BrokerageIndustry News

NAR survey: lean times for newer agents

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Realtors' median gross income plunged 14 percent in 2008, to $36,700, forcing many less experienced Realtors to leave the business, according to a survey of members by the National Association of Realtors.  NAR's 2009 Member Profile showed the median age of Realtors rising from 52 to 54 and average years of experience increasing from eight to 10. Overall NAR membership fell 10.5 percent from December 2007 to December 2008, to 1.2 million, and dropped another 6.4 percent through April. The survey revealed the extent to which experience is tied to earnings: Those with two or fewer years in the business had a median gross income of $8,600 before taxes and expenses, while those in the business at least 16 years had a median gross income of $53,900. Median net income after taxes and expenses fell 14 percent, to $23,200, a decline NAR said was consistent with falling home prices and sales volume over the past year. Sales agents had the lowest median net income ($18,700), foll...