- Real estate is a business based on relationships and trust between the client and the agent.
- From the most recent Profile of Home Buyers and Sellers, we know that 41 percent of recent home buyers found their agent through a referral from a friend, neighbor or relative and 9 percent of buyers used an agent that they had used previously to buy or sell a home.
- Nearly half of first-time buyers used an agent they found through a referral and 12 percent of first-time buyers found their agent on the Internet. First-time buyers are more likely to find their agent on the Internet than repeat buyers.
- Among repeat buyers, 36 percent of buyers found their agent through a referral, and 14 percent used an agent they had worked with before to buy or sell a home.
- For more information on the Profile of Home Buyers and Sellers, click here.
- Referral by friend, neighbor or relative is the most commonly cited method sellers used to find their real estate agent.
- Thirty-nine percent of sellers used a referral to find their agent, and an additional 22 percent used an agent they had worked with before.
- The typical seller only contacts one agent during the selling process, further emphasizing the importance of personal relationships in real estate.
- Sixteen percent of sellers contacted two agents before selling their home and 18 percent contacted three or more agents.
- Among recent sellers who used an agent, 85 percent reported they would definitely (69 percent) or probably (16 percent) use that real estate agent again or recommend to others.
- A substantial majority of REALTORS® (91 percent) own their primary residence.
- The percentage of REALTORS® who own their home differs slightly by age. Members 39 years old and younger had a lower level of homeownership at 78 percent, compared with a homeownership rate of more than 94 percent for REALTORS® aged 60 or older.
- In addition to their primary residences, REALTORS® often own other properties. Sixteen percent reported that they owned one or more vacation homes, while 44 percent noted that they owned other residential properties for investment.
- Ten percent own at least one commercial property.
- For more information: http://www.realtor.org/topics/member_profile
- REALTORS’® firms provide them with additional resources, including websites and relocation departments.
- Nine in ten REALTORS® reported that their firms have a web presence, and 2 percent indicated that there is not currently a presence, but a site is planned.
- Almost 40 percent of REALTOR® firms had a relocation department or business development department responsible for relocation activities.
- REALTORS® who have been in the field for longer were more likely to be aware of the presence of a relocation department in their firm.
- For more information: http://www.realtor.org/topics/member_profile
- Although social media has rapidly penetrated market communications, the use of social media has not changed much between the 2010 and 2011 NAR Member Profiles.
- Almost half of members are using social media while an additional 9 percent plan to in the future.
- In the 2010 Profile, only 35 percent of REALTORS® used social networking websites, and 14 percent planned to do so in the future.
- The use of social networking sites is more widespread among younger REALTORS®, with over 8 out of 10 of those aged 29 or younger using such sites.
- For more information: http://www.realtor.org/topics/member_profile
- The typical member has worked at their firm for five years.
- Broker-owners who do not sell have typically been at their firm the longest—a median of 21 years.
- Sales agents have typically been at their firm the shortest time—a median of four years.
- The number of years a member has been at their firm has remained constant at five years since 2009. In 2008, the typical tenure at a firm was four years.
- For more information, on the Member Profile, please visit http://www.realtor.org/topics/member_profile
- Many consumers have recently faced higher rates or have been forced to put down larger downpayments due to a change to the way loans are classified.
- The maximum size of a loan that can be financed by the FHA was reduced forcing some borrowers to make larger downpayments.
- The minimum size for jumbo loans (i.e., loans not eligible for FHA, Fannie Mae, or Freddie Mac financing) may also have been lowered, forcing many prospective buyers to increase their downpayments and/or pay higher mortgage rates.
- 17% of respondents with a seller-client reported that their seller client was negatively impacted by the change in the FHA or GSE loan limits.
- Sellers’ agents who responded to the survey noted that the disruption from the change in limits caused some sellers to lose their homes to foreclosure. In other cases, sales took much longer due to a decline in buyer interest.
- To read the complete new “Impact of New Conforming Loan Limits” survey, click here >
- Although social media has rapidly penetrated market communications, the use of social media has not changed much between the 2010 and 2011 surveys.
- Almost half of members are using social media while an additional 9 percent plan to in the future. In the 2010 survey, only 35 percent of REALTORS® used social networking websites, and 14 percent planned to do so in the future.
- The use of social networking sites is more widespread among younger REALTORS®, with over 8 out of 10 of those aged 29 or younger using such sites.
- One in ten members reported having a real estate blog. That number did not change from the year before.
- Among all REALTORS®, those younger than 39 years of age are more likely to have a blog, though 6 percent of those over 60 also have a blog.
- Members were asked in the 2011 Member Profile about transactions they had and whether they sold their own listing, another’s listing, or someone sold their listing. Among all members (residential and commercial) the typical member sold 1 of their own listings, 2 of their listings were sold by someone else, and they sold 4 of others’ listings.
- Commercial members were more likely than residential members to sell their own listings. Among commercial members, the typical member sold 3 of their own listings, 2 of their listings were sold by someone else, and they sold 3 of others’ listings.
- Among residential members, the typical member sold 1 of their own listings, 3 of their listings were sold by someone else, and they sold 4 of others’ listings.
- For more information on the Member Profile, click here.
- Data from the latest Member Profile reports the typical REALTOR® had 8 transaction sides in 2010. Eighteen percent of members had more than 21 transaction sides in 2010, while 8 percent of members had no transactions in 2010.
- In 2008 and 2009, the typical member saw a decline to 7 transaction sides.
- Members had a high of 13 transaction sides in 2002 when data collection on transaction sides first began.
- A transaction side is defined as either working as the buying agent or the selling agent; if the agent worked as both the buyer’s agent and the seller’s agent it would count as two transaction sides.
- For more information on the Member Profile, click here.
