In July, NAR Analysis launched the 2022 Member Profile, a report that started in 1993 and has been launched yearly since. I spoke with my colleague Brandi Snowden, Director of Member and Shopper Survey Analysis, about this yr’s report findings and an important takeaways.
What’s the Member Profile – what sort of knowledge can we discover on this report?
Brandi Snowden: The Member Profile is our yearly report that appears in depth at who our members are. We survey our membership to raised perceive their enterprise practices, expertise use, and demographics. This report covers many areas, together with enterprise traits, enterprise exercise, earnings and bills, workplace and agency affiliation, expertise, and demographic traits.
What are the principle takeaways from the report?
Brandi Snowden: This yr, we noticed that:
- 66% of all REALTORS® have been feminine, up barely from 65% final yr.
- The median age of all REALTORS® was 56 this yr, with 67% of all members being licensed as gross sales brokers, 21% as brokers, and 14% as dealer associates.
- 57% of REALTORS® cited an absence of stock because the main cause limiting potential purchasers from finishing a transaction, adopted by housing affordability (16%) and problem discovering the precise property (12%).
This report has been working since 1993. What are some key variations between the early variations of the report and the newest model?
Brandi Snowden: In comparison with earlier variations of this report, we see adjustments in how our members are utilizing expertise of their enterprise. Recognizing the position of expertise, now we have even created a separate chapter on expertise use and seemed into the completely different ways in which REALTORS® are speaking with their purchasers, the expertise merchandise they use every day, and their internet and social media use.
What vital pattern(s) stood out to you within the newest report?
Brandi Snowden: We proceed to see the significance of referrals and repeat purchasers for our members of their enterprise. The standard REALTOR® earned 16% of their enterprise from previous purchasers and clients. As anticipated, skilled REALTORS® reported a extra vital share of repeat enterprise from purchasers or referrals, a median of 44% for these with 16 or extra years of expertise. The standard REALTOR® additionally earned 20% of their enterprise from referrals, with these having 16 or extra years of expertise reporting a median of 31%.
What points of this report do you discover most attention-grabbing?
Brandi Snowden: Seeing the altering demographics amongst our members is attention-grabbing, particularly amongst our newer members. We noticed that amongst all of our members, 77% of REALTORS® have been White, Hispanics/Latinos accounted for 11% of REALTORS®, adopted by Black/African Individuals at 8% and Asian/Pacific Islanders at 5%. In comparison with extra skilled members, new members tended to be extra numerous. Of these with two years or much less of expertise, 37% have been racial minorities, a rise from 34% one yr in the past.