Realtor challenges going up.....Pay going down?

       As challenges in the industry seem to increase almost daily for our REALTOR members, the just-released 2007 Profile of NAR Members across the country shows - among other findings - that median income for REALTORS is going DOWN.

       The typical REALTOR is:
       -- 51 years old,
       -- works 40 hours per week, and
       -- had a median income in 2006 of $47,700 ...DOWN from $49,300  in 2004 (which  had                 ALSO gone down from 2002).

        Members licensed as brokers earned a median of $73,700 last year, while sales agents earned $34,600.

       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 longer earned $76,200.

       "With rapid member growth in recent years, newcomers - those in the business for two years or less - now account for nearly a quarter of all REALTORS and are diluting median income," noted Paul Bishop, NAR's manager of real estate research.

       And where does their business come from?

       One fourth of all business is from referrals or repeat business from previous clients, ranging from 7 percent for newcomers up to 41 percent for respondents with at least 16 years of experience.

       The median number of transaction sides handled in 2006 was 10, (equivalent to five full transactions). This figure is also DOWN from prior years. In 2004, the median number of transaction sides was 12.

       And in 2006, typical residential sales members sold one of their own listings and five of someone else's, while other agents sold four of that member's listings.
      
       For other highlights, see NAR's full press release on the new member profile.

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