Last year the volume of existing-home sales hit the lowest level since 1995. According to the National Association of Realtors' 2024 Member Profile, 26% of Realtors named lack of inventory and housing affordability as the most important factors limiting potential clients from making a purchase.
"There are many challenges to being a Realtor these days. Apart from the current market conditions, Realtors have to be keep up with the new and ever changing real estate laws and numerous documentation involved in a sales transaction," said Eileen Giorgi, president of the Silicon Valley Association of Realtors.
Realtors work hard to make it possible for anyone who wants to achieve their dream of homeownership, said Giorgi. "Realtors make every effort to understand the housing needs of their client, thoroughly research available inventory, and share all relevant information with their buyers so they can make an informed decision. It's important to know your Realtor and that he or she is someone you can trust."
According to NAR's annual report, the typical Realtor had fewer transactions (10 vs. 12) in 2023 compared to 2022. The median gross income for Realtors decreased to $55,800 in 2023, down from $56,400 in 2022. Realtors with 16 years or more experience had a median gross income of $92,500, up from $80,700 in 2022. Realtors' total expenses increased to $8,450 in 2023 from $8,210 in 2022.
Nearly two out of three Realtors (65%) hold sales agent licenses, while 22% hold broker licenses and 17% hold broker associate licenses. Seventy-four percent of members specialize in residential brokerage.
The typical Realtor worked 35 hours per week in 2023. A majority of Realtors (53%) worked with an independent company and 88% were independent contractors at their firms.
Ninety-two percent of members had some post-secondary education, with 34% completing a bachelor's degree as their highest level of education. Sixty-five percent of all Realtors were female in 2023, an increase from 62% last year. The median age of Realtors was 55, down from 60 last year. Thirty-five percent were 60 years or older and 4% were less than 30.
Seventy-nine percent of Realtors were White in 2023, down from 81% last year. Hispanics/Latinos accounted for 10% of Realtors, followed by Black/African Americans (6%) and Asian/Pacific Islanders (4%). New members were more diverse than experienced members. Among those who had two years or less of experience, 40% were non-White.
Most Realtors use a smartphone (96%) and a laptop or desktop computer (91%). Text messaging (94%) is the top method of communication for members with their clients, followed by telephone (91%) and email (89%). More than two-thirds of members (72%) have their own website. For professional purposes, most members use Facebook (77%), Instagram (57%), and LinkedIn (55%).
Realtors are keeping up with the fast-paced technology. Six percent of Realtors use drones themselves as part of their business, and 46% have hired a professional drone operator. Four percent and 2% of members, respectively, use 3D/virtual tour and virtual staging technology daily.
Many consumers think all real estate agents are Realtors and use these terms interchangeably, not realizing that not every real estate agent can legally use the title of Realtor.
"While real estate agents and Realtors are both licensed to sell real estate and bound by certain legal obligations, Realtor is a trademarked term and used by agents who are members of the National Association of Realtors," explained Giorgi. "As such, a Realtor is held to an even higher standard of conduct than other real estate professionals. Realtors are required to abide by a code of ethics. With today's market challenges, buyers and sellers need to know that their real estate professional is someone they can trust."
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.