PHOTO: Real Estate Agents are raking in the COVID-19 property boom dollars. FILE
According to the NZ HERALD real estate agents are hoping for a record breaking 2021 as they pocket more than a billion dollars in commission fees on the back of skyrocketing house prices.
A Herald calculation estimates agents earned $2 billion in commission fees in the past year.
OneRoof’s data partner Valocity found 78,643 homes and apartments had sold in the 12 months to November 30 at a combined value of $74b.
While the industry does not officially publish agents’ earnings, the past 12 months are expected to have been among the best years on record with more sales completed at higher prices than last year.
That meant the best agents could earn up to $1 million per year, Ray White Manukau owner Tom Rawson said.
Yet with the high rewards also came high risk.
“While the top few agents can earn big, many others earn below the minimum wage because those that don’t sell, don’t get paid.”
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