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What is the Real Estate Profession?

What is the Real Estate Profession? • Can I Succeed in the Real Estate Industry? • How do I Become a Real Estate Agent or Broker? • Will my State Regulatory Agency Accept McKissock Courses?

The Real Estate Profession!

The industry is comprised of brokers, sales agents, and property managers who are engaged in both residential and commercial real estate. Ultimately, these licensed professionals are working for America’s property owners!

According to the National Association of REALTORS®, the largest trade association in America and self-proclaimed “voice of real estate”, the following business characteristics help define the overall industry.

BUSINESS CHARACTERISTICS OF REALTORS®

• ● Fifty-nine percent of REALTORS® are licensed as sales agents.
• ● Eight in ten members specialize in residential brokerage.
• ● The typical REALTOR® has 10 years experience.
• ● Nearly two-thirds of all REALTORS® reported having a website, one in ten members reported having a real estate blog, and more than half of members are using social media.
• ● Among commercial and residential REALTORS®, the most commonly found information on Websites is the members’ own listings.

BUSINESS ACTIVITY OF REALTORS®

• ● In 2008 and 2009, the typical brokerage specialist had seven transactions.
• ● Almost half of all REALTORS® completed at least one transaction involving a property in foreclosure, and 40 percent completed at least one transaction involving a short sale.
• ● The typical REALTOR® worked 40 hours per week in 2009, a trend that has continued for several years.
• ● The typical REALTOR® earned 18 percent of his or her business from past clients and customers.
• ● REALTORS® spent a median of $220 to maintain a Website in 2009.
• ● Thirty-six percent of REALTORS® reported having generated some business from holding an open house.

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