70% Homeowners Used Traditional Real Estate Broker

As the housing market cools and competition from non-traditional sources, real estate brokers are exploring more innovative services. Wall Street Journal reports that about 70% of homeowners used a traditional broker, down from 74% in 2002, according to a survey by Real Trends in last September. The number of homeowners taking the for-sale-by-owner approach also fell from 12% to 14%. More and more homeowners are turned to flat-fee, fee-for-service multiple listings and other innovative approaches. 

There are approximately 80,000 residential real estate firms in the country. The Top 500 completed more than 27.6 percent of all new and resale transactions during the year 2001, according to Real Trends. In 2001, the 500 mega-brokers closed 2,641,137 home transactions with a value of almost $560 billion.

In 2004, real estate brokers and sales agents held about 460,000 jobs, real estate sales agents holding approximately 24 percent of these jobs. About 6 out of 10 real estate agents and brokers were self-employed, according to the Dept. of Labor. 

Median annual earnings of salaried real estate brokers, including commission, were $58,720 in May 2004. The middle 50 percent earned between $33,480 and $99,820 a year. Median annual earning of real estate brokers were $61,550 in offices of real estate agents and brokers and $44,920 in activities related to real estate.

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