Chicago Relocation

Straight form the Source: Chicagoland Agents

September 20, 2012

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John D’Ambrogio

In 2011 the average Chicagoland real estate agent made more than in 2010, dealt with less REO deals, and was more satisfied and open to brokerage associations and services.   Chicago Agent Magazine survey results painted a clear picture of the situation out in the trenches of Chicagoland real estate.

Over half the agents surveyed said their total income in 2011 (about $95,000) was more than 2010 (about $70,000).  That average income rolled in at only 15% below the pre-recession average.  Additionally traditional commission splits (80-20%) are up 33.4% from 22.8%. And 79% of agents said that that’s just fine.  They are happy with the services included with their split.

Bulk REO deals might be on the downturn for Chicago agents.  91% of agents were involved with less than 20 REO deals in 2011 and only 2% reported dealing with over 100 REO sales.  Rentals might be dwindling as well.  73% of agents said rentals were less than a quarter of their business for the entire year.

As usual Chicago agents are working hard improving their personal business.  88% took courses specifically to improve their business.  Overall agents spent more on marketing – on average 5.8% of their income.  More time was also spent on the Internet promoting their business on their website and/or blog.  76% of agents now have a business page on the Internet.

Agents who responded to this survey worked in real estate on average 11 years, have spent just over their career in real estate and have spent an average of five years with their current company.  Finally 81% believe it should be more difficult to become licensed.

Some comments from Baird & Warner Intern Elizabeth McGrath