The “Not So Secret” Image Problem of Real Estate Agents
I like reading a wide spectrum of news sources, some of which are heavily slanted in their coverage. I like to think that it's good. Helps keep the mind open to new ideas and different perspectives.
In this month's issue of The American, a right-leaning publication that covers politics, ethics, and the economy, they ran an interesting poll…What are the most prestigious occupations?
Can you guess which occupation didn't top the charts? Real estate agent came in with only 6 percent of those polled naming Real Estate Agent as prestigious. (See the poll results here) That got me thinking. Let's run some numbers:
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American has about 300 million citizens.
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NAR claims there are 1.3 million Realtors, and I'd estimate another 500,000 licensed agents that aren't certified Realtors with the NAR, for a total of 1.8 million agents.
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If the average family size in America is roughly 3 people (two adults and one child), we could estimate that there are 5.4 million agents plus their family members nationwide.
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If every agent and family member voted for themselves that's 5.4 million of 300 million Americans…or just about 2 percent of the total population. So, each agent would need to influence another 6 people each to get to that 6 percent number.
Does this mean that on average, outside of an agent's immediate family members, they can only convince 6 people that their job is prestigious? If an average agent does 12 transactions a year over the past 5 years, they've had roughly 60 clients. Are agents only impressing 6 out of 60 clients these past five years???
Sorry for the loose math, but in contrast, 57 percent of Americans thought Firefighters were prestigious–that's nearly 170 million Americans pro-firefighter and only 18 Americans pro-agent–though I'd bet a lot fewer people dealt first hand with a firefighter last year than a real estate agent. The service delivered by agents clearly doesn't "wow" clients like the service delivered by firefighters, and it should. Agents help you find homes, help you move during one of the most disruptive life experiences, and help you make the most expensive purchase of your life.
Statistically speaking, that's not a "bad rap", it's a reputation earned again and again. And it stinks.
[As a short disclaimer, I am an agent in two different states, I get to say it!]
Administrator
wrote on November 21, 2008 at 11:30 am
Not too sure about your math here, Jeff. Also, I don’t think it’s really the same job to compare firefighters…who save lives…to agents.
I see your point though. With the number of people that agents reach each year, it’s a sad testimony that so few walk away feeling like the experience was great.
What’s the solution, smart guy?
-Kristen