Jun 05

Lower Sales Bit into REALTOR® Paychecks

Lower Sales Bit into REALTOR® Paychecks

 

Lower Sales Bit into REALTOR® Paychecks. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

Lower Sales Bit into REALTOR® Paychecks. Image courtesy of Stuart Miles / FreeDigitalPhotos.net

The decline in sales took a chunk out of overall business activity for REALTORS® as well as their incomes in 2014, shows the newly released 2015 National Association of REALTORS® Member Profile.

“Existing-home sales didn’t surpass year-over-year levels until October, which is likely the reason the typical member had 11 transactions last year versus 12 in 2013,” says Lawrence Yun, NAR’s chief economist. What’s more, slightly fewer transaction resulted in the median gross income of a REALTOR® dropping to $45,800 from $47,700 in 2013.

“Despite the modest setback, median gross income last year was still the second highest since the downturn and up over 5 percent from 2012 (when it was $43,500),” Yun says. “Furthermore, NAR membership at the end of 2014 stood at 1.1 million, up 5.5 percent from 2013.”

The median gross income and number of transactions tended to increase with years of experience of the REALTOR®. In 2014, REALTORS® in the business for more than 16 years earned $68,200 and made 13 transactions. On the other hand, REALTORS® with three-to-five years earned less than half that amount ($37,400) and had 10 transactions.

Incomes also varied by license type, as members licensed as brokers in 2014 earned $65,300 ($66,300 in 2013), while the median earnings for sales agents fell $1,100 from the previous year to $33,900, the member survey showed.

NAR added more new members last year as the housing market recovery took hold across the country. The median years of experience in real estate remained at 12 years for the second consecutive year, but more members — 17 percent — said they had been in the business for two years or less (compared to 13 percent in 2013), according to the survey.

Also, the median age of members inched up to 57 years (from 56 years in 2013). Overall, 2 percent of all REALTORS® are under 30 years of age, 18 percent are between ages 30 and 44, and 25 percent are 65 and older, the survey showed.

Source: National Association of REALTORS®

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