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Most real estate agents are self-employed and do not receive a fixed salary. Instead, they receive a commission upon successfully closing a real estate transaction. This can be a purchase, sell, or leasing out a property.
Real estate agents in Mississippi earn an average yearly income of $77,666, typically range between $45,058 and $86,650. Top earning real estate sales agents are making $94,448/year or higher.(*)
At the beginning phase in your real estate career, you probably would not make a lot, because it takes time to build up the client base and established trust with prospects. As you continue to gain experience and refine your business process, you should be able to notice a significant improvement to your earning.
In this guide, I will uncover how much do Mississippi real estate agents make per sale, the areas with top-earning salespeople, and whether being a commercial or residential agent has any effect on the income.
(*) Source: ZipRecruiter (Sept 16 2021)
How much commission do real estate agents make in Mississippi?
Clever Real Estate surveyed 915 local agents and found that the average real estate commission rate in Mississippi is 5.54%. This is usually split between the buyer’s broker and the seller’s broker.
How much do real estate agents make per sale in Mississippi?
Real estate agents make an average of $3,187 per sale in Mississippi.
Here’s the calculation.
- According to RedFin, the median sale price of houses in Mississippi is $230,150.
- The commission generated from such a real estate transaction will be $230,150 X 5.54% = $12,750.
- Assume it is split equally at 50% between the brokers, so each real estate brokerage will receive $12,750 X 50% = $6,375.
- For starter agents, many firms would offer them a 50/50 commission split. So the amount of commission that ends up in a real estate agent’s pocket will be $6,375 X 50% = $3,187.
As your business volume grows, you may negotiate a higher commission rate with your broker. This usually happens when you already have an effective business process and require less support from your brokerage.
Furthermore, how much you can earn per sale also depends on the price range of the properties that you work with.
What percentage do real estate agents make in Mississippi?
Top 10 Highest Paying Cities for Real Estate Agent in Mississippi
| City | Annual Salary |
|---|---|
| Pascagoula | $85,448 |
| Jackson | $77,769 |
| Olive Branch | $71,335 |
| Southaven | $70,863 |
| Oxford | $68,942 |
| Meridian | $66,964 |
| Biloxi | $64,675 |
| Hattiesburg | $64,423 |
| Gulfport | $64,299 |
| Tupelo | $63,180 |
Source: ZipRecruiter (Sept 16 2021)
According to RedFin, Jackson is one of the Fastest Growing Sales Price city. Olive Branch, Southhaven are in the Top 10 Most Competitive Cities list, which means most homes in those area get multiple offers, and often with waived contingencies.
So what are the factors that make one salesperson make more than the others? Is it their education? The time they put into the business? Here’s a “Real Agent Income Guide”, where I uncover the factors that could affect your income significantly.
How much do residential real estate agents make in Mississippi?
A residential real estate agent is a professional who helps people buy and sell homes. They also help with other aspects of the process, such as property tour, open houses, negotiating a home’s price, and drafting up contracts for both parties to sign.
Residential real estate agents in Mississippi earn an average yearly income of $63,869, typically range between $43,325 and $82,317. Top earners are making as high as $86,650 per year.(*)
(*) Source: ZipRecruiter (Sept 2021)
How much do commercial real estate agents make in Mississippi?
Commercial real estate agents work with business owners to find them the right property for their business. They could be working in a variety of industries, from retail and commercial office space to warehouses and industrial properties.
Many businesses prefer to rent office space rather than buying it, especially for small startup businesses. Therefore, CRE agents also help clients in managing the lease. They receive a percentage of the total lease.
Once the lease is signed, the CRE agent is usually paid a portion upfront and the remainder when the tenants move into a property.
Commercial Real estate agents in Mississippi earn an average yearly income of $64,836, typically range between $28,161 and $64,987. Top earning CRE agents are making as high as $129,975 per year.(*)
(*) Source: ZipRecruiter (Aug 2021)
Do “Residential” or “Commercial” real estate agents make more in Mississippi?
When reviewing the figures from ZipRecruiter, commercial real estate agents have a slightly higher average annual income ($64,836) than residential real estate agents ($63,869).
However, commercial real estate agents have very wide earning gaps. You either make a lot in this segment, or you make very little. On the other hand, the income among residential sales agents is more evenly distributed.
This is not saying one niche is better than the other. After all, many different factors could affect the earning of a real estate salesperson, and the type of properties is only one of them.
Here’s another post I wrote which covers different variables that could affect a sales agent’s income. Be sure to check it out.
Here are more helpful resources about the Mississippi real estate career
This article is part of the “Mississippi Real Estate Career Series.” If you want to know more about being a real estate agent in Mississippi, I invite you to check out the following articles:
- How to Obtain a Real Estate License in Mississippi?
- How to Pass the Mississippi Real Estate Exam?
- Business Strategies for Real Estate Agents in Mississippi
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Disclaimer: The information in this post is for general information only, and not intend to provide any advice. They are subjected to change without any notice, and not guaranteed to be error-free. Some of the posts on this site may contain views and opinions from individual not related to JCHQ Publishing. They do not necessarily reflect our view or position.
Reference:
- ZipRecruiter
- Bureau of Labor Statistics – Real Estate Agents (Source)
- clever – What’s the Average Mississippi Real Estate Commission in 2021 (source)
- RedFin – Mississippi Housing Market (source)
