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Analysis Highlight: the 2022 Member Profile

In July, NAR Analysis launched the 2022 Member Profile, a report that started in 1993 and has been launched yearly since. I spoke with my colleague Brandi Snowden, Director of Member and Client Survey Analysis, about this yr’s report findings and an important takeaways.

What’s the Member Profile – what sort of information can we discover on this report?

Brandi Snowden: The Member Profile is our yearly report that appears in depth at who our members are. We survey our membership to higher perceive their enterprise practices, know-how use, and demographics. This report covers many areas, together with enterprise traits, enterprise exercise, revenue and bills, workplace and agency affiliation, know-how, and demographic traits.

What are the principle takeaways from the report?

Brandi Snowden: This yr, we noticed that:

  • 66% of all REALTORS® had been feminine, up barely from 65% final yr.
  • The median age of all REALTORS® was 56 this yr, with 67% of all members being licensed as gross sales brokers, 21% as brokers, and 14% as dealer associates.
  • 57% of REALTORS® cited a scarcity of stock because the main cause limiting potential purchasers from finishing a transaction, adopted by housing affordability (16%) and problem discovering the suitable property (12%).

This report has been working since 1993. What are some key variations between the early variations of the report and the newest model?

Brandi Snowden: In comparison with earlier variations of this report, we see adjustments in how our members are utilizing know-how of their enterprise. Recognizing the position of know-how, we have now even created a separate chapter on know-how use and regarded into the totally different ways in which REALTORS® are speaking with their purchasers, the know-how merchandise they use day by day, and their net and social media use.

What important development(s) stood out to you within the newest report?

Brandi Snowden: We proceed to see the significance of referrals and repeat purchasers for our members of their enterprise. The everyday REALTOR® earned 16% of their enterprise from previous purchasers and clients. As anticipated, skilled REALTORS® reported a extra important share of repeat enterprise from purchasers or referrals, a median of 44% for these with 16 or extra years of expertise. The everyday REALTOR® additionally earned 20% of their enterprise from referrals, with these having 16 or extra years of expertise reporting a median of 31%.

What points of this report do you discover most fascinating?

Brandi Snowden: Seeing the altering demographics amongst our members is fascinating, particularly amongst our newer members. We noticed that amongst all of our members, 77% of REALTORS® had been White, Hispanics/Latinos accounted for 11% of REALTORS®, adopted by Black/African Individuals at 8% and Asian/Pacific Islanders at 5%. In comparison with extra skilled members, new members tended to be extra various. Of these with two years or much less of expertise, 37% had been racial minorities, a rise from 34% one yr in the past.

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