Are you considering a career in real estate in Washington state? You’re not alone. With the fifth-highest median home price in the country, Washington has proven to be a highly lucrative state for real estate professionals.
In this article, we outline what makes Washington such a great place to work in real estate and what you need to do to launch a successful career as a real estate broker.
Key Takeaways
- Washington state offers high earning potential for real estate brokers, with average incomes significantly higher in cities like Seattle and Spokane. The state’s real estate market is booming, with home prices and sales increasing, leading to higher commissions for brokers.
- The steady population growth and projected increase in housing inventory in Washington ensure a continuous demand for real estate professionals. This growth, coupled with the expected retirement of many current brokers, presents numerous opportunities for new entrants in the industry.
- A career in real estate in Washington provides flexibility in scheduling and work environment. Brokers can choose their working hours and locations, offering an excellent work-life balance and the freedom to shape their career paths without being bound by a corporate structure.
- While the real estate industry can be competitive and subject to economic fluctuations, brokers can succeed by leveraging their networks, staying current with professional development, and utilizing modern technology and digital marketing tools to enhance their marketability and client reach.
The State of the Real Estate Market in Washington State
Real estate markets across the country are booming, including in Washington state. According to Redfin.com, in April 2024, home prices in Washington rose 9.1% year-over-year. Similarly, the number of homes sold increased by 12.8%, and the number of homes for sale increased by 15.3% compared to the previous year. For Washington real estate brokers, this means higher commissions due to increased home prices and more opportunities to represent home sellers and buyers.
Moreover, the population of Washington state has been steadily increasing since 2010, and the housing inventory in the state is projected to grow by one million homes by 2043, indicating a steady stream of real estate deals in the coming years. Therefore, if you’re seeking a career with job security, a career in Washington real estate is a solid choice.
Advantages of Pursuing a Real Estate Career in Washington State
There are many advantages to pursuing a career in real estate, particularly in Washington state. As noted above, the housing inventory in Washington is expected to grow by one million homes over the next 20 years, which is approximately 50,000 new homes a year on average. With many real estate professionals set to retire in the coming years, more real estate professionals will be needed to meet this high demand for representation. Additionally, the Bureau of Labor Statistics predicts that real estate jobs will increase by 3% nationally over the next ten years. Now is the time to start your real estate career so you can be ready for this influx of new opportunities.
One of the most enticing aspects of a career in real estate is the high-income potential. In Washington state, the average real estate broker income in 2024 is $150,000, according to a study completed by Colibri Real Estate. This figure only increases with industry experience. It’s important to note that these are just the averages. In real estate, there’s no cap on your earning potential.
As a real estate professional, your career growth is not limited by a corporate ladder or office politics. You have the power to shape your own path. For instance, to become a managing broker, you simply need to complete the requirements for that license level. If you want to increase your income, you can invest more time and effort into becoming your community’s go-to real estate broker.
In addition to high-income potential, the flexibility in schedule and work environment afforded to real estate professionals attracts many people to a career in real estate. As a real estate broker, you set your schedule regarding how much and when you work. Whereas most jobs have a limit on the number of vacation days you take, with real estate, you can block out as many days, weeks, or even months as you want to take off. Remember that real estate is a “what you put into it, you get out of it” industry. Part-time real estate professionals tend to make less than those who treat it as a full-time job.
Moreover, there are no “back to office” mandates in real estate. You can work from home, your brokerage office, your local café—anywhere. This flexibility is excellent for those who want to spend more time with their family and friends and less time commuting to and from work every day. A good work-life balance is yet another perk that makes real estate such a covetable career.
Challenges of Pursuing a Real Estate Career in Washington State
While working in real estate has many advantages, it’s not without challenges. For instance, the real estate industry can be quite competitive, especially when few homes are on the market. As a real estate broker, you must be assertive (but not overly pushy) to win new clients. One way to do this is to leverage your network (i.e., friends, family, acquaintances, etc.) by asking them if they, or anyone they know, are looking to buy or sell a home. Furthermore, you should be continuously expanding your network. Joining clubs, attending volunteer events, and frequenting familiar gathering places (like grocery stores, cafes, etc.) are all great ways to meet new people and, potentially, your next client.
Another challenge of the real estate industry is that the economy can negatively impact it. When interest rates are low, buyers flood the housing market and increase home prices, which means higher commissions for real estate brokers. However, when interest rates are high, the housing market cools down, making finding clients looking to buy or sell more difficult.
However, there are ways to overcome periods when business is slow. First, it’s important to remember that these slow periods are temporary. People will always need a place to live, no matter the state of the economy. Remembering this can help you process negative emotions or remove self-doubt. Secondly, with professional development courses, you can use your additional free time to acquire new skills. A designation or certification can increase your marketability to clients, which is particularly helpful for newer real estate professionals who may not have as much experience in the industry. Lastly, work on expanding your network. The work you do today to foster relationships and build connections in your community will pave the way to more business in the future.
Steps to Launching a Successful Real Estate Career in Washington State
So, if you’re ready to start your career as a Washington real estate broker, follow these steps to help make your launch into Washington real estate a success.
Step 1: Obtain the necessary education and licensing.
To get your real estate broker’s license in Washington state, you must complete 90 hours of courses from an approved real estate school. Once you complete this education requirement, you must pass the state and national real estate exam. Your courses will help prepare you for the exam, but many students take an exam prep program to help them study. Last, you must pass a background test before applying to the Washington State Department of Licensing.
Step 2: Build a strong network in your local market.
One key to a successful real estate career is having an extensive network of friends, family, and acquaintances you can tap into to discover potential new clients. Start by writing down everyone you know who lives in your area. Don’t forget to include former coworkers, classmates, and friends of friends (who you have met before). Find time to reach out to those you haven’t talked to in over a year.
Next, look for local events to attend in the coming months and set a goal of meeting at least five new people at each event. While not everyone you know or meet will currently be looking to buy or sell a home, eventually, when they are in the market, they’ll be more likely to hire a real estate broker they know and trust.
Step 3: Leverage technology and digital marketing tools.
Technology is revolutionizing our work, and the real estate industry is no exception. From virtual home tours to artificial intelligence to drones, technology is reshaping how real estate professionals do business. As a new real estate broker, experience with this technology can help you stand out from your more experienced counterparts. Plus, there are many affordable and easy-to-use marketing tools that can help you find and nurture leads, market your listings, and promote your business.
Step 4: Complete continuing education and professional development.
Real estate brokers in Washington must renew their licenses every two years by completing continuing education requirements. You must complete 90 hours of continuing education the first time you renew your license. These courses will help you gain valuable knowledge that you can apply directly to your day-to-day job as a working real estate professional. Every subsequent license renewal only requires 30 hours of continuing education, which will help keep you up-to-date on the latest changes in real estate and introduce you to new topics or areas of interest.
Additionally, you can take professional development courses to help you differentiate yourself from the competition and give you an edge when marketing yourself to potential clients.
Step 5: Talk with established real estate professionals in your area.
Finally, talking with established real estate brokers and managing brokers in your area is important. Ask them how they got started in Washington real estate and what challenges they had to overcome. Not only will you gain priceless insights from real-world professionals, but they can also introduce you to other industry professionals (such as contractors, appraisers, and real estate attorneys), thus expanding your network even further.
Are you ready?
You are the only person who can decide if real estate is the right career for you. But you don’t have to go it alone. With over 50 years of experience in real estate education, Rockwell Institute has helped more than 150,000 students launch successful careers in Washington real estate. Start your real estate career today!
