One question you may have if you’re considering a real estate career in the “Equality State” is, “How much does a real estate agent make in Wyoming?” Knowing your earning potential in this field can help you make informed decisions and set realistic financial expectations.
This article explores the main factors that can influence the real estate agent salary in Wyoming. It also covers the commission structures and variable expenses associated with real estate jobs so you’ll understand the potential net income available to real estate agents in this state.
Real Estate Agent Salary Wyoming
Several factors can influence the income of real estate agents as they seek to maximize their earning potential. Some common examples include:
- Experience: A real estate agent’s average salary in Wyoming is around $80,261 per year. A track record of successful transactions and satisfied clients can enhance an agent’s reputation, leading to increased business opportunities and a higher earning potential
- Market Conditions: The state of Wyoming’s property market can impact the number and value of transactions an agent can complete. During a seller’s market with low inventory and high demand, real estate agents may have more opportunities for sales and, potentially, higher commissions
- Location: Wyoming’s urban areas, like Casper and Cheyenne, offer a higher cost of living and a robust property market. These cities offer local agents the potential to earn higher incomes due to increased property values, more transactions, and higher commission rates
- Work Hours and Availability: Real estate agents often have flexible work hours, but the time and effort they invest in their work can impact their income. Agents who make themselves available and responsive to client needs — even during evenings and weekends — can build stronger relationships and close deals more efficiently
By understanding the key factors that contribute to an agent’s income, you can optimize your earning potential and build a successful and sustainable real estate career.
Interested in becoming a real estate agent? Check out our How to Get Your Wyoming Real Estate License guide.
Commissions are fees paid to real estate professionals involved in a transaction. They’re typically a percentage of a property’s sale price — usually 5% to 6%.
If a property sells for $300,000 with a commission rate of 6%, for example, the commission would total $18,000. If the buyer’s agent and the seller’s agent (also called a listing agent) split the commission evenly, both would earn $9,000.
Many agents must share part of their commissions with their brokerage company. Assuming one of the agent’s in the example above has a 50-50 split agreement with their broker, the agent would keep $4,500 while their broker would receive the remaining $4,500.
Commission rates can vary based on factors like market conditions, property type, and negotiation between the parties involved in the transaction. Real estate agents also may have other work-related expenses (e.g., marketing costs, licensing fees, and professional association dues) that can impact their take-home pay.
Real estate agents incur a range of variable expenses as part of their work that can impact their net income. Some of these expenses include:
- Licensing and Continuing Education Fees: Agents must renew their licenses periodically, which involves paying licensing fees. They also need to invest in continuing education (CE) courses in order to maintain their licenses and stay updated on industry regulations, trends, and best practices
- Office Supplies and Technology Tools: To effectively run their business, agents need office supplies like stationery, business cards, and printed materials as well as technology tools like smartphones, laptops, customer relationship management (CRM) software, and website maintenance services
- Marketing and Advertising Costs: Agents often incur expenses for online advertisements, print materials, professional photography, staging services, virtual tours, and signage
- Professional Association Dues: Many real estate agents join professional associations and organizations, such as the National Association of Realtors (NAR), and/or listing services like Clever Real Estate. This usually comes with annual membership dues or fees
These expenses can vary based on an agent’s business practices, marketing strategies, and level of client service. Agents must manage and budget for these variable expenses to ensure they maintain their business’s profitability and sustainability.
How to Become a Real Estate Agent in Wyoming
To become a real estate agent in Wyoming, you need to take several steps. Here’s a general overview of the process:
- Complete pre-licensing education. The state of Wyoming requires aspiring agents to complete 54 hours of pre-licensing education from an approved provider. This coursework covers various topics related to real estate principles, practices, and laws.
- Pass the real estate licensing exam. After you complete the required pre-licensing course, you must pass the Wyoming real estate licensing exam. Administered by Pearson VUE, the exam tests your knowledge of real estate laws, practices, and principles.
- Undergo a fingerprint-based background check. As part of the application process, you must complete a fingerprint-based background check. The Wyoming Real Estate Commission will provide instructions on how to complete this step.
- Submit your license application. Once you pass the licensing exam and complete your background check, you may submit your license application to the Wyoming Real Estate Commission. The application will require you to provide personal information, details about your pre-licensing education, and, if applicable, a disclosure of any criminal history or disciplinary actions.
- Find a sponsoring broker. To actively practice real estate in Wyoming, you must obtain sponsorship from a licensed Wyoming real estate brokerage company.
You must have a real estate license to legally engage in real estate activities in Wyoming, such as representing buyers or sellers, showing properties, negotiating contracts, and earning commissions. Without a license, you can’t conduct these transactions or earn income from them.
For Wyoming real estate pre-licensing education classes, StateRequirement recommends:
Real Estate Agent Salary Wyoming FAQ
How much does a real estate agent make in Wyoming?
The income of a real estate agent in Wyoming can vary, depending on factors like their experience and commission rate as well as market conditions. The average real estate salary for agents in Wyoming is $80,261 per year, which is fairly close to the national average of $86,356 a year. To learn more, visit our Real Estate Agent Salary page.
How much do realtors make in Wyoming?
Realtor fees in Wyoming can vary widely based on commission rates, specialization, and other factors. In fact, realtor commissions are similar to agent commissions. According to recent data, the average base salary of realtors in Wyoming is $105,808 per year. Realtors are licensed real estate agents who are members of the National Association of Realtors (NAR).
What is the highest-paid type of real estate agent?
Agents and brokers who specialize in luxury properties, commercial real estate, or niche markets with high-value properties have the potential to earn higher incomes because they often manage larger transaction sizes and charge higher commission rates. However, high-paying real estate jobs depend on a variety of factors like location, market conditions, and specialization.
Is it worth it to get a real estate license in Wyoming?
Your individual circumstances and goals will help determine if getting a real estate license in Wyoming can prove worthwhile for you. Obtaining a license will allow you to legally practice real estate and potentially earn income through commissions. Because the licensing process requires an investment of time, education, and fees, you should consider market conditions and your personal aspirations before you decide to pursue this career path.
How hard is it to become a real estate agent in Wyoming?
Becoming a real estate agent in Wyoming involves meeting specific requirements, including completing pre-licensing education courses, passing the licensing exam, and submitting an application. With proper preparation and commitment, it’s achievable for those who meet the necessary qualifications and are willing to invest the required time and effort.