The median home value in Iowa is about $174 per square foot and the median home size is 1637 square feet.1
According to experts, the average real estate agent commission in Iowa is 5.6%. So, on a $284,838 home, a real estate agent could make about $15,950.
That number doesn’t include any other fees, such as the commission a real estate agent owes to their brokerage.
What’s the Compensation Scale for Real Estate Agents in Iowa?
In reality, the approximate paycheck for a real estate agent would be closer to $10,000 on the median home. The more homes you sell, the more money you make.
According to leading job recruiters, the average salary of an Iowa real estate agent is $97,934. With that said, there are plenty of real estate agents who make much less as well as some who make much more.
If you’re asking yourself if getting a real estate license worth it, consider the fact that the salary is dependent on your efforts.
Real Estate License Renewal and Mutual Recognition in Iowa
After three years of having a license, it expires. The only way to prevent that from happening is to renew the license.
For renewal, complete eight hours of law update classes, four hours of ethics classes, and 24 hours of electives classes.3 After completing the classes, you’ll receive a course completion certificate with a course number.
The Iowa Real Estate Commission verifies the number when you apply for renewal.
To apply for renewal, head to this website and log in to your account.2 The organization only allows for renewals between certain periods
Usually, renewal is available between November and January. If you can’t remember the login details or have any other issues, email the Commission at [email protected].
Reciprocity
If you move to Iowa from another state or have a deal you want to complete in Iowa, you may be eligible to practice without retaking the licensing exam. Iowa has reciprocity agreements with individuals from Arkansas, Georgia, Louisiana, Massachusetts, Minnesota, Mississippi, and North Dakota.
To qualify for reciprocity, you need your original real estate license from the previous state. The same real estate company that currently holds the license will be given the Iowa license.
Much like obtaining a real estate license, getting a real estate license reciprocity is a simple process.
First, complete the background check through the Iowa Real Estate Commission. Then, ask the state licensing agency in the original state to mail you a certificate of license history.
The certificate should have the method of licensure and the name of the real estate company that has your current license.
In the My Iowa PLB portal, submit a PDF of the certificate. Then, submit proof of errors and omissions in insurance coverage in Iowa.
References
1Federal Reserve Bank of St. Louis. Housing Inventory: Median Listing Price per Square Feet in Iowa. (2023, October 5). FRED – St. Louis Fed. Retrieved October 26, 2023, from <https://fred.stlouisfed.org/series/MEDLISPRIPERSQUFEEIA>
2Iowa Department of Inspections, Appeals, & Licensing. (2023). Iowa Professional Licensing Bureau. Iowa Professional Licensing Bureau Website. Retrieved October 26, 2023, from <https://dial.iowa.gov/licenses/other-professional-licensure>
3Iowa Association of Realtors. (2023). Renew a License. Iowa Association of Realtors. Retrieved October 26, 2023, from <https://www.iowarealtors.com/education/renewalicense>