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In 2006 the number of real estate agents and brokers nationwide has increased to more than 2.5 million. About half are realtors (members of a trade group called the National Association of Realtors). In California alone, there are more than 500,000 agents and brokers. According to a study, there were 2,820 single-family houses sold in San Cruz County of California in 2004 and there were 1,473 realtors in the county, averaging less than 2 houses per agent.
No doubt the real estate industry is very competitive and recent boom in real estate did not translate to a boom in agent's earning. Research showed that the median annual income of real-estate sales agents in 2004 was only $37,600, down from $39,300 in 2002.
Property prices have increased substantially in the past 10 years. In some areas, such as Orange County and San Diego of California, prices have increased more than 300%. A house worth $150,000 in 1996 is now sold for more than $500,00. Yet the average agent commission still remains above 5%. This represents a major cost to sellers. Realizing that real estate dealings could be more efficient, discount brokers have increased their present on the Internet. As a result, if you go with traditional method of choosing agents offline, you will miss out on big savings or substantial rebates.
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