By Special to the Town Crier
The high-tech world has entered the real estate market, with realtors increasing their use of the Internet and computers to be more effective at their job. A recent survey conducted by the National Association of Realtors (NAR) shows the typical realtor has double the experience in real estate of his or her counterpart in the 1970s, and widespread use of technology has become a key factor in serving clients better.
The 2001 NAR Member Profile, based on a survey of 40,000 members earlier this year, covers diverse characteristics of member realtors, including demographic data, current business attributes and technology use. While the realtor universe is very diverse, the survey shows the typical member is a 52-year-old married female with a gross personal income of $47,700, who works 43 hours a week. She is a sales agent who has been in the business for 13 years, five of them with the same firm; the firm she is affiliated with operates a single office and is independently owned.
Association president Richard A. Mendenhall said experience is one of the greatest assets a realtor brings to the real estate transaction. “The typical realtor today has greater skills in guiding his or her customers through the home buying and selling processes,” he said. “Our members also are more adept at using technology, including the Internet, to better serve customers -this includes placing listings on a variety of Web sites and using e-mail to communicate.”
Dr. David Lereah, the association’s chief economist, said technology continues to influence the industry. “While nearly nine out of 10 realtor members have computers, more than three-fourths use e-mail and the Internet for business purposes and four out of 10 have a Web page. For residential brokers, 87 percent post listings on at least one Web site and 54 percent report some of their sales and other business is generated directly from online services.”
The association’s member profile shows nearly nine out of 10 realtors have completed some college courses, with 45 percent holding a bachelor’s degree. One-third of them hold at least one professional designation, with nearly a quarter holding the GRI (Graduate, Realtor Institute) designation.
The survey shows 56 percent of members are women. In 2000 the median gross income of brokers was $73,400, while agents earned $34,100. Two out of five agents are affiliated with firms that are franchised. Two-thirds of the agents represent firms with three or fewer offices.
Experience is a major factor in member income. The typical realtor with 11 to 15 years’ experience earns almost $41,000 a year more than a real estate professional with one to five years’ experience. In 1978 the typical broker had 11 years’ experience vs. 20 years’ experience today.
“Although this study is industry specific, it provides important clues for consumers when choosing a realtor,” said Silicon Valley Association of Realtors president Jeff Barnett of Alain Pinel Realtors in Los Gatos. “Experience and knowledge combined with technological savvy are traits that are significant when selecting a realtor.”
For more information or to find a realtor in your area, log on to www.siliconvalley-realtors.org.
Information in this column is provided by members of the Silicon Valley Association of Realtors. Send questions on any topic to: Ask Your Realtor, c/o SILVAR, 345 San Antonio Road, Los Altos 94022; call 949-9115; or e-mail ppompei@siliconvalley-realtors.org.
