Did you know that the majority of all Realtors have at least six years of experience?
According to the National Association of Realtors (NAR), the typical Realtor has 11 years of experience in real estate, down from 12 years in the 2011 survey. Brokers who do not sell typically had the most experience at 25 years, while sales agents were typically the newest to the field with nine years of experience.
NAR reports that 42 percent of Realtors earned between 50 and 100 percent of their income from their primary real estate specialty, similar to what was earned the year prior. Those who worked more hours and those with more experience were also more likely to depend entirely on their real estate specialty.
Here are some of NAR’s stats about experience levels:
• Eighty percent of Realtors have been practicing for six years or more
• Broker/owners that sell property have a median of 20 years of experience
• Broker/owners that don’t sell property have a median of 25 years of experience
• The largest segment (25 percent) of associate brokers is Realtors with six to 10 years of experience
• Only 17 percent of managers that don’t sell have less than six years of experience
• Ninety-two percent of managers that sell have six or more years of experience
• Roughly one in three sales agents have less than six years of experience
NAR outlines the common roles for Realtors dependent upon their years of experience:
• The most common role for a Realtor with zero to two years of experience is sales agent
• The most common roles for a Realtor with three to five years of experience is sales agent or manager (without selling)
• The most common role for a Realtor with six to 10 years of experience is associate broker.
• The most common role for a Realtor with 11 to 15 years of experience is manager (with selling).
• The most common role for a Realtor with 16 to 25 years of experience is manager (without selling).
• The most common role for a Realtor with 26 to 39 years of experience is broker/owner (without selling).
• The most common role for a Realtor with 40 plus years of experience is broker/owner (without selling).
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There are some misconceptions about the industry, but these stats could clear up some misinformation, particularly with the fact that most Realtors are quite experienced. Could this be because the survival rate in the first few years is low, or because during the recession and housing crash, joining the Realtor ranks as a new agent hasn’t been exactly appealing?