Who Is Your Realtor?

According to a recent National Association of Realtors survey, your Realtor® is statistically likely to be a 54 year old college educated woman who owns her own home, has no other job, is likely be the only wage earner in the house, has no benefits through her firm, and is coping with decreased wages and the need to cut expenses.  Her income is likely to be around $37,000 though might be about $54,000 if she has had 16 or more years experience.  About 27% said it was uncertain if they would remain in the field at least two more years.

This portrait that emerges from the myriad statistics gathered by the NAR is that of a hard working professional very much in tune with issues faces by clients in difficult financial times.  The stats challenge the myth that Realtors® are rolling in money from their 6% commissions.

• 60% of all Realtors® are female.
• The median age of Realtors® is 54 years old.
• 75% of Realtors® don't have a second job whereas 25% state real estate is not their only occupation.
• Under 50% of Realtors® surveyed noted real estate is their primary source of household income.
• 72% of Realtors® receive no benefits through their firm.
• Median gross income of Realtors® fell 14% to $36,700 in 2008.
• Median gross income of Realtors® with 2 years or less experience was $8,600.
• Median gross income of Realtors® with 16 years or more experience was $53,900.
• Realtor® annual business expenses fell to $5,810 in 2008 from $6,580 in 2007.
• 73% of Realtors ®reported being "very certain" they'll remain in the business for at least two more years (so 27% reported uncertainty of being in business for that long).

The deal with statistics is that not everyone is at the median so some Realtors® are prospering despite the recession.  There is still opportunity out there!

Bob Corcoran

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