Real estate provides many opportunities for those seeking a new career, from the chance to work under experienced professionals in the field, to the opportunity to one day branch out with your own brokerage. Agents can choose to focus on one aspect of real estate, like selling homes, or may choose to diversify into residential, commercial, and industrial listings.
This career also offers a solid paycheck, with a commission-based pay structure that allows one to increase income based on sales.
How Much Do Maine Real Estate Agents Earn?
The United States Bureau of Labor Statistics provides official Census data on real estate earnings. In Maine, agents earn an average of $29.99 per hour or $62,380 per year.1
The median wage for this profession is $24.96 per hour or $51,920 per year.1 The lowest tenth percentile earns $36,290 per year, while the highest 90th percentile earns $78,250 annually.
How Much Do Real Estate Agents Earn on Average in the U.S.?
Annual average earnings for real estate agents in Maine are slightly below the national average for this profession. Across the U.S., agents earn an average of $31.66 per hour or $65,850 per year.2
The median national wage is $24.03 hourly or $49,380 annually.2 The lowest tenth percentile earns $29,130, while the highest 90th percentile earns $113,370.
What’s the Average Commission Fee for Real Estate Agents?
Real estate agents generally earn money via commission, where the commission is a percentage of the sale price for a property. In Maine, there is no set commission fee percentage or schedule for real estate,3 and all percentages can be negotiated as part of each transaction.
Nationwide, real estate commission fees are usually about 5 percent.4 This doesn’t mean that an agent will get 5 percent of the sale price of a property, however.
It means that the total commission is usually around 5 percent, but this amount must be split between the buyer’s agent and his or her brokerage, and the seller’s agent and his or her brokerage. After this split, a real estate agent is usually left with 1 or 2 percent of the sales price.4
Real Estate License Regeneration and Interstate License Recognition in Maine
Of course, obtaining a new real estate license is only the beginning for those looking to make a career in this field. Licenses must be kept current and renewed as required by Maine law.
How To Renew a Maine Real Estate License
Maine has a unique process for license renewal for new sales agents. All newly licensed agents start as Sales Agents.
This license is good for only two years and is not renewable. This is by design, as the Sales Agent license is intended only for those new to the industry as a first step, and gives them time to pursue the more advanced Associate Broker License.
After earning a Sales Agent license, agents should immediately begin working for a licensed brokerage, where they will need to gain two years of experience. During that time, agents should also be pursuing a state-certified Associate Broker course, and then taking the Maine Associate Broker exam.5
Two years after earning a license, all real estate agents should have completed the Associate Broker course, passed the Associate Broker exam, and submitted an application for an Associate Broker license.5 This application requires a $100 application fee and a $21 background check fee.
Once this is submitted, the Maine Real Estate Commission will issue an Associate Broker license. This license must be renewed every two years at a cost of $100.
When renewing this license, applicants must also provide documentation of completing Continuing Education (CE). Maine requires agents to complete 21 hours of CE every two years.
These 21 hours must always include one core course established by the Real Estate Commission, while the remaining hours can consist of elective courses.
Licensing Reciprocity in Maine
Reciprocity is a practice whereby professionals licensed in one state are allowed to practice in another state without getting a separate license in each state. Some states offer reciprocity for real estate agents, but Maine does not.
That means that if you have a real estate license in any state other than Maine, you can not legally work in real estate within the state of Maine without getting a license from the Maine Real Estate Commission.
How To Get a Maine Real Estate License If You Are Licensed in Another State
While Maine does not offer reciprocity for agents licensed in other states, it does provide a slightly simplified path for agents looking to work in Maine.
Instead of starting with a 55-hour course like a new applicant, an applicant who is already licensed in another state can skip this educational requirement.5 Instead, the applicant should schedule an exam with Pearson and pass the Maine real estate exam.
Rather than taking both sections of the exam, those who are already licensed in another state will only have to take the Maine-specific portion and can bypass the section regarding general real estate principles and practices. Passing this exam with a score of 75 percent or higher demonstrates that the applicant has a thorough grasp of Maine real estate law.
Upon passing the exam, the applicant should submit a $100 application fee and $21 background check fee to the Maine Real Estate Commission and fill out an online application.6 This application must be accompanied by a Verification of Licensure from each state where the applicant is already licensed.
This verification must be less than 30 days old at the time of submission. After reviewing the application and supporting documents, the Commission will issue the license via email.
References
1U.S. Bureau of Labor Statistics. (2023). Occupational Employment and Wage Statistics Query System. U.S. Bureau of Labor Statistics. Retrieved October 30, 2023, from <https://data.bls.gov/oes/#/home>
2Bureau of Labor Statistics. (2023, April 25). Occupational Employment and Wage Statistics Search Occupational Employment and Wage Statistics. Retrieved October 30, 2023, from <https://www.bls.gov/oes/current/oes419022.htm>
3State of Maine. (2023). Real Estate Commission – Frequently Asked Questions – Consumer Questions. Professional and Financial Regulation. Retrieved October 30, 2023, from <https://www.maine.gov/pfr/professionallicensing/professions/real-estate-commission/frequently-asked-questions/consumer-questions>
4Federal Trade Commission and US Department of Justice. (2007, April). Competition in the Real Estate Brokerage Industry. Federal Trade Commission and US Department of Justice. Retrieved October 30, 2023, from <https://www.ftc.gov/sites/default/files/documents/reports/competition-real-estate-brokerage-industry-report-federal-trade-commission-and-u.s.department-justice/v050015.pdf>
5State of Maine. (2020). Real Estate Commission – Licensing – Individual Licenses. State of Maine Professional & Financial Regulation. Retrieved October 30, 2023, from <https://www.maine.gov/pfr/professionallicensing/professions/real-estate-commission/licensing/individual-licenses>
6Department of Professional and Financial Regulation. (2023). Real Estate Commission. Regulatory Licensing & Permitting Application. Retrieved October 30, 2023, from <https://licensing.web.maine.gov/cgi-bin/online/licensing/begin.pl?board_number=4060>