Rumors and expectations of the Realtors’ demise were greatly exaggerated

As predicted on 3 January of this year:

The numbers of Realtors in the Charlottesville area is certain to decline in 2008. One simply cannot make a living on so few transactions per year.

I was right – but barely. Yesterday was the deadline to renew Realtor memberships and 98% of Charlottesville area Realtors chose to re-up for another year. Frankly, I was thinking we would see a 10% reduction at least, but that decline may not happen until next January. Out of just over 1100 Realtors, only 27 have decided to hang up their memberships.

Nationally, membership is flat.

The implications of this flatness are simple – the status quo remains and the Pareto Principle (the 80/20 rule) proves itself again.

Locally, these are a few questions to ask your Realtor before you hire him. If you are a buyer or seller, ask yourself – when choosing someone to represent your best interests, would you want someone who does it only a couple times a year, or someone who lives and breathes it every day?

More on the impact of the slowing market and part time Realtors here (from 2006).

This was my first lead-in sentence for this post:

“in a sign of either delusion or confidence that the market will rebound, about 98% of Charlottesville Realtors decided to re-up their membership …”

But I chose a less blustery opening. 🙂