Whether you are thinking of buying, selling, renting or investing, there is no doubt that during your property search process you will be relying heavily on a real estate agent in some way. Real estate agents are often the key to making many of our property dreams come true, so who exactly is the typical real estate agent?
The Census provides a number of insights about the population, and provides us with a few insights into real estate agents that you may not already know. The Real Estate Institute of Victoria (REIV) has taken a deeper look at the information on real estate agents, to answer the question “Who is the typical real estate agent?”
The big house
According to the data, the typical real estate agent in Melbourne is a 42 year old male, born in Australia. He is married with children and lives in a house – a rather large one. The typical real estate agent’s home has three bedrooms with 40 per cent having four or more bedrooms, which is almost double the Melbourne average of 28 per cent.
A large home is unsurprising given his household is larger than the typical Melburnian average with three compared to 2.6 people. But he can also afford to have a large home given he earns roughly 80 per cent more than the average Melbourne household with a pay packet of $125,600 per annum.
The hard worker
Earning a higher income comes at a cost, as he also works nearly eight hours more per week than the average Melburnian (casuals/part-timers included), working approximately 42 hours per week. While that is his average, one in five real estate agents work over 55 hours per week, which would include weekends too due to auctions and inspections.
As he works pretty long hours, it is also unsurprising that he has less time to contribute to domestic work, doing less than five hours per week. Approximately 58 per cent of real estate agents in Melbourne do less than five hours per week of house work compared to 51 per cent of Melbourne workers.
Working in real estate has also inclined him to own real estate, at least partially. He knows that “rent money is dead money” and is happier paying off a mortgage than renting. More than half (52 per cent) of Melbourne’s real estate agents are paying off a mortgage compared to 38 per cent of Melbourne households.
Having said that, though he doesn’t fully own the home he lives in suggesting he may have used his high income and equity in his home to borrow more money to buy investment properties. Less than a quarter (24 per cent) of Melbourne’s real estate agents own their home outright compared to a third (33 per cent) of Melbourne households.
He pays on average $2,300 per month on his mortgage which is 28 per cent higher than the typical Melbourne household. If he was renting, he would be paying on average $385 per week, also 28 per cent higher than the typical Melbourne household.
A nice set of wheels
The typical real estate agent drives a car to work. Cars are important in real estate and you may notice that having a driving licence is often necessary before applying for a real estate job, as visiting a number of properties in one day is difficult to do without a car. But why stop at one car? He has at least two motor vehicles in his household, if not more. Approximately 29 per cent of real estate agents have three or more motor vehicles compared to 16 per cent of Melbourne households.
Eye on the prize
He is an employee of a company, but may one day run his own business. After all, one in four real estate agents is an owner manager of his own enterprise compared to one in six workers in Melbourne.
Are you looking for the ideal agent to sell or manage your property? Take a look at realestateview.com.au’s Find An Agent section to find local agents in your area.