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volume in 2013 was $431,600. Twenty-nine percent of members cited investment sales as their primary business specialty, making it the most popular area of concentration. Land sales and office leasing were reported as the second and third most popular primary commercial specialties.
Realtors® reported an increase in annual gross income for the fourth year in a row. The study found median annual gross income for 2013 was $96,200, an increase from $90,200 in 2012; that is the highest reported level since 2008.
Commercial members who manage properties typically managed 60,000 total square feet, representing twenty total spaces. Those who manage offices typically managed 25,000 total office square feet, representing eight total offices.
Twenty-eight percent of commercial members were involved in international transactions in 2013. Sixteen percent of commercial members reported an increase in international transactions, while only 1 percent had a decrease. Nearly one-fourth of commercial members reported international business is important to their company.
The typical commercial NAR member has been in real estate for 25 years, in commercial real estate for 15 years and a member of NAR for 18 years. Eighty percent of members reported working at least 40 hours a week, with about half stating that they spend 75 to 100 percent of their time on commercial real estate activity.
Commercial members are predominately male with a median age of 59. However, women are slowly becoming a stronger presence in the industry; 35 percent of those with two or fewer years' experience are female, up from 33 percent last year, and sales agents have the largest representation of female practitioners with 29 percent.
The 2014 NAR Commercial Member Profile was based on a survey of 2,213 members. Income and transaction data are for 2013, while other data represent member characteristics in 2014. Approximately 70,000 commercial real estate professionals are members of NAR, making it the largest commercial organization in the industry.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest
trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website. Statistical data in this release, as well as other tables and surveys, are posted in the "Research and Statistics" tab.
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Daily Real Estate News
Thursday, March 07, 2013
Where Are Home Prices Heading Through 2017?
Source: “Home Prices Expected to Rise at Least 3.3 Percent Annually Through 2017” RISMedia (March 6, 2013)