{"id":7171,"date":"2012-04-02T11:10:50","date_gmt":"2012-04-02T18:10:50","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=7171"},"modified":"2020-10-05T13:12:26","modified_gmt":"2020-10-05T20:12:26","slug":"how_much_does_a_redfin_agent_earn","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/how_much_does_a_redfin_agent_earn\/","title":{"rendered":"How Much Does a Redfin Agent Earn?"},"content":{"rendered":"<p>To be the best brokerage, you have to hire and train the best agents. This is Redfin\u2019s goal. In our mind, the best agent is the one who gives the best service, not gets the most clients. This is why we survey the past clients of every agent who wants to work here, to ask about his or her service. We only hire one out of every 25 agents we interview.<br \/>\nBut how much do we pay the 25<sup>th<\/sup> guy? If you give the best service, you should get the most money. So every year, we compare pay between the average Redfin agent and top-producing agents everywhere else. Here&#8217;s how:<\/p>\n<ul>\n<li><strong>Full-timers only<\/strong>: We take all the agents in a market, and <strong>exclude anyone who only closed one or two deals<\/strong> as part-timers, dabblers, newcomers. In 2011, this was 43% of the work-force.<\/li>\n<li><strong>Top 15%<\/strong>: Then we look at what an agent in the 85% percentile of the remaining full-timers earned in 2011 gross commissions before paying a desk fee or commission split to a broker like Century 21 or Coldwell Banker.<\/li>\n<li><strong>20% split<\/strong>: We assume each agent paid 20% of gross commissions to the broker and kept 80%. We call the 80% left to the agent his <em>net commission<\/em>. <a href=\"https:\/\/redfin.com\/blog\/2010\/05\/what_kind_of_person_would_work_as_a_redfin_agent.html\">The last time we did this analysis<\/a>, we assumed the agent kept only 70% but that was too low: top producers usually do better than that.<\/li>\n<li><strong>Costs: <\/strong>Then, to calculate <em>net pay,<\/em> we subtract costs for health-care, gas, payroll tax, dues, phone bills and computer equipment. Redfin pays for all of this for our own agents. We assume that top producers do not have an assistant or a transaction coordinator, even though most do, and virtually all Redfin agents do. We assume that top producers buy mobile service and health-care at our rates, even though they can\u2019t even come close, and we hold annual equipment costs at $1,000 even though this is less than the cost of a phone and an iPad, let alone a computer and a printer &#8212; all of which we provide to our agents.<\/li>\n<li><strong>Compared to Redfin employees<\/strong>: Then we compare this to the earnings for agents who worked at Redfin for all of 2011, as reported by Redfin to the IRS. We include agents who led local teams, but not our field agents. Team leads still represent customers directly but field agents mostly work part-time to host customers on home tours and inspections when the customer\u2019s agent is out of town or busy &#8212; a field agent doesn\u2019t represent Redfin customers in a sale.<\/li>\n<\/ul>\n<p><strong>On Average, Redfin Pays 31% More Than the 85<sup>th<\/sup> Percentile of Full-Time Agents<br \/>\n<\/strong>The results show that in 2011 Redfin paid well in many markets, and fell short in one or two.<\/p>\n<table style=\"width: 461px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td valign=\"top\" width=\"101\"><strong>Market<\/strong><\/td>\n<td valign=\"top\" width=\"119\"><strong>Other Agents&#8217; Net Commissions<\/strong><\/td>\n<td valign=\"top\" width=\"83\"><strong>Other Agents&#8217; Net Pay<\/strong><\/td>\n<td valign=\"top\" width=\"67\"><strong>Redfin Pay<\/strong><\/td>\n<td valign=\"top\" width=\"90\"><strong>Delta<\/strong><\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Boston<\/td>\n<td valign=\"top\" width=\"119\">$106,602<\/td>\n<td valign=\"top\" width=\"83\">$70,737<\/td>\n<td valign=\"top\" width=\"67\">+36%<\/td>\n<td valign=\"top\" width=\"90\">$25,206.17<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Chicago<\/td>\n<td valign=\"top\" width=\"119\">$80,816<\/td>\n<td valign=\"top\" width=\"83\">$46,834<\/td>\n<td valign=\"top\" width=\"67\">+114%<\/td>\n<td valign=\"top\" width=\"90\">$53,629.17<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">DC<\/td>\n<td valign=\"top\" width=\"119\">$136,879<\/td>\n<td valign=\"top\" width=\"83\">$98,804<\/td>\n<td valign=\"top\" width=\"67\">-5%<\/td>\n<td valign=\"top\" width=\"90\">($4,651.95)<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Long Island<\/td>\n<td valign=\"top\" width=\"119\">$102,824<\/td>\n<td valign=\"top\" width=\"83\">$67,235<\/td>\n<td valign=\"top\" width=\"67\">+28%<\/td>\n<td valign=\"top\" width=\"90\">$18,929.40<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Oregon<\/td>\n<td valign=\"top\" width=\"119\">$90,116<\/td>\n<td valign=\"top\" width=\"83\">$55,455<\/td>\n<td valign=\"top\" width=\"67\">+22%<\/td>\n<td valign=\"top\" width=\"90\">$12,447.47<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Sacramento<\/td>\n<td valign=\"top\" width=\"119\">$87,278<\/td>\n<td valign=\"top\" width=\"83\">$52,824<\/td>\n<td valign=\"top\" width=\"67\">+81%<\/td>\n<td valign=\"top\" width=\"90\">$43,168.92<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">San Francisco<\/td>\n<td valign=\"top\" width=\"119\">$150,975<\/td>\n<td valign=\"top\" width=\"83\">$111,871<\/td>\n<td valign=\"top\" width=\"67\">-17%<\/td>\n<td valign=\"top\" width=\"90\">($19,480.97)<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">Seattle<\/td>\n<td valign=\"top\" width=\"119\">$126,588<\/td>\n<td valign=\"top\" width=\"83\">$89,264<\/td>\n<td valign=\"top\" width=\"67\">+9%<\/td>\n<td valign=\"top\" width=\"90\">$7,808.16<\/td>\n<\/tr>\n<tr>\n<td valign=\"top\" width=\"101\">SoCal<\/td>\n<td valign=\"top\" width=\"119\">$115,648<\/td>\n<td valign=\"top\" width=\"83\">$79,123<\/td>\n<td valign=\"top\" width=\"67\">+12%<\/td>\n<td valign=\"top\" width=\"90\">$9,672.30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span style=\"font-weight: bold;\">Table 1: Pay for Full-Time Agents in the 85<\/span><sup>th<\/sup><span style=\"font-weight: bold;\"> Percentile of 2011 Gross Commissions<\/span><br \/>\nTo calculate a traditional agent\u2019s net pay, we assume the agent had to bear the following annual costs:<\/p>\n<table style=\"width: 257px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\"><strong>Expenses<\/strong><\/td>\n<td colspan=\"2\" valign=\"top\" width=\"78\"><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Payroll Tax<\/td>\n<td colspan=\"2\" valign=\"top\" width=\"78\">7.3%<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Benefits<\/td>\n<td valign=\"top\" width=\"78\">$10,500<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Marketing<\/td>\n<td valign=\"top\" width=\"78\">$10,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Transportation<\/td>\n<td valign=\"top\" width=\"78\">$3,600<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Cell\/Data<\/td>\n<td valign=\"top\" width=\"78\">$1,200<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">Computer<\/td>\n<td valign=\"top\" width=\"78\">$1,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">MLS Dues, Education<\/td>\n<td valign=\"top\" width=\"78\">$783<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\">IT, Operations<\/td>\n<td valign=\"top\" width=\"78\">$1,000<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"167\"><strong>Total Cost<\/strong><\/td>\n<td valign=\"top\" width=\"78\"><strong>$28,083 <\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Table 2: Expenses Borne by Traditional Agents<\/strong><br \/>\nAfter analyzing these data, Redfin last month significantly increased base pay for our San Francisco Bay Area agents, as this market is more expensive to live in, and traditional agents there have recently made more money. My bad, Bay Area team.<br \/>\nAnd across California, DC and elsewhere, we expect that Redfin\u2019s customer-satisfaction bonuses will be much higher in 2012, because 2012\u2019s bonus for a happy customer is now much higher for agents serving high-end neighborhoods. My guess is that Redfin agent pay for 2012 will significantly increase in our most lucrative markets.<br \/>\n<strong>Forget the 85<sup>th<\/sup> Percentile. What About the Typical Agent? How Much Does He Earn?<br \/>\n<\/strong>Comparing average Redfin pay to what traditional full-time agents earned in the top 15<sup>th<\/sup> percentile is useful, but what about traditional agents in the 50th percentile? If you take all the agents who closed at least three deals in 2011 and line them up from highest to lowest gross commissions, the agent at the 50th percentile would be right in the middle.<br \/>\nWe aren\u2019t calculating net pay for this guy because he barely earns enough after his commission split to offset basic tax, health-care and transportation costs. Here are his commissions after his 20% split with the broker but before any other expenses:<\/p>\n<table style=\"width: 182px;\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"151\">Market<\/td>\n<td valign=\"top\" width=\"80\">Net Commissions<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Boston<\/td>\n<td valign=\"top\" width=\"80\">$39,815<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Chicago<\/td>\n<td valign=\"top\" width=\"80\">$27,688<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">DC<\/td>\n<td valign=\"top\" width=\"80\">$47,578<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Long Island<\/td>\n<td valign=\"top\" width=\"80\">$39,819<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Oregon<\/td>\n<td valign=\"top\" width=\"80\">$35,173<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Sacramento<\/td>\n<td valign=\"top\" width=\"80\">$29,141<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">San Francisco<\/td>\n<td valign=\"top\" width=\"80\">$56,503<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">Seattle<\/td>\n<td valign=\"top\" width=\"80\">$46,956<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" valign=\"top\" width=\"191\">SoCal<\/td>\n<td valign=\"top\" width=\"80\">$43,449<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>Table 3: Net Commissions at 50% Percentile of Agents With 3+ Deals in 2011<\/strong><br \/>\nThe truth is that it\u2019s tough to make a good living as a full-time real estate agent.<br \/>\nMost agents remember their best month and multiply it by twelve to calculate their annual pay, excluding all sorts of expenses. They remember their best year and assume the next will be even better.<br \/>\nIn reality, real estate is such a hit-driven business that the top 15% changes significantly from year to year. If Redfin had looked at the top 15% of agents in gross commissions over several years, their average earnings would have been lower, for the same reason even a great baseball player\u2019s lifetime batting average is worse than the best batting averages in the majors for any given season.<br \/>\nRedfin agents on the other hand do not prospect for business and so their earnings are less hit-driven. We tend to earn the same amount of money month in and month out, and year in and year out, with increases as we become more productive and the business becomes more profitable. It\u2019s hard work, but it\u2019s steady too.<br \/>\n<strong>What About Redfin\u2019s Top Performers?<br \/>\n<\/strong>But even though every Redfin agent gets plenty of opportunities, some really stand out. Having compared the pay for an average Redfin agent with the pay for full-time agents in the 85th percentile and the 50th percentile, let\u2019s account for the perks and promotions earned by some of our top performers. What do we pay our top 15%?<br \/>\nOur best folks lead teams, which boosts their pay on average by more than $20,000. Many folks who started as agents or field agents go even further, earning promotions to manage an entire market like Maryland or Washington DC. The guy who represented our first customers in Chicago now runs the whole Midwest. A transaction coordinator in Seattle now runs a $5-million business.<br \/>\nAs Redfin grows, these opportunities will keep cropping up.<br \/>\nAnd every six months, we also distribute options to buy Redfin stock to the top 15% of our agents and other real estate staff, as measured by their customer satisfaction and productivity. For years, Redfin gave every real estate agent stock options, but as we\u2019ve grown to hundreds of agents, we\u2019ve limited the options to the top performers.<br \/>\nWe hope that one day these options will be worth tens of thousands of dollars, becoming a significant form of compensation not accounted for in the table above, and taxed at a favorable rate.<br \/>\n<strong>Redfin is Hiring<br \/>\n<\/strong>But it\u2019s not all about the Benjamins is it? I hope not.<br \/>\nRedfin is a mission-driven company. Our first value is that you have to work for more than just a paycheck, and you have to care about more than just yourself. In the dog-eat-dog world of real estate, Redfin wants to reflect the values of our best agents, and help everyone reach his full potential.<br \/>\nFor now, we\u2019ll continue to <a href=\"https:\/\/redfin.com\/blog\/about\/jobs\">look out for the most talented agents<\/a>, and we won\u2019t settle for less. Redfin is certainly hiring fast &#8212; in the first three months of this year, Redfin hired 158 employees &#8212; but our revenues and profits would be much higher if we could hire even faster. As my old freshman roommate once solemnly explained to me, \u201cI\u2019d be getting a lot more action if I didn&#8217;t have such high standards.\u201d<br \/>\nWe\u2019ll refer more business to partners than we\u2019d planned until we can recruit the right agents to handle the load. My expectation is that we\u2019ll hire at least 100 more agents by year-end, and maybe more. If you\u2019d like to throw your hat in the ring, just <a href=\"http:\/\/hire.jobvite.com\/j\/?cj=op1jWfwp&amp;s=Corp_Blog\">apply here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>To be the best brokerage, you have to hire and train the best agents. This is Redfin\u2019s goal. In our mind, the best agent is the one who gives the best service, not gets the most clients. This is why we survey the past clients of every agent who wants to work here, to ask [&hellip;]<\/p>\n","protected":false},"author":13210,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[57],"tags":[],"coauthors":[],"class_list":["post-7171","post","type-post","status-publish","format-standard","hentry","category-company-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Much Does a Redfin Agent Earn? - Redfin Real Estate News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/how_much_does_a_redfin_agent_earn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Does a Redfin Agent Earn?\" \/>\n<meta property=\"og:description\" content=\"To be the best brokerage, you have to hire and train the best agents. This is Redfin\u2019s goal. In our mind, the best agent is the one who gives the best service, not gets the most clients. This is why we survey the past clients of every agent who wants to work here, to ask [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/how_much_does_a_redfin_agent_earn\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2012-04-02T18:10:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-10-05T20:12:26+00:00\" \/>\n<meta name=\"author\" content=\"Glenn Kelman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Glenn Kelman\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/\"},\"author\":{\"name\":\"Glenn Kelman\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/e9aeac4a4bba86fdea8b35bc1eee3bf5\"},\"headline\":\"How Much Does a Redfin Agent Earn?\",\"datePublished\":\"2012-04-02T18:10:50+00:00\",\"dateModified\":\"2020-10-05T20:12:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/\"},\"wordCount\":1373,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"articleSection\":[\"Company News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/#respond\"]}],\"copyrightYear\":\"2012\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/how_much_does_a_redfin_agent_earn\\\/\",\"name\":\"How Much Does a Redfin Agent Earn? 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Prior to joining Redfin, he was a co-founder of Plumtree Software, a Sequoia-backed, publicly traded company that created the enterprise portal software market. In his seven years at Plumtree, Glenn at different times led engineering, marketing, product management, and business development; he also was responsible for financing and general operations in Plumtree's early days. Prior to starting Plumtree, Glenn worked as one of the first employees at Stanford Technology Group, a Sequoia-backed start-up acquired by IBM. 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