Realtors come from varied backgrounds, work mostly on commission and become successful over a period of time, according to a new member survey by the National Association of REALTORS. The typical member is 51 years old, works 40 hours per week and has been in the business for seven years. More than 1.3 million Realtors - about half of all real estate licensees - are characterized in the highly detailed 2007 NAR Member Profile.
Median income was $47,700 in 2006, down from $49,300 in 2004, which had also declined from 2002. Members licensed as brokers earned a median of $73,700 last year, while sales agents earned $34,600. During the last two years, NAR membership increased 23.2 percent. Realtors in the business for two years or less earned a median of $15,300, while those with three to five years of experience earned $44,200. For six to 15 years, the median was $64,600, while members in the business for 16 years or more earned $76,200.
One quarter of all business is from referrals or repeat business from previous clients, ranging from seven percent for newcomers to 41 percent for respondents with at least 16 years of experience. Seven out of 10 are compensated through a split commission arrangement, 17 percent receive a full commission and another three percent receive a commission plus a share of profits.
Thirteen percent of NAR members have been in the business for one year or less, while another 13 percent have been in the business for 26 years or more. Only 10 percent work fewer than 20 hours per week and 30 percent work 20 to 39 hours per week, while 15 percent work at least 60 hours per week. Nearly six in 10 are women, and the typical respondent has been with his/her firm for four years. Five percent are under 30 years of age while another six percent are 30 to 34 years old; 12 percent are 65 or over.
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