How Much Money Do Real Estate Brokers Make in Maine?

To be a successful real estate agent in Maine, you must hustle. While there is plenty of beautiful homes and properties to sell, it is hard work. When you are working so hard to close deals, the shared commission splits with the broker can really make or break an agent. That’s why many work towards the goal of becoming a real estate broker in Maine to capitalize on better commissions.

Many also love the idea of being their own boss instead of working for one. But the question that constantly comes up is how much money do real estate brokers make in Maine? The answer varies, with some salaries being reported at $14,000 a year while others are well over $200,000 a year.

There are various reasons for this, so let’s take a look.

Maine Real Estate Broker Salary Breakdown

Looking at ZipRecruiter, it’s reported that Portland, Maine has an average real estate broker salary of $98,068 per year. Compared to the national average of $91,580, Portland, Maine, does slightly better. In general, this works out to be $47/hour. But just because this is the average salary for a Maine real estate broker based in Portland, it doesn’t mean that this is a guarantee.

The lowest 5% of jobs reported an annual income between $14,147 and $34,635 a year. There could be a number of reasons that we can dive into later in the article. On the contrary, less than 1% of the jobs reported astonishingly high salaries. A few competitors at the top were able to cash in between $219,037 and $239,526. This potential salary is one of the main reasons why many real estate agents strive to become a broker. An uncapped salary potential.

Reasons Why There is Such a Large Salary Fluctuation

The uncertainty of earning the average salary verse a little over $14,000 a month is scary. However, there are many reasons why there is such a range in real estate broker’s salaries in Maine, and it’s important to understand them. That way, you can take into account your own risks and benefits of becoming a broker.

A New Brokerage – It can take some time to start a brokerage. Because of this, a brokerage may operate at a loss for a little time while they try to pick up clients. This could be the reason for having such a low salary.

Part-Time Hustle: Not all brokers are working this full-time. Sometimes it is just a weekend job to supplement their income from another job. Because of this, it can really bring the salary average down.

Too Much Competition: Sometimes, there are simply too many people in the market for the job. Maine is a beautiful place to live, but it is not as busy as some of the other populated states. While there are top sellers, there will certainly be bottom sellers as well.

Associate Broker vs. Designated Broker Salary

Some don’t know that there are two types of brokers in Maine. There is the associate broker and the designated broker. The associate broker is the title and step you must take before becoming a designated broker or full broker. Associate brokers require experience at another brokerage while acting as a broker. A designated broker allows you to be your own broker or own your own brokerage.

Let’s look at a few available numbers that would explain some of the differences.

Associate Brokers In Maine

The average associate broker’s salary in Maine is $78,924. The range, however, is between $78,310 to $87,799. This is below the national average and Portland’s reports of brokers’ salaries. This is because associate brokers’ salaries are usually less than a designated broker. Because there are fewer designated brokers in Maine as it is the top level of employment for real estate, there isn’t enough data on how much they make exactly. However, it’s estimated that they make 40 to 60 percent more than those who work directly below them.

Designated Brokers In The U.S.

We can, however, look at the U.S. as a whole when it comes to designated broker salaries. The average designated broker’s salary is estimated at $113,485. That’s made up of base pay of around $84,622 and extra compensation of $28,863. We can see this fits that 40 to 60 percent pay increase for being a designated broker instead of an associate. Of course, this number also has a range and has been reported to go up to $394,000 in annual salary.

Frequently Asked Questions

When it comes to finding out about the salary of a Main real estate broker, it can be a little bit tricky. Finding as much information as possible before committing to studying and taking the exam is common. During this research, lots of questions pop up, and that’s why this section is dedicated to the most frequently asked questions regarding how much money Maine real estate brokers make.

How do Maine Real Estate brokers make over $100,000 per year?

While we know some of the reasons why Maine real estate brokers make lower salaries, we can also look at some factors that would give them higher salaries. There is no one formula that points to a successful salary. Often those who earn higher have had experience in the industry for quite some time and have built up a network of clients. The other reason for having a strong network is connections. Making connections and who you know does play a role in how successful you can be.

Something to consider is that some real estate agents can make over $100,000 a year while some brokers do not. You won’t see that a broker has an employed team of agents making more than then. That is less common because of the way the commission splits work.

Is it difficult to get your Maine real estate broker’s license?

Maine requires real estate agents and brokers to go through a process that ensures they are ready for their roles. We touched on this a little earlier with the concept of associate broker and designated broker. The first step to getting your broker’s license is to have extensive experience as a real estate agent. After two years of experience, you can apply for your associate’s broker license and take the exam. After you complete the required hours of education and pass the exam, you will need to serve as an associate broker for at least two years before becoming a designated broker.

The process typically takes agents four to five years to become designated brokers. Just as you need to meet time requirements for eligibility, you also need to be active for a certain number of years when applying. You can’t have been inactive for five years and then apply.

How much does it cost to start your brokerage?

Starting a brokerage is not cheap. Many who start a brokerage will have saved up money to ensure they can stay afloat when first opening. You are looking at $10,000 in best-case scenarios for minimal start-up costs. For expensive situations or buying into a name broker, you could be paying upward of $200,000.

Upgrade to Boss

Furthering your career to reach the boss status as a designated broker. The benefits of having an uncapped salary and better commission splits are a few of the motivating factors. But it can be unsettling not knowing how much a real estate broker in Maine makes if this is the career path you are choosing. While we can safely say that the state of Maine is on par with the U.S average salaries for brokers, Portland offers a slightly better salary average!

It’s all about getting started, which means putting aside four to five years dedicated to the path of becoming a real estate broker. This means having experience as an agent first and then as an associate’s broker before becoming a fully designated broker. Even an associate broker is a salary increase normally from a real estate agent as it is a higher-level career in the field. Ultimately the best salary comes from owning your own brokerage and having it be a success.

But many will put aside thousands and sometimes hundreds of thousands of dollars to start their own brokerage. This is just to get you started before you can take home your own commission and the commission split of your agents.