How much real estate agents make in Minnesota.

The 2024 National Association of Realtors settlement, with practice changes that took effect August 17, 2024, ended offers of buyer agent compensation on the MLS. Listings no longer advertise what the buyer's agent will be paid.

Buyers now sign a written agreement with their agent before touring homes, and that agreement states how and how much the agent is paid. The seller and listing agent set the listing fee in the listing contract. A buyer can still ask the seller to cover their agent's fee as part of an offer. The settlement separated how the two sides are arranged. It did not set, cap, or ban any commission amount.

On a $600,000 home with 2.5 percent to one side, that side earns $15,000 gross. On an 80/20 brokerage split the agent receives $12,000, and after expenses and self-employment taxes many agents keep somewhere near $7,500, about half of the gross.

Splits vary widely. Newer agents often start near 70/30 or 60/40, while some brokerages charge flat fees or caps instead. Those differences change take-home pay more than the headline rate does.

The U.S. Bureau of Labor Statistics reported a national median wage of $56,320 for real estate sales agents in May 2024. That survey counts wage and salary workers, and most agents are self-employed, so it captures only part of the profession.

In practice, income depends on the number of closings and local price points. A few higher-priced sales near Lake Minnetonka can equal many more closings at lower prices, which is why income ranges so widely from one agent to the next.