In yet another strong signal the housing market is on the way to recovery, the 2012 NAR Member Profile shows Realtor® income and business is growing after years of decline. The median income for Realtors® grew 2.3 percent to $34,900 in 2011, the first overall gain in nine years.
Realtors® with experience who have lived through the cyclical nature of the real estate market tend to earn more. Those who’ve been in the business 16 years or more reported a median income of $50,200. Realtors® working 60 hours a week or more earned $80,900, and 17 percent of NAR members earned a six-figure income.
Who you know… Repeat business accounted for a median 19 percent of activity in 2011 and is higher for those with more experience – for members with 16 years or more in the business, the number rises to 38 percent. Talk to a Realtor® about the changing market and how they’ve weathered the storm. Why are referrals so important and how does that impact their business approach?