A new member survey from the National Association of Realtors® (NAR) shows that only four percent of its members say real estate is their first career. Most come to the profession from management, business, or financial fields; about 20 percent were in sales or retail, six percent were teachers and five percent homemakers.
The field has grown rapidly, and nearly 25 percent of NAR members have been in real estate for fewer than two years. That fact contributes to a drop in the median income of all members to $47,700. In 2004, the median was $49,300. Of those figures, brokers made $73,700 and sales associates earned $34,600.
Income levels depend on how long a person has been in the business. For example, those persons in the business for fewer than three years had median income of $15,300. Three to five year’s experience jumps earnings to more than $44,000. But look at this: if you’re in the business for 16 years or more you might expect to make $76,000.
Why is that? Well, one reason might be that at least 25 percent of new business is from referrals or repeat business. That figure goes up the longer a person works.
Male Realtors who worked full time last year had median income of $61,300; female Realtors earned $54,400.
Some other interesting statistics:
- 75% of Realtors have a Web site
- 60% have their own Web site
- 63% of members have a sales associate license
- 37% are qualified to be brokers
- 80% of the members work primarily in residential brokerage
- Half the members work in a non-franchised firm
- 87% of members are Caucasian, six percent are Hispanic, four percent are African-American, and three percent are Asian
- 95% of members are registered to vote, compared to 66% of the entire population; 90 percent voted in the last election.
It’s interesting to note that job satisfaction is very high with more than 80% of the members being certain they will continue to work in the field.
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