Current Rhode Island Real Estate Income, Sales, and Trends

Once you become a real estate agent in RI, you can pursue a wide range of career options which include:

• Property Manager
• Real estate broker
• Commercial real estate agent
• Residential real estate agent

These positions have a wide selection of specialties and niches to choose from. Some real estate areas pay more than others.

However, they require higher licensing and certification.

What’s the Average Salary for Real Estate Agents in Rhode Island?

According to the Bureau of Labor Statistics wage data a real estate agent in Rhode Island earns approximately $23.68 an hour which amounts to $49,230.¹ A property manager makes approximately $45.02 which amounts to $93,630 per year.

Keep in mind that most income in real estate is largely commission-based. Therefore professionals in the real estate business have a wide range of income.

For instance, the top 90th percentile in RI makes about $148,000 a year.

Real Estate License Continuation and Mutual State Licensing Acknowledgment in Rhode Island

The state of Rhode Island offers reciprocity with Massachusetts and Connecticut. To apply for non-resident licensure or reciprocity, the salesperson needs to give a background check, a Power of Attorney form, and a letter of good standing.

They also need to get E&O insurance as well as a certificate for the completion of a 3-hour course on lead poisoning/lead hazard mitigation.

Additionally, in terms of portability, Rhode Island is a very cooperative state. This means that the state allows brokers and real estate agents from out of the state to enter and conduct real estate business physically.

However, an out-of-state agent must have a co-brokerage agreement with a licensee of Rhode Island.

If you wish to renew your license, you must meet continuing education requirements. All brokers and agents need to go through 24 hours of continuing education training and earn 24 credits.

These 24 credits can only be obtained through real estate courses approved by the state. 6 of these credits must be core classes that the state approves for continuing education.

You need to renew your real estate salesperson and broker license every year. The renewal fee for a salesperson is about $130 and for a broker is $170.

You must pay this renewal fee by the expiration date of April 30th in years that are even-numbered.

This is all you need to know to become a real estate agent in Rhode Island.