Hard work and success go hand-in-hand. We all know the more work you put in, the better you become at your chosen field, and the same applies to real estate agents. But what exactly are the numbers? How many deals does the average Realtor close per year? How many hours do they work? Let’s explore!
How Much do Realtors Work?
While the number of hours a Realtor works varies greatly depending on the agent, generally a full-time agent spends at least 40 hours a week working, and very often more as showings frequently occur on weekends. Part-time Realtors spend anywhere from 20-39 hours a week on selling but often find it more difficult with less focus on the work. According to a survey conducted by Placester, 49 percent of agents are full-time while 22 percent classify themselves as part-time. In the first year, all this time is typically spent on marketing, as many Realtors don’t make a sale this year. This could be why according to The National Association of Realtors 20 percent of Realtors have had their license for a year or less. In fact, 62 percent of agents spend at least one hour a day on marketing and advertising.
Meanwhile, a blog from The Close lists 67 interesting real estate facts collected from different real estate sources. Stats like over 63 percent of Realtors are women, only 43 percent of Realtors have completed a bachelor’s degree or higher, and the median age of a Realtor in the United States is 54 years old.
There’s Always Time for Prospecting
While it’s difficult to estimate the number of clients a Realtor serves in one year, we do know that over 30 percent of a Realtor’s business is from repeat clients and referrals. Where do the contacts originally come from? Well, 60 percent of agents prospect every day and 26 percent find themselves prospecting for multiple hours every day. Unfortunately, 45 percent of brokers say their agents find keeping up with technology to be one of their biggest struggles, which would directly affect their prospecting and client retention abilities. This can be supported by the statistic that says Realtors earning over $100,000 in gross income are more than twice as likely to use some advanced technology than those who earn less.
Can Adopting New Technology Yield More Clients?
The technology an agent is willing to use is of a great deal of value to clients. Beyond just wanting an agent that knows how to use a cell phone and convenient online e-signature systems, homeowners have an eye out for agents that use more advanced technologies like drone photography. 73 percent of homeowners say they are more likely to list with a Realtor that uses video to sell a property and homes that were listed with drone photography sold 68 percent times faster than those without. Not only is the technology helpful for getting pictures of parts of a home that are generally less visible, but the larger number of better-quality images allow buyers to be better able to distinguish whether or not the home is right for them. It’s also become extremely convenient in today’s “new normal” as buyers are less willing to tour every home in person and sellers don’t want as many people parading through their homes to view the property.
On the topic of income, the average income for Realtors working between 21 and 39 hours per week is $46,458, while those that work over 60 hours a week earn $145,347. The numbers for full-time agents vary greatly though as seen by the statistic that says the average income for a real estate agent that has been full-time between four and ten years is $63,595. Those that have been full-time for 10 to 20 years? Well, on average they earn $101,633. To earn their income, on average, agents close about 12 deals a year.
The numbers speak for themselves. Working more hours yields a better income, spending more time on marketing will keep you competitive, and utilizing new technologies will make you stand out from the rest. And if you’re looking for a place to start, check out our Marketing Lists where you’ll find everything you need to stay competitive in your local market and a brand new lead list, Warren Lead Stream, that shows you only the prospects who actively want to learn more about your products and services.
ABOUT THE WARREN GROUP
Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, and industry news coverage. The Warren Group was established in 1872 and is now in its fourth generation of family ownership and management. It is the publisher of Banker & Tradesman, The Commercial Record, and The Registry Review. For more information visit www.thewarrengroup.com.