Average Real Estate Broker Salary in South Africa for 2024

In this article, we will look at the average Real Estate Broker salary for 2024 in South Africa and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the South African rand. To keep things simple, we are using the ZAR currency code instead of the currency symbol R.

How Much Does a Real Estate Broker Make in South Africa?

A Real Estate Broker working in South Africa will typically earn around 322,600 ZAR per year, and this can range from the lowest average salary of about 167,100 ZAR to the highest average salary of 493,000 ZAR.

Average Annual Salary
322,600 ZAR
Average Monthly Salary
26,883 ZAR

Lowest Annual Salary
167,100 ZAR
Lowest Monthly Salary
13,925 ZAR

Highest Annual Salary
493,000 ZAR
Highest Monthly Salary
41,083 ZAR

These are average salaries for a Real Estate Broker in South Africa and include benefits such as housing and transport. It's also possible for a Real Estate Broker to earn more or less than the average salaries shown above.

Real Estate Broker salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Real Estate Broker Salaries in South Africa

So we've looked at the average salaries a Real Estate Broker will earn in South Africa. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Real Estate Broker can earn between 167,100 ZAR and 493,000 ZAR on average in South Africa. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for a Real Estate Broker in South Africa is 308,300 ZAR. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 308,300 ZAR, and 50% of the population earn more than 308,300 ZAR.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Real Estate Broker salary in South Africa, 25% of the population are earning less than 214,000 ZAR while 75% of the population earn more than 214,000 ZAR.

75% of the population earn less than 384,500 ZAR, and 25% of the population earn more than 384,500 ZAR.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Real Estate Broker Salary by Experience Level in South Africa

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average real estate broker salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. A Real Estate Broker in South Africa that has less than two years of experience can expect to earn somewhere in the region of 192,000 ZAR.
  • 2 - 5 Years Experience. With two to five years of experience the average Real Estate Broker salary would increase to 254,800 ZAR.
  • 5 - 10 Years Experience. From five to ten years of experience as a Real Estate Broker, the average salary would be 332,500 ZAR.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 401,300 ZAR.
  • 15 - 20 Years Experience. A Real Estate Broker with 15 to 20 years of experience can earn an average of 437,900 ZAR.
  • 20+ Years Experience. For a Real Estate Broker with more than 20 years, the expected average salary increases to 462,300 ZAR.

Average Salary by Experience Chart

0-2 Years
192,000 ZAR
2-5 Years +34%
254,800 ZAR
5-10 Years +30%
332,500 ZAR
10-15 Years +21%
401,300 ZAR
15-20 Years +9%
437,900 ZAR
20+ Years +5%
462,300 ZAR

Real Estate Broker Salary by Education Level in South Africa

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for a Real Estate Broker in South Africa based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • High School. A Real Estate Broker in South Africa with a high school education can earn an average salary of 228,000 ZAR.

  • Certificate or Diploma. A Real Estate Broker in South Africa with a certificate or diploma education can earn an average salary of 263,200 ZAR.

  • Bachelor's Degree. A Real Estate Broker in South Africa with a bachelor's degree education can earn an average salary of 369,900 ZAR.

  • Master's Degree. A Real Estate Broker in South Africa with a master's degree education can earn an average salary of 448,500 ZAR.

Average Salary by Education Chart

High School
228,000 ZAR
Certificate or Diploma +14%
263,200 ZAR
Bachelor's Degree +41%
369,900 ZAR
Master's Degree +21%
448,500 ZAR

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in South Africa is around 156,000 to 467,000 ZAR and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Real Estate Broker Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In South Africa, a male real estate broker will earn an average of 335,800 ZAR, while a female real estate broker will earn around 311,700 ZAR.

This means that a male real estate broker earns approximately 8% more than a female real estate broker for performing the same job.

Average Salary by Gender Chart in South Africa

Male
335,800 ZAR
Female -8%
311,700 ZAR

Real Estate Broker Average Pay Raise in South Africa

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for a Real Estate Broker in South Africa is around 10% every 18 months.

The national average pay raise across all professions and industries in South Africa is around 8% every 18 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 10 ÷ 18 ) × 12  = 7%

What this means is that a Real Estate Broker in South Africa can expect to receive an average pay raise of around 7% every 12 months.

Annual Pay Raise by Industry in South Africa for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in South Africa.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
3%
Energy
6%
Information Technology
9%
Healthcare
3%
Travel
6%
Construction
9%
Education
3%

Real Estate Broker Bonus and Incentive Rates in South Africa

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

A Real Estate Broker is a moderate bonus based job, with 52% of employees reporting at least one bonus in the last 12 months.

48% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 5%.

Received Bonus
52%
No Bonus
48%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in South Africa earn approximately 7% more than private sector employees in the same role.

Public Sector
386,400 ZAR
Private Sector -7%
361,500 ZAR

Salaries for Jobs Similar to a Real Estate Broker

In the table below, we have salary information for jobs that are similar to a Real Estate Broker in South Africa.

Job Title Category Salary
Acquisition Associate Real Estate 308,300 ZAR
Assistant Leasing Manager Real Estate 409,000 ZAR
Assistant Property Manager Real Estate 417,200 ZAR
Brokerage Real Estate 317,700 ZAR
Brokerage Clerk Real Estate 172,200 ZAR
Commercial Leasing Manager Real Estate 659,200 ZAR
Commercial Real Estate Manager Real Estate 699,700 ZAR
Community Development Manager Real Estate 610,100 ZAR
Compliance Specialist Real Estate 315,700 ZAR
Development Coordinator Real Estate 313,700 ZAR
Director of Real Estate Real Estate 733,300 ZAR
Lease Administrator Real Estate 424,300 ZAR
Leasing Agent Real Estate 327,300 ZAR
Leasing Consultant Real Estate 394,300 ZAR
Leasing Manager Real Estate 459,700 ZAR
Lettings Assistant Real Estate 158,700 ZAR
Portfolio Analyst Real Estate 548,800 ZAR
Portfolio Manager Real Estate 748,600 ZAR
Property Acquisition Agent Real Estate 283,400 ZAR
Property and Claims Specialist Real Estate 385,300 ZAR
Property Manager Real Estate 480,600 ZAR
Property Operations Manager Real Estate 683,400 ZAR
Property Tax Assistant Real Estate 313,700 ZAR
Real Estate Administrator Real Estate 376,800 ZAR
Real Estate Agent Real Estate 340,400 ZAR
Real Estate Analyst Real Estate 447,300 ZAR
Real Estate Appraiser Real Estate 349,300 ZAR
Real Estate Appraiser Real Estate 361,600 ZAR
Real Estate Appraiser Real Estate 363,000 ZAR
Real Estate Assistant Real Estate 325,900 ZAR
Real Estate Association Manager Real Estate 444,300 ZAR
Real Estate General Manager Real Estate 643,800 ZAR
Real Estate Project Director Real Estate 619,800 ZAR
Real Estate Project Manager Real Estate 598,600 ZAR
Real Estate Sales Agent Real Estate 340,400 ZAR
Real Estate Valuer Real Estate 335,800 ZAR
Research Analyst Real Estate 296,000 ZAR
Residential Advisor Real Estate 394,500 ZAR
Residential Property Manager Real Estate 467,700 ZAR
Shopping Center Manager Real Estate 691,200 ZAR
Town Planner Real Estate 709,600 ZAR

Salary Comparison by City

If you want to compare salaries with different cities in South Africa, you can use the links below to explore the data for each specific city we have researched.

City Average Salary
Bloemfontein 301,300 ZAR
Cape Town 340,400 ZAR
Durban 341,400 ZAR
Johannesburg 314,500 ZAR
Port Elizabeth 311,700 ZAR
Pretoria 325,800 ZAR

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