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BUSINESS CHARACTERISTICS OF VIRGINIA REALTORS®:
• In Virginia, 74 percent of REALTORS hold a sales agent license, and 12 percent hold a broker license.
• 77 percent of REALTORS® consider residential brokerage their primary specialty.
• The typical REALTOR® has been in the business for 8 years (nationally 7 years).
• 22 percent of REALTORS® have at least one personal assistant.
• 69 percent of REALTORS® maintain a home office.
• 58 percent of REALTORS® have a Web site for business purposes; 33 percent have had a Web site for at least five years.
• About half of REALTORS (49 percent) communicate with their clients via email more than 50 percent of the time.
• 3 percent have a blog and 6 percent plan to start a blog in the future (comparable national numbers are 4 percent and 10 percent, respectively).
• Those who hold a professional designation account for 42 percent and those with a certification account for 15 percent of REALTORS®.
• 96 percent of REALTORS are certain that they will remain active as real estate professionals during the next two years (79 percent “very certain” and 16 percent “somewhat certain”).
BUSINESS ACTIVITY OF REALTORS®
• The typical appraisal specialist in Virginia appraised 273 properties in 2006, compared to 200 nationally.
• 28 percent of brokerage specialists in Virginia primarily practice buyer agency and seller agency (42 percent nationally), and 52 percent practice single agency (30 percent nationally). An additional 5 percent are seller agents exclusively, and 13 percent are buyer agents exclusively.
• The typical brokerage specialist completed 12 transaction sides in 2006 compared to 10 among REALTORS nationwide.
• The typical brokerage specialist had $2.4 million in sales volume in 2006 compared to $1.9 million among REALTORS nationwide.
• The median number of properties managed by property management specialists was 63 in Virginia, compared to 28 nationally.
• The median hours worked was 40.
• REALTORS® in Virginia report that a median of 23 percent of their business is based on referrals from past consumers and clients. Among those who have 2 years or less business experience, the share of business originating from past customers is 7 percent, and among those with 16 years or more experience, it is 39 percent.
• REALTORS spent a median of $310 to maintain their real estate Web site in 2006.
• The typical REALTOR® received 4 inquires from their Web site, accounting for 4 percent of their business.
INCOME AND EXPENSES OF REALTORS®
• 72 percent of Virginia REALTORS® are compensated through a percentage commission split; 16 percent are compensated through a 100% commission arrangement.
• The typical REALTOR® in Virginia reported total business expenses of $8,090, compared to $7,060 nationwide.
• The median gross income of REALTORS in 2006 was $59,600. The nationwide median gross income was $47,700.
• While the median gross income of REALTORS with two or fewer years of experience was $9,500, it was $85,000 among those with at least 16 years experience.
OFFICE AND FIRM AFFILIATION OF REALTORS®
• 56 percent of REALTORS® work for an independent, non-franchised firm, and 31 percent work for an independent, franchised company.
• 85 percent of REALTORS® are affiliated with their firm as independent contractors.
• Among brokers, 40 percent report they are the sole owner of their firm.
• The typical REALTOR in Virginia works at a firm with 67 commercial and residential brokers and agents (nationwide comparable number is 24).
• The typical REALTOR reports working at a firm that has 3 offices.
• The typical REALTOR® has been at the same firm for 4 years.
• 68 percent of REALTORS receive no insurance or retirement benefits from their firm, compared to 70 percent of REALTORS nationwide.
• 10 percent report that their firm was bought by or merged with another firm since 2005, and among those 15 percent changed firms consequently.
DEMOGRAPHIC CHARACTERISTICS OF REALTORS®
• In Virginia, 58 percent of REALTORS are female; nationwide, it is 59 percent.
• The median age of REALTORS® in Virginia is 54 (nationwide 51).
• 89 percent report their racial/ethnic heritage as white, 3 percent as Hispanic/Latino, 5 percent as black/African American, 3 percent as Asian/Pacific Islander, and 2 percent as American Indian/Eskimo/Aleut.
• 50 percent of REALTORS® have a bachelor’s degree or higher.
• 30 percent of REALTORS® report that they had a prior career in management, business, finance or sales.
• Real estate is the only occupation for 86 percent of REALTORS.
• The median gross household income of REALTORS® was $128,300 in 2006, and 43 percent report real estate is the primary source of income for their household.
• 95 percent of REALTORS® in Virginia own their home.
• 14 percent speak a language other than English, and 12 percent were born outside of the U.S.
· 97 percent of REALTORS® in Virginia are registered to vote, and 94 percent voted in the last national election.
WE'VE GOT YOUR VIRGINIA REALTOR® MARKET COVERED!
VAR members live and work in large cities and small communities across our state. The Virginia Association of REALTORS® is the only trade association that addresses the needs of this growing market. Contact Network Media Partners, Inc. @ 410-584-1968, or e-mail var@NetworkMediaPartners.com for more information on target marketing to the real estate professionals in Virginia.
If you're interested in rental of the REALTOR® membership mailing list, please contact Bethesda List Center at (301) 968-1721, or by e-mail at info@bethesda-list.com.