How healthy is Realtors’ business? A see-through of NAR Member Profile 2010
The 2010 National Association of Realtors Member Profile was based on a survey of 58,022 members, which generated 6,830 usable responses. Here are some excerpts:
On a survey to assess the business activities of Realtors in US, it is found that 22 percent of respondents also offer commercial brokerage; 21 percent are in relocation; 18 percent residential property management; 15 percent counselling and 13 percent land developments, apart from full time residential property real estate business.
In addition, smaller percentages were also in commercial property management; residential appraisal; international; auction and commercial appraisal. Residential brokerage was cited as a secondary business for 11 percent of respondents, who had other primary specialties.
Despite the fact that home sales increased modestly in 2009, the bottom line was only lower value properties. Last year the median income of Realtors fell 3 percent to $35,700, following a decline of 14 percent in 2008. Members, who are licensed as brokers, earned a median income of $49,100 in 2009 and sales agents earned $26,600.
Realtors in the business for two years or less earned a median income of $8,800 on an average, while those in the business for 16 years with impeccable knowledge and experience earned $52,300.
NAR President Vicki Cox Golder says that the longer you are in the real estate business, the more you make based on growth in referrals and repeat clients from serving their long term interests; Real Estate is constantly changing, which is why continuing education is so important.
The median income of 20 percent of all NAR members’ business is from referrals from past clients, ranging from 2 percent for new comers in the business for two years or less, to 23 percent for respondents with at least 16 years of experience.
NAR vice president, Paul Bishop says 24 percent of Realtors in 2010 held at least one out of six certifications in specialized training, up from 16 percent in 2009. The fastest growth in training is for members holding the Short Sales and Foreclosures Resource Certification, underscoring the impact of distressed sales on the housing market.
So you can rest assured that there are sufficient numbers of good and seasoned Realtors in your area, to help you out in your requirements.
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