Copyright (c) 2008 Rexer Analytics All Rights Reserved
2008 New England Real Estate Agent
Survey:
2008 New England Real Estate Agent
Survey:  

Thank you for your interest in the 2008 New England Real Estate Agent Survey.

In conducting this survey, Rexer Analytics strove to understand the experiences of
real estate agents in New England, particularly in times of economic downturn as we
have seen this year.  We sought to understand how satisfied real estate agents were
overall, what their recent experiences have been, and what their outlook is for the
future.   In addition, we explored the factors they thought were important in performing
their job well, how they would rate themselves on these dimensions, and what the
typical barriers were to them performing their jobs to their satisfaction.

If you would like to receive the 39 page report on the complete findings of this study,
please contact Paul Gearan at pgearan@RexerAnalytics.com.
SURVEY HIGHLIGHTS:

  • 25-item survey conducted in April 2008 of New England Real Estate
    agents, with a brief 6-item follow-up for those who completed the first
    survey in November 2008.

  • 211 agents completed the study in April and 71 of those also
    completed the follow-up study.

  • In April, real estate agents were fairly satisfied with their careers,
    intended to stay in the field, and felt fairly positive about the immediate
    future despite struggles experienced in the previous year.  However,
    they did not consider the field promising for new entrants at that time.

  • Satisfaction was enhanced by being in the field longer, having sold
    more properties in the past year, having a better than average past
    year and being self-directed by owning a firm.  Satisfaction is not
    related to the average home value of properties sold or education level
    of the agent.

  • Real estate is the rare field that does not discriminate against new
    entrants because of their age.  People are entering the field in sizable
    numbers in their 40s, 50s and even into their 60s.

  • The factors that agents consider most important to success are: the
    ability to develop a quality listing price, the ability to calmly negotiate,
    an in-depth knowledge of the local market, knowledge of laws related
    to real estate sales, and laws related to the behavior of real estate
    agents.

  • The most common obstacles encountered by agents are sellers who
    hold out for unreasonable prices and buyers who are uncertain about
    what they want.

  • In November, many of agents indicated that the intervening months
    since April had been difficult ones in terms of selling property, with 69%
    reporting worse than average sales for them (up from 52% in April).

  • Overall satisfaction with their careers and outlook for the near future
    were correspondingly affected.  While 31% of these 71 agents were
    “completely satisfied” with their career choice in April, that figure had
    dropped to 13% in November. In April, only 23% of agents had
    expected a below average year in the coming year; by November 43%
    of agents felt the next year would be below average.

  • However, most agents appear resolute to remain in real estate, with
    about 90% in both April and November indicating they are “likely” or
    “extremely likely” to remain in the field for the next two years.