Income for Realtors(R) on the rise
Paul Bishop, NAR vice president of research, said member income rose for the first time since 2002. Bishop reported the median income of Realtors® rose 2.3 percent to $34,900 in 2011; the first overall gain in nearly nine years.
“Many Realtors® have persevered through very difficult market conditions and understand the cyclical nature of the business, but have never had to endure a cycle like the one that is presently waning,” said Bishop in a news release from NAR.
“The good news is home sales are rising, overall activity is expected to be notably better this year and individual prospects are much brighter given there are fewer Realtors® than several years ago.”
Members licensed as brokers on average earned $48,400 in 2011, while the average for sales agents was $27,200.
NAR members in the business for 16 years reported earning $50,200. Realtors® working 60 hours a week or more reported earning $80,900, and 17 percent of all members earned a six-figure income.
Additional findings of the Member Profile include:
- 32 percent of Realtors® hold at least one out of six certifications in specialized training.
- The most popular area of training is the Short Sales and Foreclosures Resource Certification, held by 18 percent.
- 33 percent of Realtors® have obtained at least one professional designation. The most popular is GRI (Graduate Realtor® Institute), held by 19 percent of respondents.
- The typical NAR member is 56-years-old. Only two percent of all Realtors® are under 30 years of age and another four percent are 30 to 34-years-old; 22 percent are 65 or over.
- Eight out of 10 members focus on residential sales and 72 percent have secondary real estate specialties.
- Nine out of 10 Realtors® are homeowners. Over 53 percent own at least one residential investment property and 29 percent own at least one commercial property. In addition, 19 percent own at least one vacation home.
- NAR members are active in the political process – 93 percent participated in the last national election.
- 48 percent of Realtors® hold at least a bachelor’s degree.
The 2012 NAR Member Profile is based on a survey of 58,823 members. The full study can be ordered by calling 800-874-6500, or online. The profile costs $19.95 for NAR members and $149.95 for nonmembers.
Diana Dietz is the Communications Manager at the Pennsylvania Association of Realtors®. Follow Diana on Twitter.