Industry News

Real estate career does not bring instant riches

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Realtors with two or less years of experience earned a median income of $12,850 in 2004, according to the latest member survey by the National Association of Realtors trade group, while members with six to 10 years of experience earned a median $58,700. The 2005 National Association of Realtors Member Profile, last conducted in 2002, also found that Realtors with at least 26 years of experience earned $92,600, up 37.2 percent from two years earlier. David Lereah, chief economist for the association, said, "People who have been selling real estate for a while are seeing healthy income growth, while newcomers need time to establish themselves," he said. "Real estate agents build their business over time through referrals and repeat business, which is how most people learn about the agent they choose. Consumer surveys have consistently shown that both home buyers and sellers rate reputation and knowledge of the market as the most important criteria in choosing a real estate agent or bro...