Summary
Have the agents truly taken advantage of new technological changes. Do the current agent population understand the affects of the internet and possible new applications provided by search providers? Are Brokers/Owners/ Franchise Brands on the forefront of the market uses for home purchase. Will training and agent selections address marketing needs for local firms.
Analysis
It is time for an industry shake out? With the low barrier to entre to obtain a license to practice real estate in most states a sociological shift may begin to take affect in the traditional real estate offices. Most real estate offices operate a business model of managing and maintaining top producers in a field of independent contractors.
There appears to be a shift in younger and better educated agents, armed with abilities to understand current public buying habits and the attitudes needed to embrace new applications developed for the internet 3.0. Will the national and local real estate associations provide the needed tools to continue their strong (paying) membership population, or will the new web base adaptations for listing or searching for real estate continue take hold of not only the public but the local agents who may see a better avenue to generate income and services.
Technology Statistics
REALTORS®' use of email for business - 44% of REALTORS® communicate with their clients by email more than 50% of the time
Real Estate Web Pages -
Does your company have a website?
yes - 87%
no - 9%
Technology Products used by REALTORS®:
1. The typical REALTOR® plans to spend $858 on technology products, $254 on technology services and $257 on technology training in 2004
2. 97% of REALTORS® own and use a personal computer for real estate purposes and 95% use a mobile phone
3. The most frequently used operating system is Windows XP (54%)
Top 5 Websites where REALTORS® place their listings:
1. Realtor.com (82%)
2. Local Realty Firm Website (76%)
3. Local REALTOR® Association Website (50%)
4. Franchiser's Website (30%)
5. Broker IDX/Broker Reciprocity Website (29%)
REALTOR® Statistics
1. Hours worked by all REALTORS® (nationwide): 46 per week
2. Gross personal income by hours worked: $62,300 (median for 40 hrs.)
3. Percent of business generated by REALTOR® personal web site (all REALTORS®): Zero - 28%; over 25%- 12%
4. Real estate experience of all REALTORS® (median): 9 years
5. REALTORS® by gender: Male 46%; Female 54%
6. Formal education of REALTORS®: Some college/associate degree: 45%; Bachelor's degree: 26%; High school graduate: 9%; Graduate degree and above: 11%; Graduate study: 9%
7. Affiliate membership of REALTORS ®: RLI: less than 1%; WCR: 4%; CRE: 1%; REBAC: 9%; CRS: 11%; CCIM: 2%
8. Sides per agent: For all REALTORS® in 2004, the typical brokerage specialist completed 12 transaction sides
Source:National Association of REALTORS® Member Profile
