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How much does an average property agent earn?

Property Report
How much does an average property agent earn? - property agent - IEA - property analysis

I was recently invited by the Institute of Estate Agents (IEA) to be one of the panel judges for the Realtor of the Year award. Along with my fellow judges, I was given the sacred task of interviewing and identifying a suitable candidate who embodied the values of a model realtor. Apart from being top performers (in terms of commissioned earned), they also had to be professional in conduct and provide warm and personable service.

From the judging session, one thing I noted was how much these agents earned.  As all of the shortlisted candidates were top achievers in their agencies, almost all of them earned commission amounting to more than several hundred thousands.  Seeing this, one of my fellow judges even commented in jest that he should consider a career switch.

This got me thinking and I started to wonder – how much does a property agent really earn?  We often hear or read about certain agents making million dollar commissions, but is that the exception or the norm? That peeped my curiosity.

Working out the average commission

Based on the caveats lodged with SLA in 2011, the number of private residential, commercial, industrial and resale HDB transactions were about (1) 32,903, (2) 1,411, (3) 2,241 and (4) 22,683 respectively.  The total value transacted for residential, commercial, industrial and resale HDB amounted to about (1) S$50,448,013,709, (US$39,748,816,446) (2) S$4,087,529,191, ($US3,220,922,657)  (3) S$4,528,320,789 (US$3,568,261,008)  and (4) S$9,695,739,615 (US$7,642,197,042) respectively. Based on these figures, the total amount of property transactions for 2011 worked out to be about  S$68.76 (US$54.22) billion.


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