SAN FRANCISCO, CA--(Marketwired - Nov 9, 2013) - There is a significant relationship between Realtors®' educational attainment and their income level, according to panelists at today's "Learn. Live. Lead. Lifelong Learning and Real Estate Success" forum during the 2013 REALTORS® Conference and Expo.
During the session, academics discussed the role that lifelong learning plays in the success of real estate professionals. National Association of Realtors® Chief Economist Lawrence Yun said that continuing education can help Realtors® better meet the needs of their clients and stay ahead of competitors.
"Realtors® bring value to home buyers, sellers and investors and as markets transition and real estate transactions become increasingly complex, it's important for successful agents to invest in their education and keep current on the latest issues and technologies affecting their business, especially since data show it pays off," he said.
Hugh Kelly, professor at New York University Schack Institute of Real Estate, said that educated professionals migrate to top industry positions. "Degrees can be very helpful to Realtors® as they progress through their careers; degrees provide individuals with skills to gain entry into executive positions in top firms, manage diverse businesses and advance entrepreneurially," he said.
Lawrence Souza, professor at Golden Gate University, agreed and said he's a true believer in education. Souza provided attendees with resources to help identify and explore advanced education and training. "My advice is to attain the education to get ahead and find a mentor who can help you identify your best options," he said.
At the session, economists from NAR and the California Association of Realtors® presented various NAR research and data that illustrate how better education often equals higher incomes.
NAR economist Jessica Lautz said while Realtors®' incomes are up for the second year in a row following nine years of declines, NAR data show earnings were even higher for members with advanced educations. Thirty-six percent of Realtors® with a bachelor's degree grossed between $35,000 and $100,000, compared to 31 percent of Realtors® with a high school degree or less; and eighteen percent of Realtors® with a bachelor's degree grossed over $100,000, compared to 14 percent of Realtors® with a high school degree or less.
CAR Economist Selma Hepp said on average, Realtors® with bachelor's degrees netted a 12 percent increase in income over those without a degree; and Realtors® with graduate degrees netted a 23 percent increase in income.