Rich snobby Realtors who rip me off

I was just going over the the National Association of Realtors survey of its members. It was quite revealing. As a Mortgage professional I’m very interested in learning more about Realtors. Here are some of the interesting highlights from the survey:

The demographics:

The typical member is 51 years old, works 40 hours per week and has been in business for seven years….. Nearly six in 10 are women, and the typical respondent has been with their firm for four years.  Five percent are under 30 years of age while another 6 percent are 30 to 34 years old; 12 percent are 65 or over.

The income numbers:

Median income was $47,700 in 2006, down from $49,300 in 2004, which had also had declined from 2002. Members license 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.

The income number is quite revealing considering how much home prices have appreciated between 2002 and 2006. Even with a modest growth in the number of Realtors you would have expected the individual earnings to increase not decrease. The influx of new members into the industry and also the proliferation of discount brokers seems to have significantly diluted individual earnings.

See the full survey results here.

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