Have you read the 2016 National Association of Realtor’s Commercial Member Profile Report? Okay, probably not. However, if you are one of the estimated 80,000 commercial real estate practitioners, this report shares several data points which will provide you the benchmarks to know if you are progressing as your peers, exceeding their performance or perhaps falling behind.
You can review the complete report here; but I thought I would share with you 5 key takeaways as it relates to compensation.
5 Takeaways from NAR’s Commercial Member Profile Report
- According to NAR, the median gross annual income for commercial members in 2015 was $108,800, down from $126,900 in 2014. Part of the rationale is the number of new agents entering the commercial real estate space, thus the decrease in average revenue.
- Brokers and appraisers reported the highest annual gross income at $145,800 and $130,800 respectively.
- Sales agents reported the lowest at $67,300, which is in line with 2014 results.
- Those with less than two years of experience reported a median annual income of $43,400 in 2015, down from $67,200 in 2014.
- Those with more than 26 years of experience reported a median annual income of $165,385 in 2015, up from $162,800 in 2014.
Again, the key are that these initial compensation figures are averages. These averages will certainly be depended on the region you are located. However, let me share with you the average compensation levels of coaching client/members of the Massimo Group to reflect on how making consistent, disciplined changes in your everyday practice can greatly enhance your compensation.
In 2015, Massimo Group coaching client/members
- that engaged with our 1-to-1 coaching program averaged $765,000, excluding members who earned greater than $3 million gross. If we were to include these additional high earners, the average would be well over $1M.
- Our 1-to-1 coaching client/members earn over 7X their peers.
- that complete our New to Business program (less than 2 years in the business) leave the 6-month program with an average pipeline value of $165,000.
- Our new to business client/members generate over 4x in earning potential than their rookie peers.
The purpose of sharing these internal statistics is not to impress you, but impress upon you the impact of implementing new, proven practices consistently and committing to your craft of commercial real estate.
If you want to learn more about how the Massimo Group can help you maximize your income while gaining back margin in the their lives for the things that matter most, click here to schedule a free consultation.