Deciding to embark on a career in Maine’s real estate industry involves many considerations, including your estimated income. Understanding your earning potential will help you assess the financial viability of a real estate career, plan your budget, and set realistic financial expectations.
This article examines the factors that can influence the average real estate agent salary in Maine. It also provides insights on your income potential so you can know what to expect financially and professionally.
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Real Estate Agent Salary Maine
Several factors can impact a real estate agent’s salary in Maine, including
- Experience: The average real estate agent salary in Maine is $83,111 per year. As real estate agents gain more experience and establish a successful track record, they often attract more clients and higher-value transactions — both of which can result in higher earnings
- Local Market Conditions: When the market is “hot” with high demand and limited inventory, real estate agents can negotiate higher commissions and earn more. In contrast, local agents may face more competition and lower transaction volumes during slower markets that can negatively affect their income
- Sales Volume: Real estate agents who consistently close a higher volume of transactions — particularly those involving higher-priced properties — have the potential to earn more in commissions
- Specialization: Some real estate agents specialize in particular types of properties, such as luxury homes, commercial real estate, or investment properties. Specializing in a niche market can lead to higher commissions and attract clients seeking specialized expertise
- Work Hours: Agents who dedicate more time to prospecting, client meetings, property showings, and negotiation can close more transactions and earn more
Note: Individual results may vary. These factors aren’t the only ones that can influence real estate agent salaries, which also depend on an agent’s work ethic and negotiation skills as well as the current market conditions.
Interested in becoming a real estate agent? Check out our How to Get Your Maine Real Estate License guide.
The commission structure for real estate agents in Maine can vary, but a common example is a 6% commission split with 3% going to the listing agent (representing the seller) and 3% going to the buyer’s agent (representing the buyer) upon the successful sale of a property.
Let’s consider a scenario in which an agent is selling a house for $300,000. If the transaction has a 6% commission split, the listing and buyer’s agents would each receive 3% of the sale price ($9,000). If the listing agent’s brokerage firm has a 70-30 split agreement in favor of the agent, the broker would receive 30% of the agent’s commission ($2,700) in this scenario while the agent would keep the remaining $6,300.
While these percentages are common, real estate commission fees can vary. For example, agents and their broker companies can negotiate different commission rates splits.
Real estate agents typically incur numerous expenses while performing their work, depending on their location and business practices. Some of the most common variable expenses include:
- Licensing Fees: Real estate agents often must take ongoing education courses to stay updated on their evolving industry. They also must renew their license periodically. Both activities come with associated fees
- Professional Membership Fees: These include annual or monthly dues paid to join industry associations like the National Association of Realtors (NAR), real estate boards (like Clever Real Estate), or multiple listing services (MLS)
- Technology Costs: This can include the cost of using or subscribing to real estate-specific software, customer relationship management (CRM) systems, or other business-related technology tools
- Office Expenses: These expenses can include the cost of renting office space (if not provided by an agent’s brokerage firm), office supplies, and utilities
- Marketing Fees: This can include both digital and traditional marketing strategies — from websites, online ads, and social media promotion to print ads, mailers, and billboards. The total cost can vary greatly, depending on the extent and type of marketing an agent wants to do
Agents often can write off these costs as business expenses come tax time. As such, it’s important for real estate agents to keep careful records of all of their expenses.
How to Become a Real Estate Agent in Maine
To work as a real estate agent in Maine, you must first obtain a real estate license. Here are the common steps involved in this process:
- Complete pre-licensing education. To get started, you must take 55 hours of pre-licensing education from an approved real estate pre-licensing course provider.
- Pass the Maine real estate sales agent exam. After completing your pre-licensing coursework, you must apply for and pass the Maine real estate sales agent exam. Pearson VUE administers the exam on behalf of the state and provides additional resources, such as a candidate handbook and an exam content outline.
- Apply for your license. Once you pass the exam, you can submit your application for a sales agent license to the Real Estate Commission within Maine’s Department of Professional and Financial Regulation.
- Find a sponsoring broker. In order to activate your license, a licensed Maine real estate broker must agree to sponsor you and supervise your work.
- Complete post-licensing education. New agents must complete 21 hours of post-licensing education within the first year of their licensure.
Obtaining a real estate sales agent license in Maine allows you to professionally represent buyers and sellers in property transactions within the state. It also gives you the opportunity to pursue a flexible career with the potential for significant financial rewards.
For Maine real estate pre-licensing education classes, StateRequirement recommends:
Real Estate Agent Salary Maine FAQ
What is the average salary of a real estate agent in Maine?
The average annual income for real estate agents in Maine varies, but it can reach $83,111. Individual agents may earn a higher or lower amount compared to the national average, depending on the number and price of the property sales they complete. For more information, check out our How Much Does a Real Estate Agent Make article.
How much do realtors make in Maine?
The average salary of a realtor in Maine varies based on factors like location, experience, and transaction volume. Realtor salaries can average around $98,021 per year. To be a realtor, you’ll need to get a real estate license and join the National Association of Realtors (NAR).
How much do part-time real estate agents make in Maine?
Part-time real estate agents in Maine usually earn less than full-time and experienced agents because they commit fewer hours to the job. Their income is highly variable, depending on factors like the number of transactions they complete and the value of the properties they handle. However, top agents could potentially make $56,345 or more for part-time work.
How much does it cost to get your real estate license in Maine?
The cost to obtain a real estate license in Maine can vary. This includes pre-licensing education fees (around $300 to $500), the exam fee ($85), and the license application fee ($121). Additional costs might include fingerprinting and background check fees. As such, make sure you plan ahead and save money prior to starting the licensing process.
Is real estate a good career in Maine?
Real estate can be a good career choice in Maine given the state’s steady real estate market, beautiful properties, and potential for strong incomes. If you’re considering a real estate career in Maine, check out our How to Get Your Maine Real Estate License guide.