Real Estate Fun Facts
I spent the last couple days talking about why Real Estate is Essential. Dug into some heavy numbers, and looked at our economy in general and how heavy we are invested in Real Estate, so I thought today’s content would be a little more FUN. I’ll hit you next week with some Market Updates that will probably be heavy, so let’s have some fun today!
I ran into this article from last month, 67 Shocking Real Estate Statistics You Need to Know, by Chris Linsell. You can take a look at the full post here: 67 Statistics
For today, I’m going to take the top 10 of them, and compare them to me personally, with some insight thrown in.
1. More than 63% of Realtors are women.
Last time I checked, I would be a part of the 37% that is NOT, although Sydney is. I knew the numbers were a bit higher for women than men, but didn’t realize it was almost a 2:1 Ratio.
2. Only 43% of Realtors have completed a bachelor’s degree or higher.
This, I am glad to say, I am a part of. On top of the BS in Finance and Entrepreneurship from The University of Arizona, I also have my MBA from The University of Nevada - Reno. I’m not sure what % of Realtors have a Masters Degree, but it has to be much lower.
3. Nearly one in nine Realtors in the United States lives in California.
I do not live in California, but I was born and raised in California, and still hold a California Real Estate license… so I’m not officially a part of this group, but tiptoe the line. The funny thing about this stat, as ‘shocking’ as it sounds, California actually represents about 12% of the total US population. So technically, the number of Realtors that live in California is actually LOWER than their % of the overall population, but it’s close (CA is roughly 1 in 8 residents).
4. Since 2000, the number of Realtors in Florida has nearly tripled from 67,000 to more than 180,000.
This makes sense to me. Population boom in the state, plus property value increase, etc. By contrast, in Nevada, we have less than 20,000 Realtors, with a VAST majority of us being here in the Las Vegas valley.
5. The median age for Realtors in the United States is 54.
This puts me in the ‘Under’ category! :-)
6. The typical Realtor receives upward of 30% of their business from repeat clients or referrals.
This number does not shock me. But I think more should be stated. Obviously, the longer someone is in the business, the more past clients they have (hopefully) and the size of their personal database has increased. Makes sense. I track these numbers closely for my personal production. Pulling up our data from 2019 and YTD 2020, 29 of our 42 personal deals we have done in the last 16 months have been from Past Clients, Agent Referrals, or our Sphere of Influence (People we know). This number is actually 69%! The rest are from online lead sources.
7. 20% of Realtors have had their license for a year or less.
2020 is the 16th year I’ve had my Nevada Real Estate License. I’ve had my California Real Estate License since 2011. This number does not shock me either. We do see a high turnover in our industry, with 87% of Realtors not making it more than 5 years in this business.
8. 71% of Realtors specialize in residential real estate.
I’ve done one Commercial deal. It was the Lease for our Current Office space here in Las Vegas. I’ll let the Commercial Agents handle this. There are so many differences between the two, and there is so much business, I prefer to focus on what I know! And I respect those that handle commercial business. I gladly refer that business to commercial specialists. But our licenses are the same!
9. 45% of brokers report that “keeping up with technology” is the biggest challenge their agents face.
Technology is everywhere, and we feel we are very strong in terms of keeping on the forefront of Technology. I’m glad to say that even as a small brokerage, we have the big tech of our larger brokerage friends. But yes, I would say that some agents, and not necessarily a specific age group, do have an issue with Technology. The business has changed, and those that do adopt technology easier have an upper hand on some that can’t keep up. To combat this, we try and make sure we train all of our agents on the technology we provide them.
10. Realtors earning $100,000 or more in gross commission income are more than twice as likely to use advanced technology tools like a CRM than agents who earn less.
I will not discuss what we make on here; that’s not anyone’s business. But I will say our technology is very advanced :-).
Any surprises on this list?