During Metro Council hearing PMAR rep indicated that there were 6,400 PMAR members. I went back and checked and through October there were 16,000 Portland metro closed sales according to the MLS. Throwing in a generous 2,500 additional closed sales in Nov and December would mean that a projected total of 18,500 closed sales in PMAR area for all of CY 2010.
Divided by 6,400 PMAR members, that would be an average of less than 3 closed sales per PMAR member in CY 2010-OUCH! (Total is likely even less because 100% of closed sales are probably not sold by PMAR members).
If Realtor commissions were 6% per closed sale and the average sales price was $285,000, 3 closed sales would produce $51,300 in total annual CY 2010 commissions per PMAR member. (That's less than 80% of Portland Metro MFI for a family of 4):
Keep in mind as well that 6% is what both realtors make on a sale, so 3% to each, which would drop your CY2010 income even worse.
ReplyDeleteI wonder how many are members, but have stopped doing real estate as well...still incredible numbers.
Three percent to each office, then split per commission agreement. Even a generous split (75% to agent)would be BELOW the poverty line for a family of four.
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