Forty percent of Realtors® did not close a single transaction in the first six months of this year.
WASHINGTON – December 4, 2014 – Forty percent of Realtors® did not close a single transaction in the first six months of this year, according to a newly released Realtor Productivity Study of Multiple Listing Service (MLS) activity.
The WAV Group conducted the study, which was sponsored by the Realtors Property Resource. The survey reflects responses from nearly 335,000 Realtors.
"We thought the numbers would reflect the 80/20 rule," says Marilyn Wilson, WAV Group founding partner who oversaw the study for RPR®. "In reality, it looks like a new 60 percent rule is the true standard for real estate." The 80/20 rule refers to an assumption that 20 percent of Realtors close 80 percent of all transactions.
The study also found that 60 percent is the same percentage of Realtors who log into the MLS system daily. For brokerages, the statistic could be an important factor when judging new technology or systems to implement for employees, Wilson says.
"If only 60 percent of your target audience is actively logging into the MLS system every day, the likelihood they are going to be seeking out and adopting new technologies beyond the MLS is pretty slim – so why should they be counted?" Wilson asks. "You need to base your benchmark on the 60 percent of your audience that is actually doing business."
The study also found that Realtors tend to be optimistic about the direction of their local housing market, despite continued inventory challenges. Twenty-nine percent of Realtors surveyed said they're "very optimistic" about their local market, while 71 percent said they are "cautiously optimistic." No Realtors surveyed said they're "not at all optimistic."
More than 80 percent of Realtors surveyed categorized their local inventory as "somewhat" or "very" limited, while fewer than one in five said their local inventory is "not limited."
Source: WAV Group
Reprinted with permission. Florida Realtors®. All rights reserved.
Potential Buyers and Sellers: Let me connect you with the best of the 60%ers. Call me (Toby Tobin) at 386-931-7124 or email Toby@GoToby.com .