Agent confidence, income and spending gains traction
Chicago, IL – August 27, 2012 – (RealEstateRama) — A Chicago Agent magazine survey found that there are a few signs the market may be coming back. Some of the highlights include:
• Agents are making a higher average annual salary of $95,000, just 15 percent less than pre-recession average income of about $111,000.
• Agents were more satisfied with their brokerage services – 20 percent were dissatisfied last year compared to 27 percent in 2010.
• Agents are spending more on marketing – 5.8 percent of their incomes compared to 4.9 percent of their incomes in 2010.
• Agents are selling more new construction – last year, 32 percent of agents sold new construction properties compared to 23 percent in 2010.
• If they had access to the MLS without an association membership, 68 percent of agents would still join an association.
• Agents are taking more courses and investing more in their own training – 88 percent of agents took courses last year compared to 77 percent in 2010.
These results suggest an upturn in business and higher confidence among agents to spend and make investments in their careers that hasn’t been seen for the last few years.
This information, among other statistics, was drawn from the results of Chicago Agent’s recent survey for third annual “The Truth About Agents” issue, in print Aug. 27. The survey was created to find the answers to questions rarely discussed by agents, such as commissions, office satisfaction and income. The anonymous survey received an overwhelming response, as agents want to see how their answers compare to others in the same profession – and how they compare to last year’s survey results.
In addition to agents making more money, across every commission structure, agents showed a higher level of satisfaction. While 19 percent of agents with 100 percent commission deals were dissatisfied in 2010, 13 percent were dissatisfied last year; of agents with 50-50 splits, 46 percent were dissatisfied in 2010, and only 35 percent were dissatisfied last year.
Agents are a bit more willing to negotiate commissions: survey results from 2009 showed 80 percent of agents were willing to negotiate commissions with clients, then 60 percent of agents in 2010 were willing to negotiate commissions. Last year, 67 percent of agents were willing to negotiate. Agents are also investing more in marketing – last year, agents put 5.8 percent of their income toward a marketing budget compared to 4.9 percent in 2010.
To see more information on agent incomes, commissions, company satisfaction and more, visit:
or pick up the latest print issue of Chicago Agent, which will be distributed to offices on August 27.
The results presented in the survey reported from Chicago Agent magazine’s 2012 readers survey. Licensed Chicagoland agents filled out this survey during July and August 2012.
About Chicago Agent Magazine
Chicago Agent magazine and chicagoagentmagazine.com is a subsidiary of Agent Publishing, the only media company that unites the residential housing industry in local markets across the U.S. Realtors, developers, lenders and industry affiliates look to Chicago Agent for news, information, advice and important data relevant to the Chicagoland area. Chicago Agent magazine is delivered to hundreds of realty offices in the Chicagoland area. For more information, visit chicagoagentmagazine.com.