How do you compare to today's real estate agent?
Curious to know how you're doing compared to most real estate agents? We were too!
Real Estate Webmasters has the pleasure of working with some of the best real estate agents in the world. Our clients are passionate, enthusiastic, and often quite successful.
But we wanted to get to know the entire real estate population better, and have a stronger understanding of what the average agent looks like. To achieve this goal, we hired an independent market research company to survey 300 active real estate agents across the United States and Canada. These agents were then asked questions on a wide variety of topics to gain insight into their demographics, marketing activities, and technology investment.
We thoroughly investigated what today's real estate agent looks like and this is what we found out:
1. Real estate agents are typically over the age of 40
The average age of Realtors was interesting, with 82% of agents
at the age of 40 or better. In fact, very few real estate agents
were younger than 30, suggesting that real estate is not typically
a "starter career." Instead, people are more likely to become a
real estate agent after previously pursuing one or more alternative
2. Younger agents are more likely to make the highest GCI
The mean age of real estate agents who make under $100,000 is 55, while the mean age of agents who make a GCI of over $300,000 per year is 50.
3. Most Realtors have fewer than 10 transactions per year
Although being active as a Realtor was a prerequisite for our survey, a whopping 38% of agents had fewer than 5 transactions in the past 12 months, suggesting that a good portion of agents are part-time or semi-retired. On the other end of the spectrum, 17% of agents close more than 25 transactions in a year-long period—the equivalent of a home bought or sold every two weeks.
4. Real estate agents typically make less than $100,000
When breaking down agents' Gross Commission Income (GCI) over the previous 12 months, 37% of agents made less than $50,000, and another 28% made less than $100,000. But that still left a big slice of pie for the agents making more than $100,000 each year. In fact, 12% of agents make more than $300,000 in GCI.
5. Agents with high GCI close the most transactions
The agents making the most money are also the agents closing the most deals. In fact, 63% of agents who made over $300,000 also closed more than 25 deals, while three-quarters of agents with a GCI of less than $100,000 closed fewer than 10 deals.
At the end of the day, we saw two major subgroups of agents: an older retiree crowd with fewer transactions that typically make less than $100,000 per year, and a somewhat younger and highly active group of agents closing over 25 deals and making six figures in a year.
How do you compare to your fellow real estate agents?