demographics of real estate agentsdemographics of real estate agents

In early 2023, the market size of the real estate sales brokerage industry in the US was $222.3 billion. For example, the annual mean wage for real estate agents in New York was $111,800 in 2019. Real Estate Demographics real estate agents NAR also did an analysis on how people got interested in real-estate in the first place. Weve researched multiple sources to bring you 88 of the most compelling real estate stats from across the industrycovering everything from market performance and agent demographics to marketing, teams, brokerages, and more. About 90% of sellers work with a real estate agent to list and sell their homes. Overall employment of real estate brokers and sales agents is projected to grow 5 percent from 2021 to 2031, about as fast as the average for all occupations. This closely matches the percentage of buyers (63%) that are very satisfied with the home buying process. While working on his thesis in theoretical planetary physics he was also creating fantastical worlds on paper for fun. It takes real estate agents 7.5 hours of cold calling to land 1 qualified appointment or referral. But this also means that real estate agents still have work to do and theres the opportunity to make this process better for about 36% of buyers and sellers. However, as Gen X enters the marketplace, this demographic may well change to reflect the younger generations digital dependence. Money does as well, but that isnt the main point today. In May 2021, the median annual wages for real estate brokers in the top industries in which they worked were as follows: In May 2021, the median annual wages for real estate sales agents in the top industries in which they worked were as follows: Brokers and sales agents earn most of their income from commissions on sales. Real estate brokers and sales agents must be able to manage their own time for planning and prioritizing their work. Percent change in employment, projected 2021-31, Note: All Occupations includes all occupations in the U.S. Economy.Source: U.S. Bureau of Labor Statistics, Employment Projections program. Many brokers have franchise agreements with national or regional real estate companies. Its predicted that as we move into 2024, a growing number of REALTORS will use AI to analyze buyer and seller data, identify patterns and trends, automate systems, and create targeted marketing campaigns. Research and Statistics 57.1% of business comes from cold calls and is beaten only by referrals at 92.8%. Thirty days is an incredibly short time in real estate, and it can take months to land your first deal. Learn more about real estate brokers and sales agents by visiting additional resources, including O*NET, a source on key characteristics of workers and occupations. Our realtor estimates are verified against BLS, Census, and current job openings data for accuracy. The most common ethnicity among realtors is White, which makes up 69.8% of all realtors. Minimum requirements for candidate licensure vary by state but typically include being at least age 18, having a high school diploma or equivalent, completing prelicensing courses, and passing an exam. Real estate brokers and sales agents also may list and show commercial and residential properties for rent. Having an online presence is essential for REALTORS who want to compete in todays crowded marketplace. The median length of time that a REALTOR will stay at one firm is 4 years. For Sellers and FBSOs Where Do Buyers Come From? Scroll to continue reading. Everything from a growing adoption of AR and VR technology to drone footage and smart homes is on the rise, as are enhanced digital transactions, online management and sales processes, and mobile apps. They also must complete a number of real estate courses and pass a licensing exam. Real estate brokers and sales agents show properties to prospective buyers. Real Estate Demographics A Location, Inc. representative will contact you shortly to reset your password. If someone is a self-starting, determined, and an excellent communicator then theyd have a spectacular start. This tool resurfaces emails, Why you may want to rethink giving out your phone number. Employment is projected to grow along with the real estate market. Alternatively, during periods of declining economic activity or rising interest rates, the amount of work for brokers and agents often slows and employment may decline. 66% of all REALTORS are female, and the median age of all REALTORS is 56. Real Estate Agents Without this skill, you will not thrive. Less than 25% of people who answered the survey were brought into real-estate by someone else. The median age of a realtor is 52 years old. 84% of home buyers say that they frequently use the internet to search for homes, and 8 out of 10 consumers said that they trust a brand more if they are active on social media. Mortgages are also expected to drop, making buying a home more affordable. The Occupational Employment and Wage Statistics (OEWS) program produces employment and wage estimates annually for over 800 occupations. WebSee information about the housing market in Timber Lakes, UT, including average home prices, neighborhood statistics and active real estate agents. Women earn 95 for every $1 earned by men. 7,043,501 and 7,680,859. Zippia's data science team found the following key facts about realtors after extensive research and analysis: 59.8% of realtors are women and 40.2% of realtors are men. Asian/Pacific Islander seem to focus in small towns or rural areas. Sellers brokers and agents meet with clients to help them decide how much to ask for and to assure them that the agent or broker can find them a qualified buyer. Customer Demographics For Real Estate Marketing (Updated Paid advertising on popular platforms like Facebook, Instagram, and LinkedIn are well-known tactics for attracting a good response. As of May 2020, the unemployment rate in the U.S. was 13.3% and the total number of unemployed people was around 21 million. As you can see, senior field applications engineer and senior systems sales engineer have the biggest gender ratio gaps. Before sharing sensitive information, For a brokers license, states typically require that candidates have a specified number of years of experience as a licensed sales agent and take additional formal training. An official website of the United States government 50% of new home purchases were in a suburb or subdivision, rather than in a city center. The problem is real estate is not a get-rich-quick scheme. The vast majority of them proclaim that being self-motivated is a must to be successful. The American Genius, LLC Copyright 2005-2023. Knowing the personality attributes that can help someone be successful in a job is exceedingly beneficial. They would have to put in effort for marketing and build a network but its a start. Property appraisers and assessors provide a value estimate on real estate and on tangible personal and business property. Realtors and Real Estate Agents in Utah Four or five star ratings on CareerExplorer indicate interest. This years real estate statistics show that 83% of homes bought were detached single-family homes and 13% of buyers purchased newly constructed homes, while 87% bought existing homes. For real estate agents, its reassuring to know that a majority of buyers and sellers are satisfied with this process. Median wage data are from the BLS Occupational Employment and Wage Statistics survey. Realtors are most in-demand in Bowling Green, KY. San Antonio, TX pays an annual average wage of $40,583, the highest in the US. 59.4% of realtors are female in the United States. WebAre you looking for real estate agents or brokers? The projected percent change in employment from 2021 to 2031. About 90% of sellers work with a real estate agent to list and sell their home, and 64% of home sellers said they were very satisfied with the overall selling process. Our school rating algorithm is covered under US Patent No. The largest ethnic group of real estate agents are White, making up 66% of the population. Of all sellers, 72% are married couples and 72% move within the same state. Real Estate There are over 168,016 real estate agents currently employed in the United States. Were here to help! Check out thelist of the best real estate lead generation companieson AgentAdvice.com. 60% of real estate agents are female and 40% are male. Many real estate agents receive a set salary with an additional commission. 52% of buyers found the home they ended up purchasing on the Internet. This will allow more buyers to enter the marketplace. Ready now? From that train of thought, then, knowing your demographics in business can give you insight into a vast realm of possibilities. every few years, and many go on to earn specific certifications. Among the 40 different neighborhoods in Worcester, however, one of them in particular stands out. The Median Age of Realtors (52 Years Old) Is Older Than the Median Age in the U.S. Most real estate brokers and sales agents sell residential property. The real estate market is highly sensitive to fluctuations in the economy, and projected employment of real estate brokers and agents varies accordingly. Existing-Home Sales. Black/African-American members showed their greatest areas as urban or city sites. However, this doesnt mean that sales have flatlined. This graph shows the distribution of females and males that are interested in becoming a real estate agent. They help clients seeking to rent a property find a property that best suits their needs. According to NAR, first-time homebuyers made up 26% of all housing purchases in 2022. Tips to protect yourself and your biz from common cybercrimes, 20 free professional marketing tools to kickstart growth for your business, Use your inbox as a running task list? Real estate brokers held about 123,100 jobs in 2021. However, it is also possible to go weeks or even months without making a single sale. However, this does depend on the state the REALTOR operates in. 3039-year-old buyers are the most likely age group to find their home online. Most real estate brokers and sales agents are self-employed. Spending habits correlate with age. No, Realtor jobs are not male - dominated. Interpersonal skills. Home sales declined in May for the fourth straight month and were down about 9% year over year, according to data from the National Association of Realtors that dropped Tuesday. Real Estate In the current market, Gen Xers and Baby Boomers make up the largest portion of total home sellers. If you can get your business up and running, you can make over $100,000 per year in gross commission income. As of May 2020, Los Angeles, CA, Seattle, WA, and Boston, MA were the three metro areas with the highest median housing sale price. WebIf you are interested in marketing services to real estate agents in Utah or reaching out to find the best realtor agencies, we can deliver a list of the top professionals in this area. How are current trends shaping the real estate business and what are the market predictions for 2024? If youre new to the industry and looking for your first brokerage, reviews from fellow agents can help you find a brokerage thats right for you. Real estate agents often receive a commission from the property they successfully help The typical REALTOR is a 56-year-old white female who attended college and is a homeowner. Initially, it is not uncommon for a realtor to spend more money advertising and obtaining clients than they are making. Browse the directory of real estate professionals at realtor.com. Under this arrangement, the broker pays a fee to be affiliated with a widely known real estate organization. Hispanic/Latino and White/Caucasian were much more likely to be in the suburbs. Find an Despite the rise of online and social media marketing, cold calling isnt dead yet. WebIn 2020, Real estate brokers & sales agents earned an average of $80,663, $24,709 more than than the average national salary of $55,954. Everyone wants to live in a good neighborhood where they can feel safe and secure. Last Modified Date: With the impact of COVID-19, sales of existing homes were expected to decrease by 15%. According to the 2018 National Association of REALTORS Profile of Home Buyers and Sellers, this is where buyers come from: Real estate agent: 87% Online Search: 44% Online websites were the most useful information source: 88% Things that you could use this data for: WebIn 2020, Real estate brokers & sales agents earned an average of $80,663, $24,709 more than than the average national salary of $55,954. Everything from a growing adoption of AR and VR technology to drone footage and smart homes is on the rise, as are enhanced digital transactions, online management and sales processes, and mobile apps. If you are a realtor with a spouse or family, this can be difficult to maintain as you likely won't be home for dinner every night, and your Saturdays will be occupied with showings and open houses. Demographic characteristics of REALTORS Advertisement Business Characteristics of REALTORS 67% of REALTORS were licensed sales agents 21% held broker licenses 14% held broker associate licenses The typical REALTOR had 8 years of experience, the same as last year. The real estate agents that can utilize AI to its full potential will have the edge in the market, especially with Gen Z who is defined as the digital generation. However, on a month-to-month basis, prices plummeted by 0.2%. You can see how this compares to similar jobs in the chart below. We respect your privacy and take protecting it very seriously. It takes real estate agents 7.5 hours of cold calling to land 1 qualified appointment or referral. Courses in finance, business administration, economics, and law also may be useful. A brief look at real estate market statistics reveals the following: Over the last few years, the real estate industry has experienced many changes. Through their surveys, NAR discovered that 62% of residential realtors chose their own career path. If youre looking for income property, rental-oriented areas are naturally the best fit. Realtors are in high demand in Bowling Green, KY. This was a 7% increase from 2017. Some brokers and sales agents work part time. Real Estate Agent demographics and statistics Controlling your own workday with flexible hours was what pulled people into the more residential real estate. An essential piece of someone, their personality. Lookat the benefits the community-at-large brings to the table. Learn More About Realtor Required Education, How To Hire A Real Estate Sales Associate, How To Hire A Real Estate Sales Supervisor, How To Hire A Sales And Leasing Consultant. (REAL ESTATE ASSOCATIONS) The National Association of Realtors and AARP integrated the AARP Livability Index scores across the Realtors Property Resource platform. Look at the hard data, as well as indicators in job growth and income trends and opportunities. Existing-Home Sales data. Every state requires real estate brokers and agents to be licensed. Most states require that candidates for a brokers license have experience working as a licensed real estate sales agent. Real estate brokers and sales agents typically need a high school diploma or equivalent to enter the occupation. As a result, major demographic shifts can have a large impact on real estate trends for several decades to follow. The Real Daily is honest, up to the minute real estate industry news crafted for industry practitioners - we cut through the pay-to-play news fluff to bring you what's happening behind closed doors, what's meaningful to your practice, and what to expect in the future. That means there are a total of 86,840 female realtors in the U.S. and 59,356 male realtors in the United States. Wholesale and manufacturing sales representatives sell goods for wholesalers or manufacturers to businesses, government agencies, and other organizations. Robert Raney is a geoscientist whose been writing and painting for years to get his creative fix in. CareerOneStop includes hundreds of occupational profiles with data available by state and metro area. Note that Zippia's estimate accounts only for the 146,196 people with the specific job title of realtor and doesn't include grouping similar job titles, or people with potentially similar credentialing. Because most real estate brokers and sales agents are self-employed, they must be able to manage every aspect of their business, including billing and advertising. We have the professionals you need. According to recent data, 25-34-year-olds are the most mobile group of homeowners and renters in the U.S. Millennials (25 34 years old) also move around much more than older generations, with 45% of adults in this age group having moved within the past two years. As a result of the pandemic, a growing number of people have moved out of cities and into surrounding suburbs, and the property market has reflected this. More Resources for New Real Estate Agents. Information on licensing requirements for real estate brokers and sales agents is available from most local real estate organizations and from the state real estate commission or board. Realtors earn the most in Connecticut, where the average realtor salary is $47,384. Additional training needed (postemployment) to attain competency in the skills needed in this occupation. State licenses typically must be renewed every 2 to 4 years. Great Real Estate Agent Demographics and Statistics Business skills. As a result, major demographic shifts can have a large impact on real estate trends for several decades to follow. Required fields are marked *. Indeed, 57% of the estate agents are women while the rest, 43% are men. Larger real estate companies may provide formal classroom training for new agents as a way to gain knowledge and experience, while others provide training to employees studying for their real estate licensing exam.