The salary for commercial real estate professionals can be tricky to evaluate because it depends so heavily on fluctuating economic conditions. The higher the price of real estate, the higher the commission they earn. The higher the demand for real estate, the more they sell. However, these factors change from month to month, even day to day, and so determining the typical real estate salary requires keeping a watchful eye on the local and national real estate market and economy.
Commercial real estate salaries are based on:
- The average commercial Realtor salary in your geographic region
- How much property the Realtor sells
- The cost of living in your state or city
Compare Realtor salaries by geographic regionCommercial real estate salary is especially influenced by the economic climate of a given city or state, because how much a real estate agent earns is directly tied to how much he or she sells. Real estate agents depend on commissions from the properties they sell, and so if the real estate market in a particular region is suffering, commercial real estate pay will likely suffer as well.
Include salary software in your commercial real estate salary toolsIn addition to a commercial real estate broker salary, your company may also offer bonuses, incentives and other perks. How much to offer depends not only on employee performance, but also on your company's budget, and salary software can help you determine the appropriate commercial Realtor salary and monitor your compensation system.
Learn how to negotiate a commercial real estate agent salary that's ideal for you and your employeesDespite what websites or software say is an appropriate salary for commercial real estate, ultimately it depends on what's acceptable to both the employer and the employee. Strengthen your salary negotiation skills, so you can be assured of striking a fair deal.
- When determining commercial real estate pay, put as much thought into the benefits or incentives you'll offer as you do the salary. In many cases, it's the perks of a job that make it stand out in the minds of applicants.
- Monitor average commercial real estate salaries even when you're not in the process of hiring. This alerts you to changes in the market, and help you make sure your compensation package stays competitive.