A report from the National Association of Realtors (NAR) released Wednesday, titled “Choosing a Career in Real Estate: A Perspective on Gender, Race, and Ethnicity”, creates a breakdown of how and why professionals get involved in the industry.
“A career in real estate offers a work environment and diversity of opportunity that attracts all types of individuals, and the report’s findings are a reflection of that.” says NAR president William E. Brown, a second-generation Realtor® from Alamo, California and founder of Investment Properties.
Why A Career in Real Estate?
Roughly two-thirds (68 percent) of members choose real estate based on an interest in the industry, slightly more by males than females, and a fifth (19 percent) were referred by a friend, slightly more for females than males. Professional and family connections were the next two most common ways members entered real estate. Participation for Black and African American members was most often self-initiated (75 percent), and Asian and Pacific Islander members were most likely to be referred by a friend (27 percent). Eleven percent of White and Caucasian members had a family or business connection.
Attractive Aspects of Real Estate
Nearly seven in 10 Realtors® found flexible hours to be the most attractive aspect about being a real estate agent, followed by interest in the industry (64 percent), working with people (54 percent), entrepreneurial field (50 percent) and salary possibilities (49 percent).
Females make up 63 percent of NAR’s membership and those who work exclusively in residential have a median gross income from real estate of $46,700, compared to $54,600 for men. Women tend to be younger in age and more likely to work part-time. When it comes to residential business activity, women had a median of eight sales transactions, compared to seven for men.
Asian and Pacific Islander members working exclusively in residential real estate have the highest median gross annual income of all ethnic groups at $56,800, followed by White and Caucasian members at $54,200, Hispanic and Latino members at $41,700, and Black and African American at $23,000.
Those who work in dual specialties, both residential and commercial, tend to have higher gross median incomes at $89,300.
Choosing a Career in Real Estate: A Perspective on Gender, Race and Ethnicity report was based on a survey sent from March to April 2017 to 144,000 members of the National Association of Realtors®. A representative sample of 6,363 members responded to the survey, an adjusted response rate of 4.4 percent. Click here to see the full breakdown and infographic.