Choosing A Career 2017

2017 Choosing a Career
in Real Estate: A
Perspective on Gender,
Race, and Ethnicity
National Association of REALTORS Research Department

Table of Contents
Introduction 3
Executive Summary 4
Section 1: Choosing A Career in Real Estate 15
Section 2: Real Estate Specialties 35
Section 3: Women & Men in Real Estate 51
Section 4: Race and Ethnicity in Real Estate 85
Survey Respondents 119
Methodology 120
2
2017 NAR Choosing a Career in Real Estate: A Perspective on Gender, Race, Ethnicity
Introduction
The 2017 Choosing a Career in Real Who Are the Survey Respondents?
Estate: A Perspective on Gender, Race, Fifty-three percent of respondents were
and Ethnicity report is the first of its female and 47 percent were male. Seventy-
kind. Sparked by trends in the real estate four percent were White or Caucasian, 13
industry, questions related to gender percent Hispanic, Latino, Mexican, and
equality as well as racial and ethnic Puerto Rican, seven percent Black and
representation have filtered into all African American, six percent Asian and
aspects of business. The impetus of the Pacific Islander, and two percent American
survey was to discover how and why Indian, Eskimo, and Aleut. (*Refer to page
members chose real estate as a career. 119 to compare business activity and
The report examines how each gender, member demographics with the 2017
race, and ethnicity is doing once active in Member Profile and 2017 Commercial
real estate. Member Profile.)
The National Association of REALTORS Why A Career in Real Estate?

Research Department was asked for more
detailed information on men and women Roughly two-thirds (68 percent) of
in residential as well as commercial real members choose real estate based on an
estate from commercial members on the interest in the industry, slightly more by
Commercial Research Advisory Board and males than females, and a fifth (19 percent)
members of the Womens Council of were referred by a friend, slightly more for
REALTORS. Members of the Diversity females than males. Professional and family
Committee and the Multi-Cultural connections were the next two most
organizations, namely the National common ways members entered real
Association of Hispanic Real Estate estate. Participation for Black and African
Professional (NAHREP), the Asian Real American members was most often self-
Estate Association of America (AREAA), initiated (75 percent), and Asian and Pacific
and the National Association of Real Islander members were most likely to be
Estate Brokers (NAREB), requested a referred by a friend (27 percent). Eleven
deeper look into how racial and ethnic percent of White and Caucasian members
groups compare to all real estate had a family or business connection.
members. NAR members also requested Female members reported an affinity for
data in advance of the 50th Anniversary of the flexible hours, helping families, and a
the Fair Housing Act in 2018. love of homes and homeownership. Males
reported an affinity for a general interest
3
Executive Summary
in real estate, entrepreneurism, and a Of specialists working exclusively in
special interest in commercial real estate. residential real estate, more male
White and Caucasian members frequently members (44 percent) have considered
reported that they liked real estate as it is becoming commercial specialists than
an active job (as opposed to a desk job). females (32 percent).
Hispanic and Latino members frequently Forty-eight percent of Black and African
reported they liked working with people. American residential-only specialists have
Black and African American members considered a career in commercial real
frequently reported they had an interest in estate, followed by 43 percent of Asian and
real estate and liked the salary possibilities. Pacific Islander and 40 percent of Hispanic
Asian and Pacific Islander as well as and Latino residential-only specialists.
American Indian, Eskimo, or Aleut The top reasons that all members
members frequently reported they liked consistent across both genders and all
flexible hours. ethnicity groupsdid not pursue
People skills, self-motivation, and commercial real estate were a lack of
negotiation skills were cited as the most knowledge of commercial real estate or
important skills for residential real estate how to break into the industry, a lack of
by males and females and each ethnic contacts, and that they preferred their
group. Negotiation skills, problem-solving current occupation. The top factors that
skills and analytical reasoning were the top would prompt members to pursue
skills cited for commercial real estate. commercial real estate were working with
Real estate was the second career for a mentor, higher earning potential, and
roughly half of all real estate agents, skills training.
consistent for both males and females as
well as all ethnic groups (61 percent for Real Estate Specialties
Black and African American members). For
another third of NAR members, real Forty-five percent of males exclusively
estate was their third career. practiced residential real estate, compared
to 70 percent of female residential-only
Both males and females equally came from specialists. Fifteen percent of males
careers in management, business, or exclusively practiced commercial real
finance, followed by sales or retail. The estate, compared to four percent of female
same is true for each ethnic group, commercial-only specialists. Forty-one
although Black and African American percent of males practiced both residential
members were more likely to come from and commercial real estate, compared to
healthcare and education. 26 percent of female dual specialists.
4
Executive Summary
Fifty-five percent of White and Caucasianreceived 75 to 100 percent of their
members exclusively practiced residentialincome from residential real estate activity,
real estate, compared 71 percent for 62 percent and 53 percent respectively.
Hispanic and Latino, 67 percent for BlackSeventy-three percent of commercial-only
and African American, and 60 percent for specialists received 75 to 100 percent of
Asian and Pacific Islander residential-only
their income from commercial real estate
specialists. activity, and 43 percent of dual specialists
Twelve percent of White and Caucasian received between one and 24 percent of
members exclusively practiced commercial their income from commercial real estate
real estate, compared to only three activity. Thus, residential specialists that
percent or less of all other ethnicity diversified their income with commercial
groups. real estate activity had a boost in income.
Thirty-seven percent of Asian and Pacific Here is a comparison of the business

Islander specialists practiced both activity between the three groups:
residential and commercial real estate, Residential-only specialists had a
followed by 34 percent for White and median of 7 residential transactions in
Caucasian, 30 percent for Black and 2016.
African American, and 27 percent of Dual specialists had a median of 10
Hispanic and Latino dual specialists. residential transactions and 1
Whats new is that this report is commercial transaction in 2016.
compared residential-only, commercial- Commercial-only specialists had a
only, and dual specialists side-by-side, a median of 6 commercial transactions
departure from previous analysis that only in 2016.
looked at residential and commercial fields.
However, due to the small sample size of Residential-only specialists had a
commercial-only practitioners in the median residential sales transaction
survey, the report is unable to segment volume of $1,866,700 in 2016.
this group further by gender or ethnicity. Dual specialists had a median
Similar to past NAR reports, commercial- residential sales transaction volume of
only specialists had the highest median $2,230,800 and commercial sales
gross income in 2016 at $147,200, transaction volume of $805,600 in
compared to residential-only specialists at 2016.
$48,300. Dual specialists fell in the middle Commercial-only specialists had a
with a median income in 2016 of $89,300. median commercial sales transaction
Both residential-only and dual specialists volume of $4,375,000 in 2016.
5
Executive Summary
Residential-only specialists had a compared to 12 for dual specialists.
median dollar value of residential sales Fifty-seven percent of commercial-
of $280,300 in 2016. only specialists were 60 years or older,
Dual specialists had a median dollar compared to 45 percent of dual
value of residential sales of $273,400 specialists and 33 percent of
and median dollar value of commercial residential-only specialists.
sales of $442,300 in 2016. There is a correlation between years of
Commercial-only specialists had a experience, hours worked, age, and
median dollar value of commercial income. This is true for commercial-only
sales of $826,900 in 2016. specialists who worked the longest hours,
Dual specialists outperformed their had the most experience, and were the
residential-only colleagues in terms of the oldest in age. From the above, we also see
number of residential transactions and that dual specialists come in second in
residential sales transaction volume. It is terms of income, and thus follow the
not surprising that dual specialists thus pattern for the second most years of
reported higher incomes. While they are experience, hours worked, and age.
not solely focused on commercial real
estate as were commercial-only specialists, Gender in Residential Real Estate
their business activity in the commercial
sector supplemented their overall In the report, 53 percent of respondents
incomes. were female and 47 percent male. Seventy
percent of women specialized exclusively
In terms of the demographics, here is a in residential real estate, compared to 45
comparison between the three groups: percent of male residential-only specialists.
Fifty-eight percent of commercial-only However, the median gross income for
specialists worked between 40 and 59 members working exclusively in residential
hours, compared to 48 percent of dual real estate was higher for males at
specialists and 40 percent of $54,600 than females at $46,700 in 2016.
residential-only specialists. First, when we examine the business
Dual specialists had a median of 17 activity of male and female residential-only
years of experience in residential real specialists, the numbers are very similar.
estate, compared to 12 for residential- Female residential-only specialists had
only specialists. a median of 8 sales transactions,
Commercial-only specialists had a compared to 7 for males in 2016.
median of 25 years of experience,
6
Executive Summary
Female residential-only specialists had difference in income. There was a small
a median dollar value of sales at group of male members that were older in
$279,400, compared to males at age, worked longer hours, and were
$273,400 in 2016. brokersfactors that tend to correlate
The typical sales price of homes in with higher incomes.
their business area was $284,300 for 38 percent of male residential-only
female residential-only specialists, specialists were 60 years and older,
compared to males at $276,700 in compared to 30 percent of females.
2016. 57 percent of male residential-only
Male residential-only specialists had a specialists worked more than 40
median annual sales transaction hours a week, compared to 52
volume of $2 million, compared to percent of females.
females at $1.87 in 2016. 28 percent of male residential-only
Female residential-only specialists were specialists were brokers, compared to
slightly outperforming their male 22 percent of females.
colleagues, although the business activity Conversely, there was a small group of
was very close. The major outlier here was female residential-only specialists that
that 18 percent of male residential-only were younger in age, worked part-time,
specialists, compared to 15 percent of and were sales agents.
females, sold $5 million or more in annual
sales transaction volume. A higher sales 34 percent of female residential-only
volume equates to higher commissions specialists were 50 to 59 years of age,
and an overall income, which partially compared to 28 percent of males.
accounts for while male residential-only 35 percent of female residential-only
specialists had a higher median gross specialists worked 20-39 hours a
income than females. week, compared to 30 percent of
Upon further reflection, 13 percent of males.
male residential-only specialists made 63 percent of female residential-only
$200,000 or more in annual gross income, specialists were sales agents,
compared to only nine percent of females. compared to 57 percent of males.
Thirty-five percent of female residential-
These factors combinedage, hours
only specialists made less than $24,999 in
worked, and license typeare likely
annual gross income, a close comparison
contributing to higher incomes for male
to 34 percent of male members.
residential-only specialists than for females.
Next, demographics to help explain a
7
Executive Summary
Years of experience was nearly identical. male dual specialists received 75 to 100
Both male and female residential-only percent of their income from residential
specialists had a median of 12 years of real estate. Forty-three percent of both
experience. Eighteen percent of both male male and female dual specialists received
and female residential-only specialists have one to 24 percent of their income from
one year or less of experience and 18 commercial real estate. However, 40
percent of male residential-only specialists percent of female dual specialists received
have 26 years or more years of no income from commercial activities,
experience, compared to 17 percent for compared to 24 percent of male dual
females. Experience did not seem to play a specialists.
large role in income for residential-only Male dual specialists made a median gross
specialists. income of $106,700 in 2016, compared to
One additional factor that could influence females at $75,000 in the same year. In
income is the fact that male residential- terms of business activity for dual
only specialists diversify their income specialists, the report found the following:
more than women. Sixty-five percent of Female dual specialists had a median
females that work exclusively in residential of 11 residential sales transactions,
received 75 to 100 percent of their compared to 10 for males in 2016.
income from real estate, compared to only
58 percent of males. Male residential-only Male dual specialists had a median of 2
specialists could be supplementing their commercial sales transactions,
income from other areas of the real estate compared to 1 for females in 2016.
industry. Male dual specialists had a median
residential sales transaction volume of
$2,615,400, compared to $1,875,000
Gender in Dual Specialties Working for females in 2016.
in Both Residential and Commercial
Real Estate Male dual specialists had a median
commercial sales transaction volume
Forty-one percent of males worked in of $941,200, compared to $605,200
both residential and commercial real for females in 2016.
estate, compared to 26 percent of females.
While dual specialists primarily worked in Male dual specialists had a median
residential real estate, they supplemented dollar value of residential sales of
their income by working part-time in $279,400, compared to $242,800 for
commercial real estate. Sixty-one percent females in 2016.
of female dual specialists and 48 percent of
8
Executive Summary
Male dual specialists had a median Twenty-four percent of male dual
dollar value of commercial sales of specialists had 26 years of experience
$471,200, compared to $379,300 for or more in commercial real estate,
females in 2016. compared to 15 percent of females.
Dual specialists produced more residential Forty-nine percent of male dual
transactions in 2016 than their residential- specialists were 60 years or older,
only colleagues. Male dual specialists also compared to 38 percent of females.
outperformed their female colleagues in Forty-nine percent of male dual
both residential and commercial real specialists were brokers, compared to
estate business activity for number of 38 percent of females.
transactions, sales volume, and dollar value
of sales. Commercial-only specialists, Forty-seven percent female dual
however, claim more commercial business specialists were sales agents,
activity overall than dual specialists. compared to 32 percent of males.
For demographics, here is a comparison In summary, a group of male dual
between the male and female dual specialists worked longer hours, had more
specialists: years of residential and commercial
experience, were older in age, and were
Seventy-four percent of male dual brokers as opposed to sales agents. In
specialists worked over 40 hours a combination with business activity, these
week, compared to 67 percent of factors contributed to male dual specialists
female dual specialists. reporting higher annual gross incomes
Male dual specialists had a median of than female dual specialists.
18 years of experience in residential Twenty-four percent of male dual
real estate, compared to 15 for specialists made $200,000 or more in
females. annual gross income, compared to only 16
Thirty-six percent of male dual percent of females. Twenty-two percent of
specialists had 26 years of experience female dual specialists made less than
or more in residential real estate, $24,999 in annual gross income, compared
compared to 25 percent of females. to 14 percent of males.
Male dual specialists had a median of
14 years of experience in commercial
real estate, compared to 11 for
females.
9
Executive Summary
Race and Ethnicity in Residential Caucasian, seven percent of Hispanic and
Real Estate Latino, and three percent of Black and
In the report, respondents were African American residential-only
predominantly White or Caucasian at 74 specialists. Fifty-two percent of Black and
percent. Racial and ethnic minorities made African American residential-only
up the following: specialists made less than $24,999 in gross
income for 2016, followed by 39 percent
13 percent Hispanic, Latino, Mexican, of Hispanic and Latino, 36 percent of Asian
or Puerto Rican. and Pacific Islander, and 31 percent of
Seven percent Black or African White and Caucasian residential-only
American. specialists.
Six percent Asian or Pacific Islander. While two-thirds of residential-only
specialists (62 percent) across each
Two percent American Indian, Eskimo,
ethnicity received 75 to 100 percent of
or Aleut.
their income from residential real estate,
Four percent Other. 46 percent of Black and African American
Seventy-one percent of Hispanic and residential-only specialists received 75 to
Latino members exclusively specialized in 100 percent of their income from
residential real estate, 67 percent for Black residential real estate. Twenty-nine percent
and African American, 60 percent for Asian of Black and African American members,
and Pacific Islander, and 55 percent for double any other ethnicity, received one to
White and Caucasian residential-only 49 percent of their annual gross income
specialists. from residential real estate activities.
Asian and Pacific Islander residential-only According to NARs 2017 Member Profile,
specialists had the highest median gross 48 percent of Black and African American
annual income of all ethnic groups at members said that real estate was not
$56,800 in 2016, followed by White and their only occupation and 59 percent of
Caucasian at $54,200, and Hispanic and these members work less than 40 hours a
Latino members at $41,700, and Black and week on real estate activities. Real estate
African American residential-only is likely a second income-generating
specialists at $23,000. endeavor for Black and African American
members; their annual income was
Seventeen percent of Asian and Pacific diversified outside the industry and real
Islander members made over $200,000 a estate was likely only a partial contributor
year, followed by 11 percent of White and to their income.
10
Executive Summary
Comparing the business activity of each $286,800.
ethnic group, the report found the 51 percent of Asian and Pacific
following: Islander residential-only specialists
White and Caucasian residential-only sold homes between $250,000 and
specialists had the highest median $999,999, compared to 38 percent of
residential sales transaction sides of 8 White and Caucasian residential-only
in 2016, followed by 6 for Hispanic specialists.
and Latino residential-only specialists. The highest typical sales price of
22 percent of White and Caucasian homes was $500,000 for Asian and
residential-only specialists had 21 Pacific Islander residential-only
residential transactions or more, specialists in 2016, followed by
followed by 19 percent for Asian, $283,300 for Hispanic and Latino
Pacific Islander, Hispanic, and Latino residential-only specialists.
residential-only specialists. 51 percent of Asian and Pacific
White and Caucasian residential-only Islander residential-only specialists
specialists had the highest median sold homes priced $500,000 or more
sales transaction volume of in 2016. 40 percent of Black and
$2,076,900 in 2016, followed by Asian African American residential-only
or Pacific Islander residential-only specialists sold homes priced less than
specialists at $1,882,400. $200,000 in 2016.
24 percent of Asian and Pacific Next, the report looked at demographic
Islander residential-only specialists had factors to see how they might influence
a sales transaction volume of more income, and found the following:
than $5 million or more in 2016, 57 percent of Hispanic and Latino and
compared to White and Caucasian 55 percent of White and Caucasian
residential-only specialists at 17 residential-only specialists worked
percent. more than 40 hours a week, compared
Asian and Pacific Islander residential- to 47 percent of Asian and Pacific
only specialists had the highest Islander and 44 percent of Black and
average dollar value of residential sales African American residential-only
transactions at $432,400 in 2016, specialists.
followed by White and Caucasian White and Caucasian residential-only
residential-only specialists at specialists had a median of 12 years of
11
Executive Summary
residential experience, compared to experience, were the oldest in age, and
10 years for all other ethnicities. one-quarter were brokers.
20 percent of White and Caucasian Asian and Pacific Islander residential-only
residential-only specialists had 26 specialists had the highest median gross
years or more of experience, followed incomes in 2016. They had the most sales
by 13 percent of Black and African transactions over $5 million, the highest
American residential-only specialists. median dollar value of sales, and sold the
37 percent of White and Caucasian most expensive homes.
residential-only specialists were 60 Black and African American residential-
years of age or older, followed by 29 only specialists had the lowest median
percent of Asian and Pacific Islander gross incomes and sold the least expensive
residential-only specialists. homes. This group had the largest percent
Asian and Pacific Islander residential- of members to receive less than 50
only specialists were the most likely to percent of their overall income from real
have a Graduate degree and Black and estate, indicating that their income was
African American residential-only diversified outside the real estate industry
specialists were the most likely to and real estate was likely a second
have a Bachelors degree. business for some.
Hispanic and Latino residential-only Hispanic and Latino residential-only

specialists were the most likely to bespecialists had the largest group
sales agents (74 percent) and White specializing exclusively in residential real
and Caucasian members were the estate, had the largest group with less than
most likely to be brokers (26 one year of experience, had the youngest
percent). group of residential-only specialists, and
three-quarters were sales agents. They had
In summary, White and Caucasian a group of residential-only specialists in
residential-only specialists comprised the the second highest income bracket, the
majority of respondents at three-fourths second highest median sales transactions,
of all members. They had the most number and sold the second most expensive
of sales transactions and the highest sales homes.
transaction volume in 2016. They worked
the longest hours per week (equal to that
of Hispanic and Latino residential-only
specialists), they had the most years of
12
Executive Summary
Race and Ethnicity in Dual Hispanic, and Latino dual specialists.
Specialties Working in Both All ethnicities had a median of 1
Residential and Commercial Real commercial sales transaction sides in
Estate 2016. Roughly half of all ethnicities had
Real estate specialty influences income. between one and five transactions in
Thirty-seven percent of Asian and Pacific 2016.
Islander members worked in both White and Caucasian dual specialists
residential and commercial real estate, had the highest median residential
followed by 34 percent of White and sales transaction volume of
Caucasian, 30 percent of Black and African $2,461,800 in 2016, followed by Asian
American, and 27 percent of Hispanic and and Pacific Islander dual specialists at
Latino members. Roughly half (53 percent) $2,400,000.
of all dual specialists across ethnicity
groups received 75 to 100 percent of their Asian and Pacific Islander dual
income from residential real estate and specialists had the highest median
roughly 43 percent of all dual specialists commercial sales transaction volume
across ethnicity groups received between of $1,687,500 in 2016, followed by
one and 24 percent of their income from White and Caucasian dual specialists
commercial real estate. at $805,600.
White and Caucasian dual specialists made 24 percent of Asian and Pacific
a median gross income of $100,000 in Islander dual specialists had a
2016, followed by $88,900 for Asian and residential sales transaction volume of
Pacific Islander, $67,200 for Hispanic and more than $5 million or more in 2016,
Latino, and $33,000 for Black and African compared to White and Caucasian
American dual specialists. For specialists dual specialists at 17 percent.
working in commercial real estate in Asian and Pacific Islander dual
addition to focusing on residential real specialists had the highest average
estate, the added commercial business dollar value of residential sales
activity boosted their income. transactions at $478,600 in 2016,
In terms of business activity for dual followed by Hispanic and Latino dual
specialists, the report found the following: specialists at $277,800.
White and Caucasian dual specialists Asian and Pacific Islander dual
had the highest median residential specialists had the highest average
sales transaction sides of 12 in 2016, dollar value of commercial sales
followed by 8 for Asian, Pacific Islander,
13
Executive Summary
transactions at $1,333,300 in 2016, of Asian and Pacific Islander dual
followed by Hispanic and Latino dual specialists.
specialists at $474,100. White and Caucasian dual specialists
The highest typical sales price of had a median of 15 years of
homes was $341,000 for Asian and commercial experience, followed by
Pacific Islander dual specialists in 2016, 8 years for Asian, Pacific Islander, Black,
followed by $288,500 for Hispanic and and African American dual specialists.
Latino dual specialists. 24 percent of White and Caucasian
46 percent of Asian and Pacific dual specialists had 26 years or more
Islander dual specialists sold homes of experience, followed by 8 percent
priced $500,000 or more in 2016. 41 of Asian, Pacific Islander, Hispanic, and
percent of Black and African American Latino dual specialists.
dual specialists sold homes priced less 49 percent of White and Caucasian
than $200,000 in 2016. dual specialists were 60 years of age
Next, the report looked at demographic or older, followed by 37 percent of
factors to see how they might influence Asian and Pacific Islander dual
income, and found the following: specialists.
74 percent of White and Caucasian Hispanic and Latino dual specialists
dual specialists and roughly two-thirds were the most likely to be sales agents
of all other ethnicities worked more (57 percent) and White and Caucasian
than 40 hours a week. members were the most likely to be
White and Caucasian dual specialists brokers (47 percent).
had a median of 18 years of residential
The picture across ethnicities for dual
experience, followed by 15 years for specialists mostly mirrors that of
Black and African American dual residential-only specialists. Dual specialists
specialists. outperformed their residential-only
36 percent of White and Caucasian specialists in the residential real estate
dual specialists had 26 years or more market, and added commercial
of experience, followed by 17 percent transactions to boost their income and
diversify their portfolios.
14
Section 1:
Choosing A Career
in Real Estate
IN THIS SECTION
Survey Respondent Demographics 16
Choosing A Career in Real Estate 17
Attractive Aspects in Real Estate 19
Skills for Real Estate 21
Considering a Career in Commercial Real Estate 25
Previous Career 31
15
Survey Respondent
Demographics
Fifty-three percent of NAR members surveyed for this report were female and
47 percent were male.
Seventy-four percent of members surveyed identify as White or Caucasian, 13
percent as Hispanic, Latino, Mexican, or Puerto Rican, seven percent as Black
or African American, six percent as Asian or Pacific Islander, two percent as
American Indian, Eskimo, or Aleut, and four percent as Other.
GENDER
47% Male
53% Female
RACE AND ETHNICITY
White/Caucasian 74%
Hispanic/Latino/Mexican/Puerto Rican 13%
Black/African American 7%
Asian/Pacific Islander 6%
American Indian/Eskimo/Aleut 2%
Other 4%
0% 20% 40% 60% 80%

16
Choosing A Career
in Real Estate by Gender
Sixty-eight percent of all members self-initiated their career in real estate, similar
for both males (69 percent) and females (65 percent).
Nineteen percent of all members had their career in real estate referred by a
friend, 17 percent from a professional connection, and 10 percent through a
family connection, consistent with both males and females in the industry.
FOUND CURRENT POSITION
68%
Self-initiated 69%
65%
19%
Referred by a friend 18%
20%
17%
Professional connection 17%
17%
10%
Family connection 10%
10%
5%
Family business 6%
4%
2%
Online job listing 2%
2%
2%
Recruiter 2%
2%
0% 20% 40% 60% 80% 100%

All Respondents Male Female
17
Choosing A Career
in Real Estate by Ethnicity
Seventy-five percent of Black and African American members self-initiated their
career in real estate, more than other ethnic groups.
Twenty-seven percent of Asian and Pacific Islander members had their career in
real estate referred by a friend, more than other groups.
FOUND CURRENT POSITION
Self-initiated 75%
Referred by a friend 27%
Professional connection
20%
11%
Family connection
6%
Family business
Online job listing 3%
Recruiter
0% 20% 40% 60% 80% 100%
All Respondents White/Caucasian

Asian/Pacific Islander Black/African American
Hispanic/Latino American Indian/Eskimo/Aleut
18
Attractive Aspects
in Real Estate by Gender
Flexible hours, interest in real estate, working with people, and an
entrepreneurial field were the top attractive aspects about real estate that drew
members to the industry.
Flexible hours, working with people, helping families, and a love of homes and
homeownership was more important to females than males.
ASPECTS OF REAL ESTATE THAT ARE ATTRACTIVE
67%
Flexible hours 62%
73%
64%
Interest in real estate 65%
63%
54%
Working with people 49%
59%
50%
Entrepreneurial field 55%
46%
49%
Salary possibilities 44%
46%
45%
Helping families 36%
53%
42%
Active job (not a desk job) 38%
46%
38%
Love of homes/homeownership 29%
48%
17%
Job tasks (i.e. sales & marketing) 16%
18%
12%
Love of commercial real estate 17%
9%
6%
Mentor suggestion 6%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80%

19
Attractive Aspects
in Real Estate by Ethnicity
White and Caucasian members find real estate attractive as it is an active job as
opposed to a desk job (45 percent), more than other ethnic groups.
Hispanic and Latino members more frequently indicate working with people
(59 percent) is an attractive aspect of real estate.
Black and African American members frequently point to an interest in real
estate (68 percent) and the salary possibilities (53 percent).
Asian and Pacific Islander as well as American Indian, Eskimo, or Aleut
members highlight flexible hours (72 and 73 percent respectively).
ASPECTS OF REAL ESTATE THAT ARE ATTRACTIVE
Flexible hours 72%

73%
Interest in real estate 68%
Working with people 59%

Entrepreneurial field
Salary possibilities 53%
Helping families
Active job (not a desk job) 45%
Love of homes & homeownership 53%
Job tasks (i.e. sales & marketing) 12%

21%
Love of commercial real estate 7%
Mentor suggestion 7%
0% 10% 20% 30% 40% 50% 60% 70% 80%

20
Skills for Residential
Real Estate by Gender
Eighty-six percent of members feel that people skills are the most important
skills to be successful in residential real estate, followed by self-motivation.
Analytical reasoning and financial acumen were more important to male
members. Sales and marketing acumen were equally important to both genders.
Financial acumen and completion of higher education were ranked the lowest
for both males and females in residential real estate.
People Skills
Self-Motivation
SKILLS CONSIDERED MOST IMPORTANT FOR

SUCCESS IN RESIDENTIAL REAL ESTATE
(Percent of Respondents) All Respondents Male Female

People skills 86% 84% 89%
Self-motivation 84% 82% 86%
Negotiation skills 73% 70% 76%
Problem-solving skills 73% 68% 78%
Attention to detail 68% 63% 73%
Communication skills 67% 65% 68%
Resilience 51% 49% 53%
Sales and marketing acumen 50% 50% 50%
Technology skills 44% 40% 48%
Assertiveness 43% 39% 46%
Cultivation of business network 42% 42% 43%
Analytical reasoning 40% 43% 38%
Financial acumen 30% 31% 27%
Completion of higher education 14% 14% 14%
2017 NAR Choosing a Career in Real Estate: A Perspective on Gender, Race, Ethnicity 21
Skills for Residential
Real Estate by Ethnicity
People skills, self-motivation, and negotiation skills were ranked the most
important skills to be successful in residential real estate by all ethnic groups.
American Indian, Eskimo, and Aleut members rated each skill roughly 5-10
percentage points higher than Asian and Pacific Islander members, indicating a
stronger preference. Other ethnic groups were closer to the overall norm.
People Self- Negotiation

Skills Motivation Skills
SKILLS CONSIDERED MOST IMPORTANT FOR SUCCESS

IN FOR RESIDENTIAL REAL ESTATE
American
Asian/ Black/
(Percent of All White/ Hispanic/ Indian/
Pacific African
Respondents) Respondents Caucasian Latino Eskimo/
Islander American
Aleut
People skills 86% 87% 81% 88% 83% 88%
Self-motivation 84% 85% 75% 85% 82% 84%
Negotiation skills 73% 73% 68% 78% 74% 81%
Problem-solving
73% 75% 67% 72% 68% 81%
skills
Attention to detail 68% 69% 59% 74% 63% 71%
Communication
67% 70% 60% 61% 60% 65%
skills
Resilience 51% 53% 41% 58% 43% 52%
Sales and marketing
50% 50% 49% 53% 48% 48%
acumen
Technology skills 44% 45% 43% 48% 45% 55%
Assertiveness 43% 43% 39% 53% 42% 47%
Cultivation of
42% 43% 42% 45% 45% 47%
business network
Analytical reasoning 40% 40% 45% 47% 36% 48%
Financial acumen 30% 30% 34% 27% 28% 33%
Completion of
14% 14% 16% 16% 16% 21%
higher education
Skills for Commercial
Real Estate by Gender
Sixty-nine percent of members feel that negotiation skills are the most important
skills to be successful in commercial real estate, followed by problem-solving.
Analytical reasoning, people skills, and financial acumen was more important to
male members and the cultivation of a business network, sales and marketing
acumen, and assertiveness was more important to female members.
Technology skills and completion of higher education were ranked the lowest
for both males and females in commercial real estate.
Negotiation
Skills Problem-
Solving
SKILLS CONSIDERED MOST IMPORTANT FOR

SUCCESS IN FOR COMMERCIAL REAL ESTATE
(Percent of Respondents) All Respondents Male Female
Negotiation skills 69% 68% 70%

Problem-solving skills 63% 64% 63%
Analytical reasoning 62% 66% 59%
Self-motivation 61% 64% 60%
Cultivation of business network 59% 58% 61%
Financial acumen 59% 61% 57%
Attention to detail 58% 59% 58%
People skills 58% 62% 55%
Communication skills 57% 58% 57%
Sales and marketing acumen 50% 49% 52%
Assertiveness 45% 42% 48%
Resilience 45% 45% 46%
Technology skills 42% 40% 44%
Completion of higher education 22% 23% 21%
Skills for Commercial
Real Estate by Ethnicity
Negotiation skills, problem-solving, and analytical reasoning were rated the most
important skills to be successful in commercial real estate by almost all ethnic
groups.
Hispanic, Latino, Asian, and Pacific Islander members consistently rated skills
slightly lower than other members.
Negotiation Problem- Analytical

Skills Solving Reasoning
SKILLS CONSIDERED MOST IMPORTANT FOR SUCCESS

IN FOR COMMERCIAL REAL ESTATE
American
Asian/ Black/
(Percent of All White/ Hispanic/ Indian/
Pacific African
Respondents) Respondents Caucasian Latino Eskimo/
Islander American
Aleut
Negotiation skills 69% 70% 66% 71% 67% 72%
Problem-solving
63% 66% 58% 65% 58% 71%
skills
Analytical
62% 64% 60% 61% 55% 63%
reasoning
Self-motivation 61% 64% 52% 62% 59% 61%
Cultivation of
59% 61% 53% 61% 54% 57%
business network
Financial acumen 59% 62% 55% 57% 53% 58%
Attention to detail 58% 60% 49% 59% 54% 61%
People skills 58% 59% 59% 60% 55% 61%
Communication
57% 59% 49% 61% 56% 60%
skills
Sales and
50% 50% 54% 60% 47% 57%
marketing acumen
Assertiveness 45% 46% 44% 52% 41% 57%
Resilience 45% 47% 40% 51% 40% 47%
Technology skills 42% 42% 40% 46% 42% 54%
Completion
22% 21% 25% 25% 25% 25%
of higher education
Considering a Career in
Commercial Real Estate
Forty-four percent of male members currently working exclusively in residential
real estate have considered a career in commercial real estate, compared to only
32 percent of female residential-only specialists.
CONSIDERED BECOMING A COMMERCIAL

REAL ESTATE BROKER
13% 11% 14%
45%
51%
54%
44%
36% 32%
RESIDENTIAL ONLY MALE FEMALE
Yes No Don't Know
25
Reasons Did Not Pursue
Male residential-only specialists were more likely to say they like the flexibility of
residential real estate and they have more autonomy.
Female residential-only specialists were more likely to say they do not believe
they have the right personality traits and they do not like the tasks or job
requirements of commercial real estate.
Dont know Dont know

Prefer
enough how to
current
about break into
occupation
commercial commercial
REASONS FOR NOT PURSUING COMMERCIAL REAL ESTATE

Residential
Male Female
Only
Don't know enough about
58% 59% 58%
commercial real estate
Don't know how to break into
37% 39% 36%
Prefer current occupation 29% 30% 28%
Don't have the connections 22% 23% 21%
Current position provides more
12% 13% 11%
flexibility (hours, schedule)
More autonomy in current work 7% 9% 6%
Don't like the culture 5% 6% 5%
Dont believe they have right
3% 1% 4%
personality
Don't like the tasks / job
2% 1% 3%
requirements
Don't have a real estate sales license 1% 1% 1%
Could not work on commission * 1% *
There are no commercial businesses
1% 1% 1%
in area of practice
Other 15% 13% 16%
* Less than 1 percent
26
Attractive Factors of
Male residential-only specialists were more likely to say that a higher earning
potential, more regular hours, and managerial opportunities would prompt their
interest in pursing commercial real estate activities.
Female residential-only specialists were more likely to say that skills training to
make the shift to commercial real estate, more insight into commercial activities,
and ways to off-set the commission-only pay structure would prompt their
interest in pursing commercial real estate activities.
Work Higher
Skills
with earning
training
mentor potential
FACTORS THAT WOULD PROMPT A PURSUIT IN

COMMERCIAL REAL ESTATE
Residential Only Male Female

A mentor working in commercial
51% 50% 51%
real estate
Higher earning potential 48% 51% 46%
Skills training to make the shift
from residential to commercial real 47% 45% 48%
estate
More insight into what commercial
45% 42% 47%
real estate entails
More regular hours (no weekends) 23% 24% 22%
More personally interested in
12% 13% 11%
commercial real estate activity
Ways to off-set the commission-
10% 9% 11%
only pay structure
Managerial opportunities 8% 10% 7%
Other 14% 13% 14%
27
Considering a Career in
Forty-eight percent of Black and African American members (currently working
exclusively in residential real estate) have considered a career in commercial real
estate, compared to 34 percent of White and Caucasian residential-only
specialists.
CONSIDERED BECOMING A COMMERCIAL

REAL ESTATE BROKER
13% 11% 11%

21% 18%
42%
51% 55% 35% 42%
43% 48%
36% 40%
34%
RESIDENTIAL WHITE/ ASIAN/ BLACK/ HISPANIC/

ONLY CAUCASIAN PACIFIC AFRICAN LATINO
ISLANDER AMERICAN
Yes No Don't Know
28
Reasons Did Not Pursue
Hispanic, Latino, Black, and African American residential-only specialists were
more likely to say they do not know enough about commercial real estate to
pursue it as a career.
Dont know Dont know

Prefer
enough how to
current
about break into
occupation
commercial commercial
REASONS FOR NOT PURSUING COMMERCIAL REAL ESTATE

Asian/ Black/
Residential White/ Hispanic
Pacific African
Only Caucasian /Latino
* Less than 1 percent Islander American
Don't know enough about
58% 55% 55% 66% 67%
Don't know how to break into
37% 33% 39% 54% 48%
Prefer current occupation 29% 32% 27% 17% 21%
Don't have the connections 22% 21% 20% 29% 26%
Current position provides
more flexibility (hours, 12% 12% 19% 6% 8%
schedule)
More autonomy in current
7% 7% 13% 4% 5%
work
Don't like the culture 5% 6% 6% 3% 2%
Dont believe they have right
3% 3% 3% 1% 3%
personality
Don't like the tasks / job
2% 2% 2% 1% 1%
requirements
Don't have a real estate sales
1% 1% 3% 1% 1%
license
Could not work on
* 1% * 1% 1%
commission
There are no commercial
1% 1% * 1% 1%
businesses in area of practice
Other 15% 17% 11% 10% 12%
29
Attractive Factors of
Hispanic, Latino, Black, and African American residential-only specialists were
more likely to say that working with a mentor could prompt them to pursue a
career in commercial real estate.
Work Higher
Skills
with earning
training
mentor potential
FACTORS THAT WOULD PROMPT A PURSUIT IN

COMMERCIAL REAL ESTATE
Asian/ Black/
Residential White/ Hispanic
Pacific African
Only Caucasian /Latino
Islander American
A mentor working in
51% 48% 53% 64% 57%
Higher earning potential 48% 46% 51% 55% 56%
Skills training to make the
shift from residential to 47% 44% 53% 56% 54%
More insight into what
commercial real estate 45% 43% 45% 60% 49%
entails
More regular hours (no
23% 25% 19% 17% 20%
weekends)
More personally interested
in commercial real estate 12% 11% 21% 10% 10%
activity
Ways to off-set the
commission-only pay 10% 10% 9% 13% 10%
structure
Managerial opportunities 8% 8% 7% 9% 9%
Other 14% 16% 9% 7% 6%
30
Previous Career by
Gender
For 48 percent of all respondents, real estate is their second career. For 34
percent, it is their third career.
Real estate is slightly more often the second career for female members and the
third career for male members.
For
males Real estate is often the
and second or third career
females:
CAREER HISTORY
51%
50% 48%
45%
40% 36%
34%
31%
30%
20% 18% 19% 18%
10%
0%
1st Career 2nd Career 3rd Career or more
31
Previous Career by
Ethnicity
For Black and African American members, real estate is more often the second
career (61 percent), more than other ethnic groups.
For Asian, Pacific Islander, American Indian, Eskimo, and Aleut members, real
estate is a third career choice more than other ethnic groups.
For all,
Real estate is most often
ethnic
the second career
groups:
CAREER HISTORY
61%
60%
48% 47% 49%

50% 46%
40% 39%
40% 36%
34%35%
30% 28%
26%
23%
21%
20% 18%18%18%
13%
10%
0%
1st Career 2nd Career 3rd Career or more
32
Previous Career by
Gender
Overall, the most frequent previous full-time career was in management,
business, or finance (20 percent), followed by sales and retail (14 percent).
Male members were more likely to have a previous career in management or
sales than females. In contrast, female members were more likely than males to
have a previous career in office support and education.
Men come from Women come

management and from management
sales and office support
Previous Full-Time Occupation

Management/Business/Financial 20% 21% 19%
Sales/Retail 14% 17% 10%
Office/Admin support 7% 2% 11%
Education 6% 3% 9%
Healthcare 5% 2% 8%
Construction 3% 6% 1%
Manufacturing 3% 5% 1%
Architecture 3% 4% 1%
Government 3% 3% 2%
Computer 3% 4% 1%
Homemaker 2% * 3%
Military 2% 4% 1%
Legal 2% 1% 3%
Transportation 2% 3% 1%
Personal care/Other services 1% 1% 2%
Community/Social services 1% 1% 1%
Life/Physical/Social sciences * * 1%
33
Previous Career by
Ethnicity
Black & African
Asian & Pacific
American members
Islander members
frequently came from
frequently came from
management or
management or sales
healthcare
Previous Full-Time Occupation

Asian/ Black/ American
All White/ Hispanic
Pacific African Indian/Eskimo/
Respondents Caucasian /Latino
Islander American Aleut
Management/
Business 20% 20% 23% 13% 23% 18%
/Financial
Sales/Retail 14% 13% 15% 7% 15% 3%
Office/Admin
7% 6% 7% 7% 8% 7%
support
Education 6% 6% 4% 8% 3% 7%
Healthcare 5% 5% 3% 11% 5% 3%
Construction 3% 4% 1% 1% 2% 3%
Manufacturing 3% 3% 3% 4% 2% 3%
Architecture 3% 2% 7% 3% 3% 3%
Government 3% 3% 3% 8% 2% *
Computer 3% 2% 8% 4% 3% 3%
Homemaker 2% 2% 1% * 1% 2%
Military 2% 2% * 3% 3% 3%
Legal 2% 2% 1% 2% 2% 5%
Transportation 2% 2% 1% 4% 2% *
Personal care/
1% 1% 2% 3% 1% 3%
Other services
Community/
1% 1% * 3% 1% 2%
Social services
Life/Physical/
* 1% 1% * * 2%
Social sciences
34
Section 2:
Real Estate Specialties
IN THIS SECTION
Real Estate Specialty 36
Income from Real Estate Specialty 37
Business Activity of Specialists 39
Demographics of Specialists 46
35
Real Estate Specialty
Fifty-seven percent of all members exclusively practiced residential real estate in
2017.
Nine percent of all members exclusively practiced commercial real estate.
Thirty-three percent of all members practiced both residential and commercial
real estate in 2017.
REAL ESTATE SPECIALTY FOR MEMBERS IN 2017
100%
90%
80%
70% 57%
60%
50%
40% 9%
30%
20%
33%
10%
0%
Residential Commercial Both
36
Income of Real Estate
Specialists
Members working exclusively in residential real estate earned a median gross
income of $48,300 in 2016, compared to those working exclusively in
commercial real estate who earned a median gross income of $147,200 in 2016.
Dual specialties earned a median gross income of $89,300 in 2016.
MEDIAN GROSS INCOME FOR MEMBERS

WORKING EXCLUSIVELY IN RESIDENTIAL
OR COMMERCIAL REAL ESTATE AND DUAL
SPECIALISTS FOR 2016
Residential Only: $48,300
Commercial Only: $147,200
Dual Specialists: $89,300
MEDIAN NET INCOME FOR MEMBERS

OR COMMERCIAL REAL ESTATE AND DUAL
Commercial Only: $102,800
37
Percentage of Income
from Real Estate Specialty
Sixty-two percent of members working exclusively in residential real estate
received 75 to 100 percent of their income from residential business activities in
2016, compared to 53 percent of dual specialists.
Seventy-three percent of members working exclusively in commercial real estate
received 75 to 100 percent of their income from commercial activities in 2016,
compared to seven percent of dual specialists.
*In the 2017 Member Profile, seven percent of members reported they had no residential real
estate transactions in 2016.
PERCENTAGE OF INCOME FOR MEMBERS

WORKING EXCLUSIVELY IN
RESIDENTIAL REAL ESTATE AND DUAL
RESIDENITAL
ONLY 15% 12% 5% 6% 62%
DUAL
SPECIALISTS 8% 13% 11% 15% 53%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

COMMERCIAL REAL ESTATE AND DUAL
COMMERCIAL
ONLY 4% 6% 4% 14% 73%
DUAL
SPECIALISTS 31% 43% 11% 8% 7%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

38
Residential Transactions
Twenty-six percent of members working exclusively in residential real estate had
between one and five transactions in 2016. The median number of residential
transactions was seven.
Eighteen percent of residential-only specialists had no residential transactions.
Twenty-six percent of dual specialists had 21 or more residential transactions in
2016. The median number of residential transactions was 10.
RESIDENTIAL TRANSACTIONS SIDES FOR MEMBERS

WORKING EXCLUSIVELY IN RESIDENTIAL REAL
ESTATE AND DUAL SPECIALISTS FOR 2016
30%
Median Transactions for Median Transactions for
26% Residential Only: 7 Dual Specialists: 10 26%
25% 23%
20% 19%
18% 18%
16%
15%
12% 12%
11%
10%
10% 8%
5%
0%
Residential Only Dual Specialists
0 transactions 1 to 5 transactions 6 to 10 transactions
11 to 15 transactions 16 to 20 transactions 21 or more transactions
39
Commercial Transactions
Twenty-eight percent of members working exclusively in commercial real estate
had between one and five transactions in 2016. The median number of
commercial transactions was six.
Sixteen percent of commercial-only specialists had no commercial transactions.
Fifty-five percent of dual specialists had between one and five commercial
transactions in 2016. The median number of commercial transactions was one.
COMMERCIAL TRANSACTIONS SIDES FOR MEMBERS

WORKING EXCLUSIVELY IN COMMERCIAL REAL
ESTATE AND DUAL SPECIALISTS FOR 2016
60%
Median Transactions for 55% Median Transactions for
Commercial Only: 6 Dual Specialists: 1
50%
40%
33%
30% 28%
20% 18% 18%

16%
14%
10% 8%
6%
2% 1% 1%
0%
Commercial Only Dual Specialists
40
Residential Sales Volume
Members working exclusively in residential real estate had a median residential
sales transaction volume of $1,866,700 in 2016, compared to dual specialists
who had a median residential sales transaction volume of $2,230,800.
Members with over $1 million in residential sales transaction volume
50% 60%
Residential Dual
Only Specialists
Members with over $5 million in residential sales transaction volume
16% 20%
Residential Dual
Only Specialists
RESIDENTIAL SALES TRANSACTION VOLUME FOR MEMBERS

WORKING EXCLUSIVELY IN RESIDENTIAL REAL ESTATE
AND DUAL SPECIALISTS FOR 2016
$5,000,000 or more 16% 20%

$1,000,000 to $4,999,999 34% 40%
$500,000 to $999,999 9% 11%
$250,000 to $499,999 7% 6%
$100,000 to $249,999 5% 4%
$1 to $99,999 10% 5%
Median: $1,866,700 $2,230,800
No transactions 14% 7%
Do not perform sales transactions 6% 7%

41
Commercial Sales Volume
Members working exclusively in commercial real estate had a median
commercial sales transaction volume of $4,375,000 in 2016, compared to dual
specialists who had a median commercial sales transaction volume of
$805,600.
Members with over $5 million in commercial sales transaction volume
35% 6%
Commercial Dual
Only Specialists
COMMERCIAL SALES TRANSACTION VOLUME FOR

MEMBERS WORKING EXCLUSIVELY IN COMMERCIAL
REAL ESTATE AND DUAL SPECIALISTS FOR 2016
$5,000,000 or more 35% 6%

$1,000,000 to $4,999,999 28% 22%
$500,000 to $999,999 6% 12%
$250,000 to $499,999 3% 12%
$100,000 to $249,999 2% 8%
$1 to $99,999 3% 6%
Median: $4,375,000 $805,600
42
Residential Dollar Value
Members working in both residential and commercial real estate (dual

specialists) had a median dollar value of residential sales transactions of
$273,400 in 2016, compared to those working exclusively in residential real
estate who had a median transaction dollar value of $280,300.
56% Residential-only 61%

specialists had an Dual specialists had
an average dollar
average dollar value of $100,000
value of $100,000 to $499,999
to $499,999
AVERAGE DOLLAR VALUE OF RESIDENTIAL SALES

TRANSACTIONS FOR MEMBERS WORKING EXCLUSIVELY
IN RESIDENTIAL REAL ESTATE AND DUAL SPECIALISTS
FOR 2016
$5,000,000 or more 2% 2%
$1,000,000 to $4,999,999 5% 6%
$500,000 to $999,999 10% 11%
$250,000 to $499,999 27% 28%
$100,000 to $249,999 29% 33%
$1 to $99,999 8% 8%
Median: $280,300 $273,400
43
Commercial Dollar Value
The median commercial dollar value of commercial sales for members
working exclusively in commercial real estate was $826,900 in 2016, compared
to dual specialists who had a median commercial dollar value of $442,300.
31% Commercial Only

15% Dual Specialists
sold property sold property
worth $1 million worth $1 million
or more or more
AVERAGE DOLLAR VALUE OF COMMERCIAL SALES

IN COMMERCIAL REAL ESTATE AND DUAL SPECIALISTS
FOR 2016
$5,000,000 or more 7% 1%
$1,000,000 to $4,999,999 24% 14%
$500,000 to $999,999 20% 14%
$250,000 to $499,999 15% 17%
$100,000 to $249,999 7% 12%
$1 to $99,999 4% 7%
Median: $826,900 $442,300

44
Typical Sales Price of
Homes in Business Area
Residential-only specialists had a higher typical sales price of homes in their area
at $295,000 in 2016, compared to dual specialists at $256,700.
25% Residential Only

typically have
33% Dual Specialists
typically have
home prices under home prices under
$200,000 in their $200,000 in their
area area
TYPICAL SALES PRICE OF HOMES IN AREA FOR

MEMBERS WORKING EXCLUSIVELY
IN RESIDENTIAL REAL ESTATE AND DUAL SPECIALISTS
FOR 2016
Dual
Residential Only
Specialists
$1 million and above 3% 4%
$750,000 to $999,999 5% 4%
$500,000 to $749,999 12% 9%
$350,000 to $499,999 15% 12%
$300,000 to $349,999 10% 10%
$250,000 to $299,999 16% 15%
$200,000 to $249,999 16% 15%
$150,000 to $199,999 15% 17%
$100,000 to $149,999 8% 12%
$50,000 to $99,999 2% 4%
$49,999 and below * *
Median $295,000 $256,700
45
Location & Hours Worked
Half of commercial-only specialists worked in urban and central cities,
residential-only specialists were most likely to work in suburban areas, and dual
specialists were more likely to work in small towns, rural areas, and resort areas.
Fifty-eight percent of commercial-only specialists work between 40 and 59 hours
per week, compared to 40 percent of residential-only specialists and 48 percent
of dual specialists in 2017.
LOCATION OF PRACTICE FOR MEMBERS WORKING

EXCLUSIVELY IN RESIDENTIAL OR COMMERCIAL AND
DUAL SPECIALISTS FOR 2017
60%
53%
50%
50%
40% 37%
30% 27%
24% 24%
21%
20% 17%
14%
11%
10% 6% 7%
3% 1% 5%
0%
Residential Only Commercial Only Dual Specialists
HOURS WORKED FOR MEMBERS WORKING

EXCLUSIVELY IN RESIDENTIAL OR COMMERCIAL
AND DUAL SPECIALISTS FOR 2017
RESIDENTIAL
ONLY 14% 33% 40% 14%
COMMERCIAL
ONLY 4% 17% 58% 21%
DUAL 7%
SPECIALISTS 24% 48% 22%
Less than 20 hours 20 to 39 hours 40 to 59 hours 60 hours or more

46
Years of Residential
Experience
Dual specialists have typically worked in residential real estate for 17 years,
while those working exclusively in residential typically have 12 years of
experience in 2017.
Thirty-two percent of members working in both residential and commercial real
estate (dual specialists) had 26 or more years of experience in residential real
estate, compared to 18 percent of residential-only specialists.
YEARS ACTIVE IN RESIDENTIAL REAL ESTATE

FOR MEMBERS WORKING EXCLUSIVELY IN
RESIDENTIAL REAL ESTATE AND DUAL
Median: 12 years Median: 17 Years
18%
32%
19%
22%
18%
12%
18%
16%
12%
11%
18%
6%
RESIDENTIAL ONLY DUAL SPECIALISTS
1 year or less 2 years to 5 years 6 to 10 years

11 to 15 years 16 to 25 years 26 or more years
47
Years of Commercial
Experience
Dual specialists have typically worked in commercial real estate for 12 years,
while those working exclusively in commercial typically have 25 years of
experience in 2017.
Twenty-one percent of members working in both residential and commercial
real estate (dual specialists) had 26 or more years of experience in commercial
real estate, compared to 50 percent of commercial-only specialists.
YEARS ACTIVE IN COMMERCIAL FOR

MEMBERS WORKING EXCLUSIVELY IN
COMMERCIAL REAL ESTATE AND DUAL
Median: 25 Years Median: 12 Years
21%
50%
19%
15%
19%
17%
14%
18%
8%
7% 11%
3%
COMMERCIAL ONLY DUAL SPECIALISTS

48
Age & Education
of Real Estate Specialists
Fifty-seven percent of commercial only specialists were 60 years or older,
compared to 33 percent of residential-only members and 45 percent of dual
specialists in 2017.
Twenty-five percent of commercial-only specialists had a Graduate degree,
compared to 15 percent of residential-only and 16 percent of dual specialists.
AGE OF MEMBERS WORKING EXCLUSIVELY IN

RESIDENTIAL OR COMMERCIAL AND DUAL
SPECIALISTS IN 2017
33%
45%
57%
31%
31%
26%
28%
13% 20%
8% 5% 4%
RESIDENTIAL ONLY COMMERCIAL ONLY DUAL SPECIALISTS
34 or younger 35 to 49 50 to 59 60 or older
EDUCATION OF MEMBERS WORKING EXCLUSIVELY
IN RESIDENTIAL OR COMMERCIAL AND DUAL
SPECIALISTS IN 2017
Commercial
Only
Graduate Degree 15% 25% 16%
Graduate Study 5% 13% 7%
Bachelor's Degree 32% 40% 29%
Some College/Associate's
40% 19% 39%
Degree
High School 9% 4% 9%
49
Licenses Type of
Real Estate Specialists
Sixty-one percent of those working exclusively in residential real estate were
sales agents in 2017, compared to 58 percent of those working exclusively in
commercial who were brokers. Among those who were dual specialists,
44 percent were licensed brokers and 39 percent were licensed sales agents.
LICENSE TYPE MEMBERS WORKING EXCLUSIVELY IN

RESIDENTIAL OR COMMERCIAL AND DUAL SPECIALISTS
IN 2017
Commercial
Only
Broker 24% 58% 44%

Broker Associate 14% 14% 15%
Sales Agent 61% 24% 39%
Appraiser 1% 2% 1%
Other 1% 2% 1%
61% of
58% of
residential-
commercial-
only
only and dual
specialists
specialists
were sales
were brokers
agents
50
Section 3:
Women & Men
in Real Estate
IN THIS SECTION
Income of Residential Real Estate Specialists by Gender 53
Business Activity of Residential Specialists 57
Residential Market 61
Demographics of Residential Specialists by Gender 63
Income of Dual Real Estate Specialists by Gender 68
Business Activity of Dual Specialists 72
Demographics of Dual Specialists by Gender 79
51
Seventy percent of female members worked exclusively in residential real estate,
compared to 45 percent of male members.
Forty-one percent of male members worked in both residential and commercial
real estate, compared to only 26 percent of female members.
Fifteen percent of male members worked exclusively in commercial real estate,
compared to only four percent of female members.
REAL ESTATE SPECIALTY BY GENDER FOR 2017
100%
90%
80% 45%
70% 57%
70%
60%
50% 15%
40% 9%
30% 4%
20% 41%
33%
26%
10%
0%
52
Income of Residential
Male members working exclusively in residential real estate earned a median
gross income that is $7,900 more than females, which is equal to roughly 17
percent of the overall gross income for female residential-only specialists in 2016.
Male residential-only specialists earned a median net income that is $7,500 more
than females, which is nearly a quarter (23 percent) of the overall net income for
female residential-only specialists in 2016.

REAL ESTATE FOR 2016
Male: $54,600
Female: $46,700

Male: $40,000
Female: $32,500
53
Gross Income of
REALTORS by Gender
Among those working exclusively in residential real estate, 52 percent of female
members made less than $50,000 in annual gross income compared to 48
percent of male members in 2016.
Thirteen percent of male members made $200,000 or more in annual gross
income compared to 9 percent of female members in 2016.
*Gross income includes income in 2016 from all real estate related activities before taxes and
expenses.
GROSS PERSONAL INCOME FOR MEMBERS
ESTATE FOR 2016
9%
13%
15%
17%
23%
21%
17%
14%
34% 35%
MALE FEMALE
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999
$100,000 to $199,999 $200,000 or more
54
Net Income of
REALTORS by Gender
Forty-five percent of female members working exclusively in residential real
estate made less than $24,999 in annual net income compared to 41 percent of
male members in 2016.
Five percent of male members made $200,000 or more in annual net income
compared to three percent of female members in 2016.
*Net income includes income in 2016 from all real estate related activities after taxes and
expenses.
NET PERSONAL INCOME FOR MEMBERS
WORKING IN EXCLUSIVELY IN RESIDENTIAL
5% 3%
10%
15%
21%
20%
21%
18%
41% 45%
MALE FEMALE
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
55
Income from Real Estate:
Single Specialty
Sixty-five percent of female members working exclusively in residential real
estate received 75 to 100 percent of their income from residential business
activities, compared to 58 percent of male residential-only specialists in 2016.
Seventy-three percent of members (male and female combined) working
exclusively in commercial real estate received 75 to 100 percent of their income
from commercial activities in 2016. (*There were not enough female members working
exclusively in commercial real estate in the sample to segment by gender.)

RESIDENTIAL REAL ESTATE FOR 2016
RESIDENITAL
ONLY 15% 12% 5% 6% 62%
MALE 15% 14% 6% 7% 58%
FEMALE 14% 10% 4% 6% 65%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

COMMERCIAL REAL ESTATE FOR 2016
COMMERCIAL
ONLY 4% 6% 4% 14% 73%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

56
Female members working exclusively in residential real estate had a median of
eight residential transactions, compared to seven for male residential-only
specialists in 2016.
Twenty-six percent of female residential-only specialists had between one and
five transactions, compared to 25 percent of male residential-only specialists in
2016.
Twenty percent of male residential-only specialists had 21 or more transactions,
compared to 19 percent of female residential-only specialists in 2016.
TRANSACTION SIDES COMPLETED FOR
RESIDENTIAL
ONLY 18% 26% 16% 12% 8% 19%
Median: 7
Transactions
MALE 20% 25% 17% 11% 8% 20%

Median: 7
Transactions
FEMALE 17% 26% 16% 14% 9% 19%

Median: 8
Transactions

57
Male members working exclusively in residential real estate had a median sales
transaction volume of $2,000,000 in 2016, compared to female residential-only
specialists at $1,866,700.
Males Females
18% sold $5 15% sold $5
mil or more in mil or more in
sales volume sales volume
RESIDENTIAL SALES TRANSACTION VOLUME FOR

MEMBERS WORKING EXCLUSIVELY IN RESIDENTIAL
$5,000,000 or more 16% 18% 15%

$1,000,000 to $4,999,999 34% 33% 36%
$500,000 to $999,999 9% 8% 9%
$250,000 to $499,999 7% 5% 8%
$100,000 to $249,999 5% 5% 4%
$1 to $99,999 10% 9% 10%
Median: $1,866,700 $2,000,000 $1,866,700
No transactions 14% 15% 13%
Do not perform sales transactions 6% 6% 5%
58
When asked the average dollar value of residential sales transactions, the
majority of residential-only specialists answered between $100,000 and
$499,999 at 56 percent for 2016.
Female residential-only specialists had a slightly higher average dollar value of
sales at $279,400 in 2016, compared to male residential-only specialists at
$273,400.
Males Females Slightly more likely

Slightly more likely
to have an average
to no transactions
dollar value of
or not perform
$100,000 to
sales transactions
$249,999

IN RESIDENTIAL REAL ESTATE FOR 2016
$5,000,000 or more 2% 2% 2%
$1,000,000 to $4,999,999 5% 5% 5%
$500,000 to $999,999 10% 10% 9%
$250,000 to $499,999 27% 25% 28%
$100,000 to $249,999 29% 28% 30%
$1 to $99,999 8% 9% 8%
Median: $280,300 $273,400 $279,400
59
When asked the typical sales price of homes in their area of business, the
majority of residential-only specialists answered between $100,000 to $749,999
at 92 percent for 2016.
Female residential-only specialists had a slightly higher typical sales price of
homes in their area at $284,300 in 2016, compared to male residential-only
specialists at $276,700.
Males Slightly more likely Females Slightly more likely

to have a sales to have a sales
price of homes price of homes
$150,000 to $500,000 to
$249,999 $749,999

$1 million and above 3% 3% 2%

$750,000 to $999,999 5% 4% 5%
$500,000 to $749,999 12% 10% 12%
$350,000 to $499,999 15% 15% 15%
$300,000 to $349,999 10% 10% 11%
$250,000 to $299,999 16% 15% 16%
$200,000 to $249,999 16% 18% 15%
$150,000 to $199,999 15% 15% 14%
$100,000 to $149,999 8% 7% 9%
$50,000 to $99,999 2% 2% 1%
$49,999 and below * * *
Median $295,000 $276,700 $284,300
60
Homes & Agents
in Market
Both male and female members (working exclusively in residential real estate
and dual specialists combined) believed that there are too few homes for sale on
the market in 2017 (70 and 71 percent respectively).
Both male and female members believed that there are too many agents in the
market in 2017 (74 and 75 percent respectively).
NUMBER OF HOMES FOR SALE IN AREA IN 2017

RESIDENTIAL
ONLY AND
DUAL 6% 26% 70%
SPECIALISTS
MALE 6% 24% 70%
FEMALE 7% 22% 71%
Too many homes for sale The right amount for the market Too few homes for sale
NUMBER OF RESIDENTIAL AGENTS IN AREA IN 2017
RESIDENTIAL
ONLY AND DUAL 74% 26%
SPECIALISTS
MALE 74% 25%
FEMALE 75% 25%
Too many agents The right amount of agents Too few agents
61
Diversity in Market
Male and female members (residential-only and dual specialists) predominantly
operated their business in a community that is somewhat to highly mixed
between several or multiple races and ethnic backgrounds in 2017.
27% of
73% in
members
communities
operate in a
somewhat or
community that
highly mixed
has 1-2
with multiple
race/ethnic
race/ethnicities
backgrounds
OPERATING A BUSINESS IN AN
ETHICALLY DIVERSE AREA
Residential Only
and Dual Male Female
Specialists
Business operates in a community
that is predominantly one race or 15% 16% 15%
ethnic background

that is predominantly two races or
12% 11% 12%
ethnic backgrounds

that is somewhat mixed between
several races or ethnic backgrounds 39% 39% 39%

that is highly mixed between
multiple races or ethnic 34% 35% 34%
backgrounds
62
Location of
Residential Specialists
Female members working exclusively in residential real estate were more likely
to work in suburban areas and small towns. Male residential-only specialists
were more likely to work in urban and central cities.

EXCLUSIVELY IN RESIDENTIAL REAL ESTATE IN 2017
60%
55%
53%
51%
50%
40%
30% 28%
24%
22%
20%
14%13%15%
10%
6% 6% 6%
3% 3% 3%
0%
63
Hours Worked for
Sixteen percent of male residential-only specialists worked 60 hours or more,

Thirty-five percent of female residential-only specialists worked 20 to 39 hours,
compared to 30 percent of male residential-only specialists in 2017.
HOURS WORKED FOR MEMBERS

RESIDENTIAL
ONLY 14% 33% 40% 14%
MALE 13% 30% 41% 16%
FEMALE 13% 35% 39% 13%
64
Experience
Eighteen percent of male members working exclusively in residential real estate
had 26 or more years of experience, compared to 17 percent of female
residential-only specialists in 2017.
Both male and female residential-only specialists had a median of 12 years of
experience in 2017.
YEARS ACTIVE FOR MEMBERS
Median: 12 Years Median: 12 Years Median: 12 Years
18% 18% 17%
19% 18% 18%
18% 18% 19%
12% 13% 12%
16% 14% 17%
18% 18% 18%

65
Age & Education
of Residential Specialists
Male residential-only specialists were more likely to be 60 years or older
(38 percent) compared to female residential-only specialists (30 percent) in
2017. Female residential-only specialists were more likely to be 50 to 59 years of
age (34 percent) compared to male residential-only specialists (28 percent).
Male residential-only specialists were more likely to have a graduate or a
bachelors degree and female residential-only specialists were more likely to
have an associates degree or some college in 2017.
RESIDENTIAL REAL ESTATE BY GENDER IN 2017
33% 30%
38%
31% 34%
28%
28% 27% 29%
8% 7% 8%
EDUCATION OF MEMBERS WORKING EXCLUSIVELY IN

RESIDENTIAL REAL ESTATE IN 2017

40% 36% 42%
Some College/Associate's Degree
66
License of Residential
Specialists
Sixty-three percent of female residential-only specialists were sales agents,
compared to 57 percent of male residential-only specialists in 2017.
Twenty-eight percent of male residential-only specialists were brokers,
LICENSE TYPE OF MEMBERS WORKING EXCLUSIVELY

IN RESIDENTIAL REAL ESTATE IN 2017
Broker 24% 28% 22%

Appraiser 1% 1% 1%
Other 1% * *
Female Male
residential- residential-
only specialists only specialists
most likely to most likely to
be sales agents be brokers
67
Dual Specialists
Male members working in both residential and commercial real estate (dual
specialists) earned a median gross income that is $31,700 more than female
dual specialists, roughly 42 percent of females gross income in 2016.
Male dual specialists earned a median net income that is $23,300 more than
female dual specialists, which is over half (55 percent) of females net income
in 2016.
MEDIAN GROSS INCOME FOR DUAL REAL

ESTATE SPECIALISTS IN 2016
Male: $106,700
Female: $75,000
MEDIAN NET INCOME FOR DUAL REAL

Male: $65,400
Female: $42,100
68
Gross Income of
REALTORS by Gender
Among those working as dual specialists, 22 percent of female members made
less than $24,999 in annual gross income compared to 14 percent of male
members in 2016.
Twenty-four percent of male members made $200,000 or more in annual gross
income compared to 16 percent of female members in 2016.
expenses.
GROSS PERSONAL INCOME FOR DUAL
16%
24%
24%
26%
25%
22%
14%
12%
22%
14%
MALE FEMALE
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999
$100,000 to $199,999 $200,000 or more
69
Net Income of
REALTORS by Gender
Thirty percent of female members working as dual specialists made less than
$24,999 in annual net income compared to 24 percent of male members in
2016.
Eleven percent of male members made $200,000 or more in annual net income
compared to eight percent of female members in 2016.
expenses.
NET PERSONAL INCOME FOR DUAL
11% 8%
14%
21%
25%
26%
24%
18%
30%
24%
MALE FEMALE
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
70
Dual Specialties
Sixty-one percent of females working in both residential and commercial real
estate (dual specialists) received 75 to 100 percent of their income from
residential activities, compared to 48 percent of male dual specialists in 2016.
Forty-three percent of both male and female dual specialists received one to 24
percent of their income from commercial real estate activities in 2016.
Forty percent of female dual specialists, compared to 24 percent of males,
received no income from commercial activities in 2016.
estate transactions in 2016 and 72 percent had no commercial transactions.
PERCENTAGE OF INCOME FROM
RESIDENTIAL REAL ESTATE FOR DUAL
SPECIALISTS IN 2016
DUAL
SPECIALISTS 8% 13% 11% 15% 53%
MALE 7% 14% 14% 17% 48%
FEMALE 8% 10% 7% 13% 61%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

COMMERCIAL REAL ESTATE FOR DUAL
SPECIALISTS IN 2016
DUAL
SPECIALISTS 31% 43% 11% 8% 7%
MALE 24% 43% 14% 11% 9%
FEMALE 40% 43% 8% 5% 4%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100% 71

for Dual Specialists
Female members working in both residential and commercial real estate (dual
specialists) had a median of 11 residential transactions in 2016, compared to 10
for male dual specialists.
Twenty-four percent of female dual specialists had between one and five
residential transactions in 2016, compared to 22 percent of male dual
specialists.
Twenty-eight percent of female dual specialists had 21 or more residential
transactions in 2016, compared to 27 percent of male dual specialists.
RESIDENTIAL TRANSACTION SIDES

COMPLETED BY DUAL SPECIALISTS IN 2016
DUAL
SPECIALISTS 11% 23% 18% 12% 10% 26%
Median: 10
Transactions
FEMALE 9% 24% 16% 12% 11% 28%

Median: 11
Transactions
MALE 12% 22% 19% 12% 9% 27%

Median: 10
Transactions

72
specialists) had a median of two commercial transactions in 2016, compared to
one for female dual specialists.
Thirty-eight percent of female dual specialists had no commercial transactions in
2016, compared to 30 percent of male dual specialists.
Fifteen percent of male dual specialists had six or more commercial transactions
in 2016, compared to eight percent of female dual specialists.
COMMERCIAL TRANSACTION SIDES COMPLETED
BY DUAL SPECIALISTS IN 2016
DUAL
Median: 1
Transaction
FEMALE 38% 54% 6%

Median: 1
Transaction
MALE 30% 55% 10%

Median: 2
Transactions

73
specialists) had a median residential sales transaction volume of $2,615,400 in
2016, compared to female dual specialists at $1,875,000.
Dual Specialists with over $1 million in sales transaction volume
64% 57%
Males Females
Dual Specialists with over $5 million in sales transaction volume
21% 19%
Males Females
RESIDENTIAL SALES TRANSACTION VOLUME

FOR DUAL SPECIALISTS IN 2016
Dual Specialists Male Female
$5,000,000 or more 20% 21% 19%

$1,000,000 to $4,999,999 40% 43% 38%
$500,000 to $999,999 11% 9% 12%
$250,000 to $499,999 6% 6% 6%
$100,000 to $249,999 4% 4% 5%
$1 to $99,999 5% 4% 9%
Median: $2,230,800 $2, 615,400 $1,875,000
74
majority of dual specialists answered between $100,000 and $499,999 at
61 percent in 2016.
specialists) had an average dollar value of residential sales transactions of
$279,400 in 2016, compared to female dual specialists at $242,800.
Eight percent of both male and female dual specialists had an average dollar
value of residential sales transactions of $1 million or above in 2016.
Males Females
More likely to have More likely to have
an average dollar an average dollar
value of $250,000 value of $100,000
to $499,999 to $249,999

TRANSACTIONS FOR DUAL SPECIALISTS IN 2016
$5,000,000 or more 2% 3% 2%
$1,000,000 to $4,999,999 6% 5% 6%
$500,000 to $999,999 11% 11% 10%
$250,000 to $499,999 28% 29% 25%
$100,000 to $249,999 33% 32% 37%
$1 to $99,999 8% 7% 9%
Median: $273,400 $279,400 $242,800
75
When asked the typical sales price of homes in their area of business, the
majority of dual specialists answered between $100,000 to $449,999 at 81
percent in 2016.
specialists) had a slightly higher median sales price of homes in their area at
Males Slightly more likely Females Slightly more likely

to have a sales to have a sales
price of homes price of homes
$200,000 to $100,000 to
$299,999 $199,999

DUAL SPECIALISTS IN 2016
$1 million and above 4% 4% 4%

$750,000 to $999,999 4% 4% 3%
$500,000 to $749,999 9% 8% 8%
$350,000 to $499,999 12% 12% 12%
$300,000 to $349,999 10% 9% 10%
$250,000 to $299,999 15% 15% 13%
$200,000 to $249,999 15% 17% 13%
$150,000 to $199,999 17% 17% 18%
$100,000 to $149,999 12% 12% 14%
$50,000 to $99,999 4% 3% 5%
$49,999 and below * * 1%
Median $256,700 $253,300 $246,200
76
specialists) had a higher commercial sales transactions volume at $941,200 in
2016, compared to female dual specialists at $605,200.
Males Females
33% have a sales 20% have sales
volume of volume of
$1,000,000 or $1,000,000 or
more more
COMMERCIAL SALES TRANSACTION VOLUME

$5,000,000 or more 6% 8% 4%
$1,000,000 to $4,999,999 22% 25% 16%
$500,000 to $999,999 12% 11% 11%
$250,000 to $499,999 12% 12% 12%
$100,000 to $249,999 8% 7% 8%
$1 to $99,999 6% 4% 8%
Median: $805,600 $941,200 $605,200
77
specialists) had a higher dollar value of commercial sales transactions at
Males Females
31% have an 20% have an
average dollar average dollar
value of $500,000 value of $500,000
to $499,999,999 to $499,999,999
AVERAGE DOLLAR VALUE OF COMMERCIAL

SALES TRANSACTION FOR DUAL SPECIALISTS IN 2016
$5,000,000 or more 1% 2% 1%
$1,000,000 to $4,999,999 14% 14% 12%
$500,000 to $999,999 14% 17% 8%
$250,000 to $499,999 17% 17% 17%
$100,000 to $249,999 12% 12% 12%
$1 to $99,999 7% 6% 9%
Median: $442,300 $471,200 $379,300
78
Location of
Dual Specialists
specialists) were more likely to work in suburban areas and urban or central
cities in 2017. Female dual specialists were more likely to work in small towns
and rural areas.
LOCATION OF PRACTICE FOR DUAL SPECIALISTS IN 2017
40% 38%
37%
36%
35%
30% 28%
27%
25%
25% 23%
21%
20% 19%
15%
12%
11%
10%
10%
5% 5% 5%
5%
0%
79
Hours Worked for
Dual Specialists
Twenty-six percent of male members working in both residential and
commercial real estate (dual specialists) worked 60 hours or more per week in
2017, compared to 20 percent of female dual specialists.
Twenty-six percent of female dual specialists worked between 20 and 39 hours
per week in 2017, compared to 19 percent of male dual specialists.
HOURS WORKED FOR DUAL SPECIALISTS ONLY

IN 2017
DUAL SPECIALISTS 7% 24% 48% 22%
MALE 7% 19% 48% 26%
FEMALE 7% 26% 47% 20%
80
Experience for
Dual Specialists
Thirty-six percent of male members working in both residential and commercial
real estate (dual specialists) had 26 or more years of experience in residential
real estate in 2017, compared to 25 percent of female dual specialists.
YEARS ACTIVE IN RESIDENTIAL

REAL ESTATE FOR DUAL SPECIALISTS IN 2017
25%
32%
36%
24%
22%
21%
20%
18%
17%
13%
12% 11%
11%
11% 11%
6% 5% 8%
DUAL SPECIALISTS MALE FEMALE

81
Years of Commercial
Experience for
Dual Specialists
Twenty-four percent of male members working in both residential and
commercial real estate (dual specialists) had 26 or more years of experience in
commercial real estate in 2017, compared to 15 percent of female dual
specialists.
YEARS ACTIVE IN COMMERCIAL
15%
21% 24%
19%
19%
20%
16%
15%
14%
17%
17%
17%
19%
18%
16%
11% 13%
9%

82
Age & Education for
Dual Specialists
Forty-nine percent of male members working in both residential and
commercial real estate (dual specialists) were 60 years or older in 2017,
compared to 38 percent of female dual specialists.
Thirty-three percent of male dual specialists had a Bachelors degree and 44
percent of female dual specialists had an Associates degree or some college.
AGE OF DUAL REAL ESTATE SPECIALISTS IN 2017
38%
45% 49%
34%
31% 30%
20% 24%
18%
4% 4% 4%
EDUCATION OF DUAL REAL ESTATE SPECIALISTS IN 2017

39% 35% 44%
Some College/Associate's Degree
83
License of Dual Specialists
Forty-seven percent of female dual specialists were sales agents in 2017,
compared to 32 percent of male dual specialists.
Forty-nine percent of male dual specialists were brokers in 2017, compared to
38 percent of female dual specialists.
LICENSE TYPE OF DUAL REAL ESTATE SPECIALISTS IN 2017

Broker 44% 49% 38%
Appraiser 1% * *
Other 1% * 1%
Female dual Male dual

specialists specialists
most likely most likely
to be sales to be
agents brokers
84
Section 4:
Race and Ethnicity
in Real Estate
IN THIS SECTION
Income of Residential Real Estate Specialists by Race and Ethnicity 87
Business Activity of Residential Specialists 91
Residential Market 95
Demographics of Residential Specialists by Race and Ethnicity 97
Income of Dual Real Estate Specialists by Race and Ethnicity 102
Business Activity of Dual Specialists 106
Demographics of Dual Specialists by Race and Ethnicity 113
85
Seventy-one percent of Hispanic and Latino members worked exclusively in
residential real estate, compared to 55 percent of White and Caucasian
members in 2017.
Thirty-seven percent of Asian and Pacific Islander members worked in both
residential and commercial real estate, compared to 27 percent of Hispanic and
Latino members in 2017.
Twelve percent of White and Caucasian members worked only in commercial
real estate, compared to three percent or less for all other ethnic groups in
2017.
REAL ESTATE SPECIALTY BY ETHNICITY IN 2017

100%
90%
80%
57% 55%
70% 60%
67% 71%
60%
50%
40% 12% 3%
9%
30% 3%
2%
20% 37%
33% 34% 30% 27%
10%
0%

86
Income of Residential
Asian and Pacific Islander members working exclusively in residential real
estate earned the highest annual median gross income of $56,800 in 2016.
White and Caucasian residential-only specialists earned the highest annual
median net income of $40,000 in 2016.

White/Caucasian: $54,200
Asian/Pacific Islander: $56,800
Black/African American: $23,000
Hispanic/Latino: $41,700

87
Gross Income of REALTORS
by Race and Ethnicity
Seventeen percent of Asian and Pacific Islander members working exclusively in
residential real estate made $200,000 or more in gross income in 2016.
Fifty-two percent of Black and African American members working exclusively
in residential real estate made less than $24,999 a year in gross income in 2016.
expenses.
GROSS PERSONAL INCOME FOR MEMBERS
WORKING IN EXCLUSIVELY IN RESIDENTIAL
3% 7%
11% 9%
17%
16%
18% 18%
14%
23%
22% 17%
22%
16%
17% 11%
52%
36% 39%
31%
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
88
Net Income of REALTORS
Four percent of White, Caucasian and seven percent of Asian, and Pacific
Islander members working exclusively in residential real estate made $200,000
or more in net income in 2016.
Fifty-nine percent of Black and African American members working exclusively
in residential real estate made less than $24,999 a year in net income in 2016.
expenses. NET PERSONAL INCOME FOR MEMBERS
ESTATE FOR 2016
4% 5% 2%
7%
9%
13%
15% 16%
18%
22%
20% 19%
22%
20% 15%
59%
49%
41% 44%
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
89
Single Specialty
Sixty-two percent of Hispanic and Latino members working exclusively in
residential real estate received 75 to 100 percent of their income from
residential business activities in 2016, compared to 46 percent of Black and
African American residential-only specialists.
Seventy-three percent of all members (all ethnicities combined) working
exclusively in commercial real estate received 75 to 100 percent of their income
from commercial activities in 2016. (*There were not enough members of the ethnic
groups working exclusively in commercial real estate in the sample to segment by race and
ethnicity.)
RESIDENTIAL
ONLY 15% 12% 5% 6% 62%
WHITE/
CAUCASIAN 13% 11% 5% 6% 65%
ASIAN/PACIFIC
ISLANDER 15% 10% 4% 7% 64%
BLACK/AFRICAN
AMERICAN 22% 21% 8% 4% 46%
HISPANIC/
LATINO 16% 13% 5% 5% 62%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

COMMERCIAL REAL ESTATE FOR 2016
COMMERCIAL
ONLY 4% 6% 4% 14% 73%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100% 90

White and Caucasian members working exclusively in residential real estate had
a median of eight residential transactions in 2016.
Asian, Pacific Islander, Black, and African American residential-only specialists
were more likely to have one to five transactions.
TRANSACTION SIDES COMPLETED FOR

RESIDENTIAL
ONLY 18% 26% 16% 12% 8% 19%
WHITE/
CAUCASIAN 17% 24% 17% 13% 9% 22%
ASIAN/
PACIFIC 19% 34% 15% 6% 7% 19%
ISLANDER
BLACK/
AFRICAN 28% 31% 16% 12% 7% 7%
AMERICAN
HISPANIC/
LATINO 19% 28% 14% 12% 8% 19%

MEDIAN TRANSACTION SIDES COMPLETED FOR

Residential White/ Asian/Pacific

Only: 7 Caucasian: 8 Islander: 5
Black/African Hispanic/Latino:
American: 4 6
91
White and Caucasian members working exclusively in residential real estate had
the highest median sales transaction volume of $2,076,900 in 2016.
Asian and Pacific Islander residential-only specialists (24 percent) were more
likely to report a sales transaction volume of $5 million or more.
Asian & Black &

White &
Pacific African
Caucasian
Islander 24% sell 17% sell American 5% sell
$5,000,000 or $5,000,000 or $5,000,000 or
more annually more annually more annually
RESIDENTIAL SALES TRANSACTION VOLUME FOR

Asian/ Black/
Residential White/ Hispanic/
Pacific African
Only Caucasian Latino
Islander American
$5,000,000 or
16% 17% 24% 5% 13%
more
$1,000,000 to
34% 37% 29% 25% 32%
$4,999,999
$500,000 to
9% 8% 6% 8% 10%
$999,999
$250,000 to
7% 6% 12% 9% 7%
$499,999
$100,000 to
5% 4% 2% 7% 7%
$249,999
$1 to $99,999 10% 9% 8% 17% 12%
Median: $1,866,700 $2,076,900 $1,882,400 $500,000 $1,400,000
No transactions 14% 12% 13% 23% 15%

Do not
perform sales 6% 6% 7% 7% 4%
transactions
92
majority of residential-only specialists answered between $100,000 and
$499,999 at 56 percent in 2016.
Asian and Pacific Islander members had the highest median dollar value in sales
transactions at $432,400 in 2016.
Asian &
White &
Pacific
51% sell homes Caucasian 38% sell homes
Islander
between between
$250,000 and $250,000 and
$999,999 $999,999

TRANSACTIONS FOR MEMBERS WORKING
EXCLUSIVELY IN RESIDENTIAL REAL ESTATE FOR 2016
Asian/ Black/
Pacific African
Islander American
$5,000,000 or
2% 2% 3% 2% 2%
more
$1,000,000 to
5% 5% 9% 3% 4%
$4,999,999
$500,000 to
10% 10% 22% 2% 8%
$999,999
$250,000 to
27% 28% 29% 15% 27%
$499,999
$100,000 to
29% 29% 11% 31% 31%
$249,999
$1 to $99,999 8% 8% 7% 17% 8%
Median $280,300 $286,800 $432,400 $188,600 $257,400
14% 13% 13% 23% 15%

No transactions
Do not perform 6% 6% 7% 7% 4%
sales transactions
93
When asked the typical sales price of homes in the area of business, the
majority of residential-only specialists answered between $100,000 to $749,999
at 92 percent in 2016.
Asian and Pacific Islander residential-only specialists were most likely to sell
homes in an area with home values of $500,000 and above.
Asian &
White &
Pacific
51% sell Caucasian 16% sell
Islander
homes priced homes priced
$500,000 and $500,000 and
above above

Asian/ Black/
Pacific African
Islander American
$1 million and above 3% 3% 7% 1% 2%
$750,000 to $999,999 5% 4% 14% 1% 3%
$500,000 to $749,999 12% 9% 30% 8% 11%
$350,000 to $499,999 15% 14% 14% 14% 20%
$300,000 to $349,999 10% 10% 12% 8% 11%
$250,000 to $299,999 16% 18% 10% 15% 12%
$200,000 to $249,999 16% 16% 7% 14% 17%
$150,000 to $199,999 15% 15% 3% 22% 14%
$100,000 to $149,999 8% 8% 3% 13% 9%
$50,000 to $99,999 2% 2% 1% 4% 1%
$49,999 and below * * * 1% 1%
Median: $278,100 $275,000 $500,000 $235,700 $283,300
94
Homes & Agents
in Market
More than two-thirds of members (working exclusively in residential real estate
and dual specialists combined) believed there are too few homes on the market
in 2017.
More than three-quarters of White, Caucasian, Asian, Pacific Islander,
Hispanic, and Latino members believe there are too many agents in the market
in 2017, compared to 61% of Black and African American members.
NUMBER OF HOMES FOR SALE IN AREA IN 2017
RESIDENTIAL ONLY AND

DUAL SPECIALISTS 6% 26% 70%
WHITE/CAUCASIAN 6% 22% 72%
ASIAN/PACIFIC
ISLANDER 2% 29% 69%
BLACK/AFRICAN
AMERICAN
4% 32% 65%
HISPANIC/LATINO 9% 26% 65%
Too many homes for sale The right amount for the market Too few homes for sale
NUMBER OF RESIDENTIAL AGENTS IN AREA IN 2017
RESIDENTIAL ONLY
AND DUAL SPECIALISTS
74% 26% 1%
WHITE/CAUCASIAN 75% 24%
ASIAN/PACIFIC
ISLANDER 79% 21%
BLACK/AFRICAN
AMERICAN 61% 37% 2%
HISPANIC/LATINO 74% 25% 1%
Too many agents The right amount of agents Too few agents
95
Diversity in Market
Members of all racial and ethnic backgrounds predominantly operated their
business in a community that is somewhat to highly mixed between several or
multiple races and ethnic backgrounds.
53% of
18% of Asian/Pacific
White/Caucasian Islander
members operate members operate
in a community in communities
that is primarily highly mixed with
one race/ethnicity multiple
race/ethnicities
OPERATING A BUSINESS IN AN
ETHICALLY DIVERSE AREA
Residential
Asian/ Black/
Only and White/ Hispanic/
Pacific African
Dual Caucasian Latino
Islander American
Specialists
Business operates in a
community that is
15% 18% 8% 9% 8%
predominantly one race or
ethnic background
community that is
12% 13% 7% 13% 11%
predominantly two races
or ethnic backgrounds
community that is
somewhat mixed between 39% 39% 33% 41% 40%
several races or ethnic
backgrounds
community that is highly
mixed between multiple 34% 30% 53% 37% 42%
races or ethnic
backgrounds
96
Location of
Asian and Pacific Islander members working exclusively in residential real estate
were more likely to work in suburban areas in 2017.
Black and African American residential-only specialists were more likely to
work in urban and central cities.

EXCLUSIVELY IN RESIDENTIAL REAL ESTATE IN 2017
60% 57%
55%
53% 53%
50%
47%
40%
40%
34% 35%
30%
24%
19%
20%
16%
14% 13%
10% 8%
6% 6%7%
4% 3%4%
2%1% 1%
0%
Residential Only White/Caucasian Asian/Pacific Islander

Black/African American Hispanic/Latino
97
Hours Worked for
Fifteen percent of White, Caucasian, Hispanic, and Latino residential-only

specialists worked 60 hours or more in 2017.
HOURS WORKED FOR MEMBERS

RESIDENTIAL ONLY 14% 33% 40% 14%
WHITE/CAUCASIAN 13% 32% 40% 15%
ASIAN/PACIFIC
ISLANDER
17% 36% 37% 10%
BLACK/AFRICAN
AMERICAN 18% 39% 34% 10%
HISPANIC/LATINO 13% 31% 42% 15%
98
Experience
White and Caucasian residential-only specialists were most likely to have 26 or
more years of experience in residential real estate (20 percent) in 2017.
Hispanic and Latino residential-only specialists were the most likely to have less
than one year of experience in residential real estate (25 percent) in 2017.
YEARS ACTIVE FOR MEMBERS

Median: Median: Median: Median: Median:
12 years 12 years 10 years 10 years 10 years
12% 13% 8%
18% 20%
16%
18% 18%
19% 19%
22%
15% 18%
18% 18%
16% 13%
12% 18%
11%
18%
19%
16% 15% 14%
20% 25%
18% 17% 19%

99
Age & Education
of Residential Specialists
Thirty-seven percent of White and Caucasian residential-only specialists were
60 years or older in 2017, compared to 17 percent of Hispanic and Latino
residential-only specialists.
Asian and Pacific Islander residential-only specialists were the most likely to
have a graduate degree.
26% 17%
33% 37% 29%
31%
27% 27%
31% 32%
36% 40%
28% 39%
24%
8% 7% 7% 11% 12%
EDUCATION OF MEMBERS WORKING EXCLUSIVELY IN

Asian/ Black/
Pacific African
Islander American
Graduate Degree 15% 12% 33% 17% 15%
Graduate Study 5% 5% 7% 4% 3%
Bachelor's Degree 32% 32% 33% 38% 25%
Some
College/Associate's 40% 42% 23% 36% 44%
Degree
High School 9% 9% 5% 4% 12%
100
License of Residential
Specialists
Nearly three-quarters of Hispanic and Latino, and two-thirds of Black, African
American, Asian, and Pacific Islander residential-only specialists were sales
agents in 2017.
White and Caucasian residential-only specialists were the most likely to be
brokers and broker associates.
LICENSE TYPE OF MEMBERS WORKING EXCLUSIVELY IN

Asian/ Black/
Pacific African
Islander American
Broker 24% 26% 22% 21% 17%
Broker Associate 14% 16% 8% 10% 9%
Sales Agent 61% 57% 69% 67% 74%
Appraiser 1% 1% 1% 1% 1%
Other 1% * 1% 1% *
Hispanic and White and

Latino Caucasian
residential- residential-
only specialists only specialists
most likely to most likely to
be sales agents be brokers
101
Dual Specialists
White and Caucasian members working in both residential and commercial
real estate (dual specialists) earned the highest annual median gross income of
$100,000 in 2016.
White and Caucasian dual specialists earned the highest annual median net
income of $63,500 in 2016.
MEDIAN GROSS INCOME FOR DUAL REAL
MEDIAN NET INCOME FOR DUAL REAL

102
Gross Income of REALTORS
Twenty-three percent of White and Caucasian members and twenty-two percent
of Asian and Pacific Islander members who are dual specialists made $200,000
or more in gross income in 2016.
Forty-two percent of Black and African American members who are dual
specialists made less than $24,999 a year in gross income in 2016.
expenses.
GROSS PERSONAL INCOME FOR DUAL REAL
ESTATE SPECIALISTS FOR 2016
10% 10%
23% 22% 20%
16%
25%
24% 20% 30%

27%
26%
12%
23%
23% 20%
14%
11% 6%
12% 42%
25% 23%
20%
15%
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
103
Net Income of REALTORS
Eleven percent of White, Caucasian and ten percent of Asian, and Pacific
Islander members who are dual specialists made $200,000 or more in net
income in 2016.
Fifty-one percent of Black and African American members who are dual
specialists made less than $24,999 a year in net income in 2016.
expenses.
NET PERSONAL INCOME FOR DUAL REAL
ESTATE SPECIALISTS FOR 2016
4% 6% 7%
11% 10%
12% 10%
19% 18% 27%

15%
29%
18%
26% 23% 24%
21%
21% 17% 17%
51%
33%
22% 21% 26%
Less than $24,999 $25,000 to $49,999 $50,000 to $99,999

$100,000 to $199,999 $200,000 or more
104
Dual Specialties
Fifty-three percent of members working in both residential and commercial real
estate (dual specialists) received 75 to 100 percent of their income from
residential activities in 2016, which is consistent across ethnic groups.
Forty-three percent of dual specialists received one to 24 percent of their
income from commercial real estate activities in 2016, which is consistent across
ethnic groups.
estate transactions in 2016 and 72 percent had no commercial transactions.
RESIDENTIAL REAL ESTATE FOR DUAL
SPECIALISTS IN 2016
DUAL
SPECIALISTS 8% 13% 11% 15% 53%
WHITE/
CAUCASIAN 7% 11% 12% 16% 54%
ASIAN/PACIFIC
ISLANDER 5% 14% 9% 16% 56%
BLACK/AFRICAN
AMERICAN 15% 18% 4% 11% 52%
HISPANIC/
LATINO 12% 14% 9% 12% 54%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

COMMERCIAL REAL ESTATE FOR DUAL
SPECIALISTS IN 2016
DUAL
SPECIALISTS 31% 43% 11% 8% 7%
WHITE/
CAUCASIAN 27% 44% 12% 9% 8%
ASIAN/ PACIFIC
ISLANDER 42% 40% 10% 5% 5%
BLACK/AFRICAN
50% 43% 3%
AMERICAN
HISPANIC/
LATINO 41% 44% 7% 5%
None 1% to 24% 25% to 49% 50% to 74% 75% to 100%

105
White and Caucasian dual specialists had a median of 12 residential
transactions in 2016.
About one-third of Asian and Pacific Islander dual specialists had between one
to five residential transactions and a quarter of Hispanic and Latino dual
specialists had 21 or more transactions in 2016.
RESIDENTIAL TRANSACTION SIDES

DUAL
SPECIALISTS 11% 23% 18% 12% 10% 26%
WHITE/
CAUCASIAN 11% 20% 18% 13% 10% 29%
ASIAN/
PACIFIC 8% 31% 18% 13% 11% 19%
ISLANDER
BLACK/
AFRICAN 13% 37% 12% 12% 9% 18%
AMERICAN
HISPANIC/
LATINO 11% 29% 15% 11% 9% 25%

MEDIAN RESIDENTIAL TRANSACTION SIDES COMPLETED

BY DUAL SPECIALISTS IN 2016
Dual Specialists: White/ Asian/Pacific

10 Caucasian:12 Islander: 8
American: 6 8
106
Dual specialists from all ethnicities had a median of one commercial transaction
in 2016.
Half of dual specialists from all ethnicities had between one and five
commercial transaction in 2016.
COMMERCIAL TRANSACTION SIDES

DUAL
WHITE/
CAUCASIAN 32% 55% 9%
ASIAN/
PACIFIC 39% 54% 4%
ISLANDER
BLACK/
AFRICAN 50% 49% 1%
AMERICAN
HISPANIC/
LATINO 36% 55% 7%

MEDIAN COMMERCIAL TRANSACTION SIDES

Dual Specialists: White/ Asian/Pacific

1 Caucasian:1 Islander: 1
American: 1 1
107
White and Caucasian dual specialists had the highest median sales transaction
volume of $2,461,800 in 2016.
Asian and Pacific Islander dual specialists were more likely to report a sales
transaction volume of $5 million or more at 24 percent in 2016.
Asian & Black &

White &
Pacific African
Caucasian
$5,000,000 or $5,000,000 or $5,000,000 or
RESIDENTIAL SALES TRANSACTION VOLUME

Asian/ Black/
Dual White/ Hispanic/
Pacific African
Specialists Caucasian Latino
Islander American
20% 17% 24% 5% 13%
$5,000,000 or more
$1,000,000 to
40% 37% 29% 25% 32%
$4,999,999
$500,000 to
11% 8% 6% 8% 10%
$999,999
$250,000 to
6% 6% 12% 9% 7%
$499,999
$100,000 to
4% 4% 2% 7% 7%
$249,999
$1 to $99,999 5% 9% 8% 17% 12%
Median: $2,230,800 $2,461,800 $2,400,000 $843,800 $2,200,000

Do not
transactions
108
When asked the average dollar value of residential sales transactions, 22 percent
of dual specialists answered between $1,000,000 and $4,999,999 in 2016.
Asian and Pacific Islander dual specialists had the highest median dollar value
of residential sales transactions at $478,600 in 2016.
Hispanic White &

& Latino 28% sell homes Caucasian 24% sell homes
between between
$250,000 and $250,000 and
$999,999 $999,999

TRANSACTIONS FOR DUAL SPECIALISTS IN 2016
Asian/ Black/
Pacific African
Islander American
$5,000,000 or more 6% 6% 12% 3% 4%

$1,000,000 to
22% 23% 24% 11% 18%
$4,999,999
$500,000 to
12% 12% 10% 5% 13%
$999,999
$250,000 to
12% 12% 7% 10% 15%
$499,999
$100,000 to
8% 8% 2% 5% 7%
$249,999
$1 to $99,999 6% 5% 3% 15% 4%
Median: $273,400 $250,000 $478,600 $214,300 $277,800
28% 26% 36% 45% 36%

No transactions
sales transactions
109
When asked the typical sales price of homes in the area of business, the
responses varied evenly between $100,000 to $499,999 in 2016.
Asian and Pacific Islander dual specialists were the most likely to sell homes in
an area with home values of $500,000 and above at 46 percent in 2016.
Asian &
White &
Pacific
46% sell Caucasian 13% sell
Islander
homes priced homes priced
$500,000 and $500,000 and
above above
TYPICAL SALES PRICE OF HOMES IN AREA FOR DUAL

SPECIALISTS IN 2016
Asian/ Black/
Pacific African
Islander American
$1 million and above 4% 3% 9% 2% 2%
$750,000 to $999,999 4% 3% 15% 1% 2%
$500,000 to $749,999 9% 7% 22% 4% 10%
$350,000 to $499,999 12% 11% 12% 15% 18%
$300,000 to $349,999 10% 9% 11% 6% 15%
$250,000 to $299,999 15% 15% 10% 16% 13%
$200,000 to $249,999 15% 16% 12% 15% 9%
$150,000 to $199,999 17% 18% 6% 19% 17%
$100,000 to $149,999 12% 13% 4% 13% 11%
$50,000 to $99,999 4% 5% * 7% 2%
$49,999 and below * * * 2% 1%
Median: $256,700 $243,800 $341,000 $230,000 $288,500
110
Asian and Pacific Islander dual specialists had the highest median commercial
sales transaction volume of $1,687,500 in 2016.
Asian and Pacific Islander dual specialists were the most likely to report a
commercial sales transaction volume of $1 million or more at 35 percent in
2016.
Asian & Black &

White &
Pacific African
Caucasian
$1,000,000 or $1,000,000 or $1,000,000 or
COMMERCIAL SALES TRANSACTION VOLUME

Asian/ Black/
Pacific African
Islander American
1% 1% 5% 1% 2%
$5,000,000 or more
$1,000,000 to
14% 12% 30% 6% 13%
$4,999,999
$500,000 to
14% 15% 8% 9% 15%
$999,999
$250,000 to
17% 18% 5% 13% 18%
$499,999
$100,000 to
12% 13% 6% 10% 8%
$249,999
$1 to $99,999 7% 7% 5% 10% 7%
Median: $805,600 $805,600 $1,687,500 $357,100 $681,800
Do not
transactions
111
When asked the average dollar value of commercial sales transactions, the
majority answered between $100,000 and $499,999 at 56 percent in 2016.
Asian and Pacific Islander dual specialists had the highest median dollar value
in commercial sales transactions at $1,333,300 in 2016.
Asian &
White &
Pacific
51% sell homes Caucasian 38% sell homes
Islander
between between
$250,000 and $250,000 and
$999,999 $999,999
AVERAGE DOLLAR VALUE OF COMMERCIAL

SALES TRANSACTION FOR DUAL SPECIALISTS IN 2016
Asian/ Black/
Pacific African
Islander American
$5,000,000 or
2% 2% 3% 2% 2%
more
$1,000,000 to
5% 5% 9% 3% 4%
$4,999,999
$500,000 to
10% 10% 22% 2% 8%
$999,999
$250,000 to
27% 28% 29% 15% 27%
$499,999
$100,000 to
29% 29% 11% 31% 31%
$249,999
$1 to $99,999 8% 8% 7% 17% 8%
Median: $442,300 $428,600 $1,333,300 $326,900 $474,100
14% 13% 13% 23% 15%

No transactions
sales transactions
112
Location of
Dual Specialists
Black and African American dual specialists were the most likely to work in
suburban areas and Asian and Pacific Islander dual specialists are the most
likely to work in urban and central cities.
LOCATION OF PRACTICE FOR DUAL SPECIALISTS IN 2017
50%
46% 46%
45% 43% 43%
40%
40% 39%
37%
35%
35%
30% 27%
25% 24%
21% 22%
20%
15%
15% 13%
11%
10% 9%
7%
4%5%4% 5%6%
5%
1%
0%
Dual Specialists White/ Caucasian Asian/ Pacific Islander

Black/ African American Hispanic/ Latino
113
Hours Worked for
Dual Specialists
Twenty-five percent of White and Caucasian dual specialists work 60 hours or

more in 2017.
HOURS WORKED FOR DUAL SPECIALISTS BY IN 2017
DUAL SPECIALISTS 7% 24% 48% 22%
WHITE/CAUCASIAN 5% 21% 49% 25%
ASIAN/PACIFIC ISLANDER 9% 27% 42% 22%
BLACK/AFRICAN
AMERICAN 17% 22% 42% 19%
HISPANIC/LATINO 12% 29% 44% 16%
114
Experience for
Dual Specialists
Thirty-six percent of White and Caucasian dual specialists had 26 or more years
of experience in residential real estate in 2017.
Twenty-nine percent of Black and African American dual specialists had 16 to
25 years of experience in residential real estate in 2017.
YEARS ACTIVE IN RESIDENTIAL


17% 13% 15%

32% 36%
19%
29%
25%
22%
22% 25%
19%
27%
18%
18% 14% 19%
9%
12%
10%
20% 13% 13%
11% 10%
6% 10% 10%
5% 5%

115
Years of Commercial
Experience for
Dual Specialists
Twenty-four percent of White and Caucasian dual specialists had 26 or more
years of experience in commercial real estate in 2017.
Ten percent of Hispanic and Latino dual specialists had 16 to 25 years of
experience in commercial real estate in 2017.
YEARS ACTIVE IN COMMERCIAL

8% 7% 8%
24% 12% 10%

32%
22%
12%
20%
21% 8%
18%
22%
18% 16%
16%
18% 30%
16%
29% 33%
12%
14%
11% 22%
14% 11%
6% 9%

116
Age & Education for
Dual Specialists
Forty-nine percent of White and Caucasian dual specialists were 60 years or
older in 2017, compared to 24 percent of Hispanic and Latino dual specialists.
Twenty-seven percent of Asian and Pacific Islander dual specialists had a
graduate degree in 2017.
AGE OF DUAL REAL ESTATE SPECIALISTS IN 2017
30% 24%
37%
45% 49%
34%
32%
28%
31%
31%
32% 33%
30%
20% 17%
4% 3% 6% 7% 9%
EDUCATION OF DUAL REAL ESTATE SPECIALISTS IN 2017

Asian/ Black/
Pacific African
Islander American
Graduate Degree 16% 13% 27% 25% 16%
Graduate Study 7% 8% 7% 6% 4%
Bachelor's Degree 29% 28% 35% 32% 31%
Some
College/Associate's 39% 41% 29% 34% 43%
Degree
High School 9% 10% 3% 3% 5%
117
License of Dual Specialists
Fifty-seven percent of Hispanic and Latino dual specialists were sales agents in
2017.
Forty-seven percent of White and Caucasian dual specialists were brokers in
2017.
LICENSE TYPE OF DUAL SPECIALISTS IN 2017
Asian/ Black/
Pacific African
Islander American
Broker 44% 47% 42% 41% 27%
Broker Associate 15% 17% 10% 12% 16%
Sales Agent 39% 34% 47% 47% 57%
Appraiser 1% 1% 1% * *
Other 1% 1% * * *
Hispanic and White and

Latino Caucasian
members members
were more were more
likely to be likely to be
sales agents brokers
118
Survey Respondents
The 2017 Choosing a Career in Real Estate: A Perspective on Gender, Race, and Ethnicity
report examines gender, race, and ethnicity in commercial and residential real estate. In
order to get a statistically significant response rate that conveys characteristics of
these minority groups, NAR Research oversampled additional female members, self-
identified racial and ethnic minority groups (that can also select more than one race or
ethnicity), and commercial members in order to understand the trends occurring
within NARs membership. Survey respondents in these categories were higher than in
NARs general membership. For comparison purposes, please see the breakdowns in
the 2017 Member Profile and 2017 Commercial Member Profile.
2017 Member Profile 2017 Commercial Member Profile
37 percent male 73 percent male

63 percent female 27 percent female
82 percent White and Caucasian 86 percent White and Caucasian
9 percent Hispanic and Latino 6 percent Hispanic and Latino
5 percent Asian and Pacific Islander 4 percent Asian and Pacific Islander
5 percent Black and African American 2 percent Black and African American
1 percent American Indian, Eskimo, and 1 percent American Indian, Eskimo, and
Aleut Aleut
3 percent Other 4 percent Other
$42,500 median gross income (2016) $120,800 median gross income (2016)
12 median sales transactions (2016) 8 median sales transactions (2016)
$1.9 million median sales volume (2016) $3.5 million median sales volume (2016)
119
Methodology
From March to April 2017, a survey was sent to a total of 144,000 members of the
National Association of REALTORS. A representative sample of 6,363 members
responded to the survey. The survey had an adjusted response rate of 4.4 percent.
The confidence interval at a 95 percent level of confidence is +/-1.23 percent based on
a population of 1.2 million members.
The survey was sent initially to a base random sample of 33,000 members for a
comparison of demographics based on all members. Next, the survey was sent to an
oversample of 60,000 commercial members with the goal of capturing a higher
percentage of females operating in commercial real estate. Third, the survey was sent
from the Multi-Cultural groups, i.e. NARs Diversity Committee, the National
Association of Hispanic Real Estate Professional (NAHREP), the Asian Real Estate
Association of America (AREAA), and the National Association of Real Estate Brokers
(NAREB), to increase the response rate from the diverse racial and ethnic groups.
Finally, the survey was sent to an additional oversample of 51,000 members that self-
identify as any of the racial or ethnic groups, and can select more than one minority
group, other than White or Caucasian.
Medians for sales volume and dollar value of sales transactions are calculated omitting
the no transaction and do not perform sales transactions categories.
2017 National Association of REALTORS

All Rights Reserved.
May not be reprinted in whole or in part without permission of the National
Association of REALTORS.
For reprint information, contact data@realtors.org.
120
The National Association of REALTORS, The Voice for Real Estate,
is Americas largest trade association, representing 1.2 million members, including
NARs institutes, societies and councils, involved in all aspects of the real estate
industry. NAR membership includes brokers, salespeople, property managers,
appraisers, counselors and others engaged in both residential and commercial
real estate.
The term REALTOR is a registered collective membership mark that identifies a

real estate professional who is a member of the National Association of REALTORS
and subscribes to its strict Code of Ethics.
Working for Americas property owners, the National Association provides a facility for
professional development, research and exchange of information among its members
and to the public and government for the purpose of preserving the free enterprise
system and the right to own real property.
NATIONAL ASSOCIATION OF REALTORS

RESEARCH DIVISION
The Mission of the National Association of REALTORS Research Division is to collect
and disseminate timely, accurate and comprehensive real estate data and to conduct
economic analysis in order to inform and engage members, consumers, and policymakers
and the media in a professional and accessible manner.
To find out about other products from NARs Research Division, visit
www.REALTOR.org/research-and-statistics.
NATIONAL ASSOCIATION OF REALTORS

Research Division
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
data@realtors.org
121

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Choosing A Career 2017

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2017 Choosing a Career

National Association of REALTORS Research Department

The National Association of REALTORS Why A Career in Real Estate?

Thirty-seven percent of Asian and Pacific Here is a comparison of the business

Hispanic and Latino residential-only Hispanic and Latino residential-only

RACE AND ETHNICITY

Hispanic/Latino/Mexican/Puerto Rican 13%

0% 20% 40% 60% 80%

0% 20% 40% 60% 80% 100%

FOUND CURRENT POSITION

Referred by a friend 27%

Online job listing 3%

0% 20% 40% 60% 80% 100%

All Respondents White/Caucasian

ASPECTS OF REAL ESTATE THAT ARE ATTRACTIVE

0% 10% 20% 30% 40% 50% 60% 70% 80%

ASPECTS OF REAL ESTATE THAT ARE ATTRACTIVE

Flexible hours 72%

Working with people 59%

Salary possibilities 53%

Active job (not a desk job) 45%

Love of homes & homeownership 53%

Job tasks (i.e. sales & marketing) 12%

0% 10% 20% 30% 40% 50% 60% 70% 80%

All Respondents White/Caucasian

SKILLS CONSIDERED MOST IMPORTANT FOR

(Percent of Respondents) All Respondents Male Female

People Self- Negotiation

SKILLS CONSIDERED MOST IMPORTANT FOR SUCCESS

SKILLS CONSIDERED MOST IMPORTANT FOR

(Percent of Respondents) All Respondents Male Female

Negotiation skills 69% 68% 70%

Negotiation Problem- Analytical

SKILLS CONSIDERED MOST IMPORTANT FOR SUCCESS

CONSIDERED BECOMING A COMMERCIAL

13% 11% 14%

RESIDENTIAL ONLY MALE FEMALE

Yes No Don't Know

Dont know Dont know

REASONS FOR NOT PURSUING COMMERCIAL REAL ESTATE

FACTORS THAT WOULD PROMPT A PURSUIT IN

Residential Only Male Female

CONSIDERED BECOMING A COMMERCIAL

13% 11% 11%

RESIDENTIAL WHITE/ ASIAN/ BLACK/ HISPANIC/

Yes No Don't Know

Dont know Dont know

REASONS FOR NOT PURSUING COMMERCIAL REAL ESTATE

FACTORS THAT WOULD PROMPT A PURSUIT IN

20% 18% 19% 18%

48% 47% 49%

Men come from Women come

Previous Full-Time Occupation

All Respondents Male Female

Previous Full-Time Occupation

REAL ESTATE SPECIALTY FOR MEMBERS IN 2017

Residential Commercial Both

MEDIAN GROSS INCOME FOR MEMBERS

Residential Only: $48,300

Commercial Only: $147,200

Dual Specialists: $89,300

MEDIAN NET INCOME FOR MEMBERS

Residential Only: $35,500