Department of Employment Security emphasizes that your business and social ties in the community will influence your success in the state. So will your experience in sales.
Other factors in your income include your negotiation skills, the number of transactions you complete, and whether you specialize in residential or commercial real estate. Big-picture items, such as the current condition of the overall economy and the local real estate market, also affect your income.
How to Increase Your Real Estate Income in Illinois
There are many things you can do to increase your income as an Illinois real estate agent. These include:
Continuing education and professional development. You need to take Illinois real estate continuing education courses to meet your license renewal requirements. These courses also help you increase your income by elevating your skills.
Building a strong online presence. Having a great website and an active social media presence will help you get ahead in the Illinois market.
Providing exceptional customer service. You can stand out from other Illinois real estate agents by providing your clients with exceptional service. Satisfied clients will recommend you to their friends and family and help your business soar.
Leveraging technology to streamline processes. Illinois is a hub for high technology. Get in on the trend and take advantage of the latest real estate software to get the most out of your time and efforts.
Networking with other professionals. Expand your network by attending local events. Consider events run by the Illinois Realtors Young Professionals Network. Or search Eventbrite for events in your area for real estate professionals.
What You Can Expect to Make as a Real Estate Agent in Illinois
Many factors will affect your Illinois real estate agent income. These include where you work, your experience, your skills, and the overall state of the market. It’s important to set realistic expectations and develop a solid business plan.