Who Are Florida Realtors’ Members in 2020?
Latest profile report: The “typical” Realtor in Fla. is 55 years old, has 7 years of experience; and 60% of members are affiliated with an independent company.
ORLANDO, Fla. – What are the factors that make up a “typical” Realtor in Florida? Demographic characteristics, business activities, income and expenses, and office and firm affiliation provide a picture of Florida Realtors®’ members.
Each year, the National Association of Realtors® (NAR) does a survey of its membership. The latest facts and figures about Florida’s members can be found in the “2020 Member Profile: Florida Realtors Report.”
Here are some highlights:
Business characteristics of Realtors
Sixty-five percent of Realtors were licensed sales agents, 22% held broker licenses, and 15% held broker associate licenses. In Florida, 76% of Realtors were licensed sales agents, 13% held broker licenses, and 12% held broker associate licenses.
The typical Realtor had nine years of experience, up from eight last year. In Florida, the typical Realtor had seven years of experience.
Sixteen percent of members had at least one personal assistant. In Florida, 15% operate with at least one assistant.
Eighty percent of Realtors were very certain they would remain active as a real estate professional for two more years. In Florida, 81% of members report they are certain they will remain active for two more years
Business activity of Realtors
In 2019, the typical agent had 12 transactions, up from 11 transactions in the 2018 report. In Florida, agents had 10 transactions typically.
The median sales volume for brokerage specialists increased to $2.3 million in 2019 from $1.9 million in 2018. In Florida, the typical sales volume was $1.7 million in 2019.
For the seventh year in a row, difficulty finding the right property surpassed difficulty in obtaining mortgage financing as the most cited reason limiting potential clients. In Florida, difficulty finding the right property was also the most cited reason.
The typical property manager managed 35 properties in 2019, down from 47 properties in 2018. In Florida, the typical property manager managed 34 properties.
Most Realtors worked 36 hours per week in 2018, up slightly from 35 hours last year. In Florida, most Realtors worked 35 hours per week.
The typical Realtor earned 15% of their business from repeat clients and customers and 20% through referrals from past clients and customers. In Florida, 12% of business came from repeat business and 17% through referrals from past clients.
Income and expenses of Realtors
The median gross income of Realtors was $49,700 in 2019, an increase from $41,800 in 2018. The median gross income for Realtor in Florida was $35,000.
Realtors with 16 years or more experience had a median gross income of $86,500 – up from $71,000 in 2018 – compared with Realtors with two years or less experience that had a median gross income of $8,900 – a slight decrease from $9,300. In Florida, members with 16 or more years of experience had a median gross income of $63,500 and those with less than two years had an income of $8,500.
The median business expenses were $6,290, up from $4,600 in 2018. In Florida, the typical business expenses were $4,740.
The largest expense category for most Realtors remains vehicle expenses, which was similar to last year at $1,400. In Florida, the largest single expense category was also vehicle expenses, which was $1,210.
Realtors spent a median of $70 to maintain a website in 2019, compared with $65 in 2018. Realtors in Florida spent a median of $80 to maintain a website.
Office and firm affiliation of Realtors
Fifty-two percent of Realtors were affiliated with an independent company. This number was 60% of members in Florida.
Eighty-seven percent of members were independent contractors at their firms. In Florida, that share is 86%.
The median tenure for Realtors with their current firm was four years again, the same as last year. The median tenure for Florida members was three years.
Ten percent of Realtors worked for a firm that was bought or merged in the past two years. In Florida, this number was 11%.
Technology and Realtors
Fifty-five percent of Realtors reported having a website for at least five years and have had a website for a median of five years. In Florida, 49% of Realtors reported having a website for at least five years, with a median of four years.
Seventy-six percent of members were on Facebook and 60% on LinkedIn for professional use. In Florida, 75% of members are on Facebook and 62% on LinkedIn for professional use.
The most common information found on Realtor websites, among all Realtors, was the member’s own listings and home buying and selling information. The same is true in Florida.
Demographic characteristics of Realtors
The typical Realtor was a 55-year-old white female who attended college and was a homeowner. The typical Realtor in Florida was 55 years old and 64% attended college.
Sixty-four percent of all Realtors were female, down from 67% last year. In Florida, 65% of members were female.
Seventeen percent of Realtors had a previous career in management, business, or finance, and 17% in sales or retail. Only 5% of Realtors reported real estate was their first career. In Florida, 18% had a previous career in management, business, or the financial sector, and 16% in sales or retail. Four percent in Florida reported real estate was their first career.
Seventy-three percent of Realtors said that real estate was their only occupation, and that number jumped to 84% among members with 16 or more years of experience. Sixty-nine% in Florida reported real estate was their only occupation.
The majority of Realtors – 83% – own their primary residence. Seventy-eight percent of Realtors own their primary residence in Florida.
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