By Susanne Dwyer
Commercial REALTORS® are realizing more in gross income and sales volume, with the median annual gross income growing 11 percent to $120,800 and median sales volume rising 19 percent to $3.5 million, according to the National Association of REALTORS®’ (NAR) recently released 2017 Commercial Member Profile. The highest incomes were reported among appraisers and brokers, as well as those with more than 26 years of experience.
“There has been an uptick in REALTOR® members who choose to specialize in commercial real estate at the same time as commercial professionals report improvements in the market and their business activity,” says Bill Brown, president of NAR. “A stronger commercial market is a good indicator of a growing economy, so the outlook is positive for commercial members in the year ahead.”
The Profile shows the median transaction count declined by one to eight in the past year; 25 percent of commercial REALTORS® reported one to four transactions, while 27 percent reported over 20.
More highlights from the Profile include:
- Forty-seven percent of commercial REALTORS® are brokers; 30 percent are licensed sales agents (consistent with last year’s findings).
- Seventeen percent of commercial REALTORS® have a broker-associate license; 5 percent have an appraisal license (consistent with last year’s findings).
- The median years of experience in real estate increased to 24 years in 2017, up from 20 years in 2016, as did the median years of experience of REALTORS® in commercial real estate: up from 15 years in 2016 to 19 years in 2017.
- The median age of commercial REALTORS® is 60 years old (consistent with last year’s findings).
- Almost three out of four commercial members are male (consistent with last year’s findings). Men reported being active in any real estate capacity for a median of 25 years and in commercial real estate for a median of 20 years (consistent with last year’s findings). Women reported being active in real estate for a median of 19 years (up from 14 years in 2016) and in commercial real estate for a median of 15 years (up from 11 years in 2016).
- Commercial REALTORS® who manage properties typically manage 82,000 total square feet, representing 15 total spaces. Those who manage offices typically manage 25,000 total office square feet, representing seven total offices.
- Thirty-three percent of commercial REALTORS® were involved in international transactions in 2016, down 2 percent from 2015. Eighteen percent reported an increase in international transactions, while only 1 percent reported a decrease.
- Sixty-five percent of respondents are members of any of several commercial affiliated institutes, councils, or societies—up from 60 percent in 2016—including the CCIM Institute, the Institute of Real Estate Management, the Counselors of Real Estate, the REALTORS® Land Institute and the Society of Industrial and Office REALTORS®.
The annual study’s results represent REALTORS®, members of NAR, who conduct all or part of their business in commercial sales, leasing, brokerage and development for land, office and industrial space, multifamily and retail buildings, as well as property management.
For more information, please visit www.nar.realtor.
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