Three in five residential (62%) and commercial (59%) Realtors selected a real estate career on their own, and majority of them say self-motivation and good people and problem-solving skills are the most important traits for success. These are findings from a new National Association of Realtors survey on "Career Choices in Real Estate: Through the Lens of Gender, Race and Sexual Orientation."
"Realtors from all walks of life share the common purpose of making a positive difference in communities across the country and delivering excellent service to their clients," said NAR President Charlie Oppler. "As trusted advocates for consumers, our members bring valuable insight and expertise to all aspects of residential and commercial real estate transactions."
When compared to residential members, commercial members are more attracted to real estate because it is an entrepreneurial field (52% vs. 47%). Three in four (76%) residential members like the flexible work hours and three in five (59%) are attracted by working with people.
Commercial specialists had a median gross personal income from real estate of $150,300, compared to $34,100 for residential specialists and $73,000 for dual specialists. As a testament to the highly entrepreneurial and competitive nature of the business, 66 percent of commercial Realtors and 21 percent of residential Realtors earned more than $100,000 in gross personal income in 2020.
Among members working exclusively in residential real estate, the median gross personal income was $35,700 for men and $33,500 for women. By race and ethnic group, White/Caucasian members had the highest median gross personal income of $49,400, followed by Asian/Pacific Islander ($27,400), Hispanic/Latino ($26,600) and Black/African American members ($16,700). The median gross personal income was $38,800 for LGBTQ+ members.
The median number of residential transactions in 2020 for White/Caucasian members was seven, Hispanic/Latino had three, and two for Black/African American and Asian/Pacific Islander members. The median number of residential transactions last year for LGBTQ+ members was five.
"Understanding income and transaction differences among races, genders, and sexual orientation is step one, but the next step is learning why there are differences," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "For some, income may be lower as the typical home price in a neighborhood is lower, for others they may work only part-time, and others may be new to the profession and have no ownership in the firm."
According to residential and dual specialist members, the most important skills for residential real estate are people skills (87% vs. 94%), self-motivation (83% vs. 94%), and problem-solving skills (75% vs. 88%); negotiation skills (73% vs. 88%); superior communication capabilities are especially important to dual specialist members (65% vs. 89%).
"I see Realtors, not as salespersons, but more like matchmakers. We use our people skills to truly listen to our clients wants, needs, and dreams, and match them to find their place in the world to call home," said Joanne Fraser, president of the Silicon Valley Association of Realtors. "Agents who have been successful throughout the years know the value of these people skills."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.