Real estate agent salaries in Colorado vary considerably based on factors including the region and the health of their local real estate market. Typically, agents who focus on urban areas or who specialize in luxury residential and commercial properties tend to earn more.
If you’re considering becoming a real estate agent in Colorado, you’ll want to make sure you know how much you can earn. Let’s look at the real estate agent salary in Colorado you can expect.
Average Real Estate Agent Salary in Colorado
Colorado ranks fifth for its real estate agent salaries, according to Bureau of Labor Statistics data from May 2019. However, income varies based on factors like experience level and industry type.
According to Indeed.com, real estate agents in Colorado earn an average salary of $100,325. The range specified by this source goes from $50,347 to $199,913. Another source, Salary.com, puts the median salary in Colorado for real estate agents at $44,883. The range from this source goes from $42,903 to $68,205.
Real estate agents typically receive commissions paid directly by sellers on each home sold; typically, these commissions can range from 1-6% of the sale price depending on their agreement with their broker. This commission is often split between the buyer’s agent and the seller’s agent, along with your broker.
Highest Paying Cities for Colorado Real Estate Agents
There are many markets in Colorado that pay an average salary higher than the average for the state. One of the ways you can ensure you make a higher salary as a real estate agent in Colorado is by choosing where you work. Of course, it’s important to look at the cost of living for each area, as that can impact your decision.
The highest-paying cities for real estate agents in Colorado include:
- Westminster – $114,260
- Littleton – $113,791
- Arvada – $110,652
- Aurora – $108,567
- Longmont – $101,198
- Denver – $100,324
All of these markets pay above the state’s average salary for a real estate agent. Fort Collins, Pueblo, and Colorado Springs also have high salaries, but these markets are a bit lower than the average salary for real estate agents in Colorado.
How to Make More Money as a Real Estate Agent in Colorado
Join the NAR
Boosting your income as a Colorado real estate agent requires joining the National Association of Realtors (NAR), which will give you access to exclusive marketing resources and discounts at industry events, plus connect you with over 1.4 million members who can help market your business to new prospects and clients.
Furthermore, join NAR’s Mentorship program and start learning from experienced agents near your location.
Take on More Responsibilities
Earn more money for yourself and your real estate brokerage firm by taking on additional responsibilities such as hiring and training new agents, writing sales contracts, and marketing the firm to bring in additional business.
Not only can a managing broker increase your earnings, but they can also provide mentoring and office space resources that will allow you to grow professionally as an agent.
Get Involved in Your Community
No matter your career path, Colorado real estate agents can improve their income by working smarter and getting involved with local communities. You can also increase your knowledge in this area by taking real estate courses and attending local seminars.
Colorado real estate agents looking to increase their earnings may benefit from attending local home and garden shows, farmer markets, and craft fairs. These events are how many agents have a chance to meet potential buyers and sellers face-to-face and network.
Gain More Experience
Starting out as a real estate agent can be challenging, but once your experience builds up, you should see significant increases in salary. Finding a supportive brokerage that helps develop skills and market their business is the key to a successful career as a realtor.
Specialize in a Specific Niche & Become an Expert
One effective strategy to increase your income as a real estate agent is to specialize in an area. Be it luxury homes or commercial real estate, becoming known as an expert will enable you to stand out from the competition and increase commissions.
One way to establish yourself as an expert is through continuing education classes and professional development courses. You can also expand your expertise by attending local events and networking with real estate professionals.
Once your foundation is secure, begin producing content about your local area and the real estate market. This may be neighborhood websites, email newsletters, or social media posts.
Having a website that showcases your real estate expertise can help generate leads from target audiences and expand your brand. For instance, luxury agents could use this platform to provide key details about local areas, neighborhood histories, real estate statistics, property-related blogs, and so forth to boost authority online.
Real estate agents’ income varies widely based on factors like location, state, and city, as well as market health. Real estate agents who specialize in commercial or high-end residential properties usually see greater earnings due to higher price points and commissions associated with such properties.