Learn. Live. Lead. Life-long Learning and Real Estate Success.

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There is a significant relationship between Realtors®’ educational attainment and their income level, according to panelists at today’s “Learn. Live. Lead. Lifelong Learning and Real Estate Success” forum during the 2013 REALTORS® Conference and Expo.

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Learn. Live. Lead. Life-long Learning and Real Estate Success.

  1. 1. Learn. Live. Lead. Life-long Learning and Real Estate Success Jessica Lautz November 9, 2013
  2. 2. Firm Provides Training Programs No, does not provide training 38% Yes, for staff only 4% Yes, for sales agents only 22% Yes, for both staff and sales agents 36% 2013 Profile of Real Estate Firms
  3. 3. Training and Education Required by Firm Zero hours 1 to 10 11 to 20 21 to 40 41 to 80 81 to 100 100 or more hours Median (hours) 2013 Profile of Real Estate Firms New Sales Agents 20% 12 18 25 17 5 4 Experienced Sales Agents 19% 24 28 20 7 1 1 Other Staff 48% 21 14 12 5 1 1 21 12 2
  4. 4. Training Resources Used Private education or training providers Courses and training through the National Association of REALTORS® Fellow real estate professionals Franchise REALTOR® University Local college or university 2013 Profile of Real Estate Firms All One Two Three Four or more Firms office offices offices offices 61% 61% 63% 64% 68% 51 48 24 20 11 54 46 19 21 12 45 54 38 16 8 40 58 42 19 11 44 64 50 14 9
  5. 5. Certifications and Designations in Real Estate All employees have a designation or certification 30% No employees with certification(s) or designation(s) 18% 1 to 10 percent 12% 11 to 20 percent 4% 51 to 99 percent 14% 2013 Profile of Real Estate Firms 21 to 50 percent 22%
  6. 6. Firm’s Reimbursement Of Educational Activities Full Partial No reimbursement reimbursement reimbursement Continuing education to maintain real estate license 9% 10% 81% Real estate sales training Obtaining a designation in real estate Pre-license training Obtaining a certification in real estate Vocational educational programs 8 16 76 8 7 14 11 79 82 7 3 13 5 81 93 College degree programs 2 4 94 2013 Profile of Real Estate Firms
  7. 7. Educational Attainment by Members Degrees Member Commercial Member High school graduate 9% 5% Some college/Associate’s Degree 41 31 Bachelor’s Degree 30 35 Some graduate school 8 10 Graduate Degree 13 20 2013 Member Profile and 2013 Commercial Member Profile
  8. 8. Typical Work Week • Typical member works 40 hours a week in real estate – Managers/appraisers typically 50 hours • 77% real estate is the only occupation – 65% w/2 years or less experience – 83% of those with 16 years or more • 47% real estate is primary source of income for household – 64% who work 40+ hours a week – 21% who work -40 hours a week 2013 Member Profile
  9. 9. Gross Annual Income, 2001-2012 $60,000 $52,200 $50,000 $49,300 $47,700 $47,700 $43,500 $42,600 $40,000 $36,700 $35,700 $34,100 $30,000 $34,900 $20,000 $10,000 $0 2001 2013 Member Profile 2002 2004 2006 2007 2008 2009 2010 2011 2012
  10. 10. Distribution of Income Gross Income: Before taxes and expenses Less than $10,000 BrokerOwner ALL (without REALTORS® selling) BrokerOwner Manager Manager (with Associate (without (with selling) Broker selling) sellling) Sales Agent Appraiser 18% 18% 13% 15% 8% 5% 22% 2% $10,000 to $24,999 15 7 10 14 0 6 18 6 $25,000 to $34,999 10 10 7 10 9 8 10 5 $35,000 to $49,999 12 10 10 15 6 17 12 15 $50,000 to $74,999 14 9 16 16 19 22 12 22 $75,000 to $99,999 10 7 13 11 28 15 9 15 $100,000 to $149,999 9 11 14 7 22 16 9 20 $150,000 to $199,999 5 7 9 5 2 4 4 8 $200,000 to $249,999 2 3 3 2 5 4 2 4 4 17 $43,500 $62,800 6 $66,300 5 $46,100 1 $81,900 5 3 $66,600 $35,700 4 $76,200 $250,000 or more Median
  11. 11. Gross Annual Income by Hours Worked, 2012 $85,700 $90,000 $80,000 $70,000 $61,100 $60,000 $43,500 $50,000 $40,000 $25,200 $30,000 $20,000 $8,700 $10,000 $0 ALL REALTORS® 2013 Member Profile Less than 20 hours 20 to 39 hours 40 to 59 hours 60 hours or more
  12. 12. Gross Annual Income by Experience, 2012 $57,300 $60,000 $50,000 $46,000 $43,500 $40,000 $29,600 $30,000 $20,000 $9,700 $10,000 $0 ALL REALTORS® 2013 Member Profile 2 years or less 3 to 5 years 6 to 15 years 16 years or more
  13. 13. Years of Experience in Real Estate 14 13 12 12 11 10 10 10 8 8 7 6 4 2 0 2007 Survey 2008 Survey 2009 Survey 2010 Survey 2011 Survey 2012 Survey 2013 Survey 2013 Member Profile
  14. 14. Age Rising 57 57 56 56 55 54 54 53 52 52 52 52 51 51 56 54 52 51 50 49 48 1999 2001 2003 2005 2007 2008 2009 2010 2011 2012 2013 2013 Member Profile
  15. 15. Word of Mouth Business • 42% of member business is from referrals and repeat clients • 54% of buyers and 64% of sellers used an agent that was referred to them or they had worked with before • 66% of buyers and sellers only contacted 1 agent • More then 8 in 10 buyers and sellers would recommend their agent or use again 2013 Profile of Home Buyers and Sellers
  16. 16. Agent Use By Buyer High and Growing 100% 90% 70% 69% 75% 77% 77% 77% 79% 81% 14 9 80% 12 9 12 9 13 9 12 7 10 6 77% 83% 89% 89% 88% 60% 50% 40% 30% 20% 10% 15 0% 2001 2003 2004 2005 2006 2007 Through a real estate agent or broker Directly from the previous owner 2013 Profile of Home Buyers and Sellers 2008 8 5 6 5 7 4 6 5 7 5 2009 2010 2011 2012 2013 Directly from builder or builder's agent
  17. 17. What Buyers Want Most From Their Agent Help determining how much home buyer can afford, 3% Help find and arrange financing, 3% Help teach buyer more about neighborhood or area (restaurants, parks, p Other, 2% ublic transportation), 1% Help with paperwork, 7% Determine what comparable homes were selling for, 8% Help with the price negotiations, 11% Help find the right home to purchase, 53% Help buyer negotiate the terms of sale, 12% 2013 Profile of Home Buyers and Sellers
  18. 18. What Sellers Want Most From Their Agent • Help seller market home to potential buyers • Help sell home within specific timeframe • Help price the home competitively • Help find a buyer for the home 2013 Profile of Home Buyers and Sellers

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