Real April Agent Survey Shows Uptick in Agent Optimism, Potential Inflection in U.S. Home Sales Market
21 5월 2024 - 8:30PM
Business Wire
Survey reveals economics and culture the most
influential factors driving agent growth
The Real Brokerage Inc. (NASDAQ: REAX, “Real”), the
fastest-growing, publicly traded real estate brokerage, today
announced results from its April 2024 Agent Survey. The survey
indicates a modest uptick in optimism among agents about future
market conditions as the spring selling season ramps up. Notably,
Real’s U.S. Transaction Growth Index reached 50.2, signifying a
slight year-over-year improvement in U.S. home sale transactions
for April.
“The positive shift in our U.S. Transaction Growth Index is a
promising sign, reflecting a potential turning point for home
sales,” said Tamir Poleg, Chairman and CEO of Real. “As the market
continues to recover, Real is committed to empowering our agents
with innovative tools and resources to navigate and succeed in this
evolving landscape.”
“This month, we asked our agents why they chose to join Real,
and we were delighted that over 90% cited our culture as an
influential factor in their decision,” remarked Sharran Srivatsaa,
President of Real. “Our focus on fostering a culture centered on
collaboration over competition not only attracts top talent, but
also provides our agents with the support they need to thrive. This
feedback underscores the importance of our One Real approach and
our commitment to continuously enhancing the agent experience.”
Key Findings:
- Agent Optimism Index Improves Sequentially From March:
At the end of April 2024, agents were asked, “Compared to one month
ago, are you more optimistic or pessimistic about the outlook for
your primary market over the next 12 months?” Among the
respondents, 45% felt more optimistic and an additional 14% felt
significantly more optimistic, outweighing the 13% who felt more
pessimistic and 3% who felt significantly more so. The average
response resulted in a weighted index reading of 63.6 on a 0-100
scale, with scores above 50 reflecting a positive outlook. This
compares to 63.3 in March, indicating a slight month-over-month
improvement in optimism, with similar improvements witnessed in
both the U.S. and Canada.
- Sellers Continue to Have the Upper Hand in Negotiations:
When asked “Would you consider your primary market to be a buyer's
market, seller's market or balanced market?”, nearly two-thirds
(61%) of agents noted sellers have the upper hand, unchanged from
the March survey. However, 16% of agents believed buyers hold the
upper hand in their markets, up from 13% in March.
- Total North American Home Sale Industry Transactions
Expected to be Roughly Flat Year-over-Year in April: Agents
were asked, “In your primary market, how would you describe the
number of transactions closed in April 2024 compared to April
2023?” The average response resulted in a weighted index reading of
49.9 on a 0-100 scale, suggesting total industry transactions
across the U.S. and Canada were approximately even in April 2024
compared to April 2023, with a slight increase in the U.S. home
sales market, offset by a modest decline in Canada. April’s index
reading of 49.9 was above March’s 48.6 level.
- Agents Expect U.S. Transactions to Improve in April:
Agents signaled the total number of U.S. home sale transactions is
expected to improve modestly in April 2024 compared to April 2023.
April’s index reading of 50.2 marks the first time this year the
index has been in positive territory, a notable improvement from
47.3 in March and February’s level of 48.5.
- Canada Market Slows in April: Agents in Canada signaled
a modest decline in year-over-year growth in their respective
regions, with the overall Canadian weighted index falling to 46.4
from 62.9 in March.
- Affordability Remains the Biggest Challenge for Home
Buyers: The majority of agents surveyed (56%) cited
affordability/interest rates as the biggest challenge for
prospective home buyers, followed by a lack of inventory (32%) and
economic uncertainty and buyer competition (each at 5%).
- Agent Economics and Unique Culture Primary Reasons Agents
Join Real: Given Real’s rapid agent growth over the past year,
Real asked agents for key drivers behind their decision to join.
Key factors include:
- Economic model: 95% of respondents said Real’s favorable
agent economic model was influential, with 76% noting it was very
influential. Real’s 85/15 split, $12,000 annual cap, and
revenue-sharing opportunities are major attractions.
- Company culture: 92% reported Real’s culture and
leadership were influential, with 71% stating it was very
influential.
- Stock opportunities: 89% found the opportunity to earn
Real stock influential, with 62% rating it as very
influential.
- Technology platform: 82% valued access to Real’s
technology, including its proprietary software platform, reZEN, Leo
AI assistant and access to the Real Academy education resources,
with 46% finding it very influential.
- Work flexibility and referrals: Both were ranked
as influential by 73% of survey respondents.
- Agents Who Use Home Search Portals for Lead Generation Are
in the Minority: Approximately one-third (32%) of agents
reported using home search portals for marketing and lead
generation, compared to 68% who do not. Among those who use search
portals, 68% spend less than $5,000 per year (with 43% spending
less than $1,000 annually). Meanwhile, 16% spend between $5,000 and
$20,000, and the remaining 16% spend more than $20,000. Over the
next 12 months, 28% plan to increase spending on home search
portals, 57% plan to maintain current levels and 15% plan to reduce
spending.
- All Home Search Portals Expected to See Increased
Spending: Zillow Flex is anticipated to lead in spending
increases over the next 12 months, with 42% of agents who use the
platform expecting to allocate more funds to it, compared to only
5% planning to reduce spending. Twenty five percent of agents who
market on Homes.com plan to increase spending, while 15% plan to
reduce spending. Just over a quarter (26%) of agents utilizing
Realtor.com are planning to boost their budget for the site,
compared to 22% who are planning to reduce spending. Finally, for
Zillow Premier Agent, 22% of agents plan to increase spending,
balanced by 22% who plan to reduce spending on the product. In
aggregate, all home search portals are expected to see increased
investment over the next year, reflecting agents' growing
confidence in these tools for lead generation and marketing.
An infographic including key survey takeaways can be found on
Real’s investor relations website or by following the link
here.
About the Survey
The Real Brokerage April 2024 Agent Survey included responses
from over 225 real estate agents across the United States and
Canada and was launched in the last week of April 2024. Responses
to questions regarding transaction growth and agent optimism were
calibrated on a 0-100 point index scale, with readings above 50
indicating an improving trend, whereas readings below 50 indicate a
declining trend. Responses are meant to capture industry-level
information and are not meant to serve as an indication of Real’s
company-specific growth trends. Additionally, given the smaller
sample size, there can be greater variability in Canada index
results on a month-to-month basis.
About Real
Real (NASDAQ: REAX) is a real estate experience company working
to make life’s most complex transaction simple. The fast-growing
company combines essential real estate, mortgage and closing
services with powerful technology to deliver a single seamless
end-to-end consumer experience, guided by trusted agents. With a
presence in all 50 states throughout the U.S. and Canada, Real
supports over 18,000 agents who use its digital brokerage platform
and tight-knit professional community to power their own
forward-thinking businesses.
Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable Canadian securities laws. Forward-looking
information is often, but not always, identified by the use of
words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”,
“expect”, “likely” and “intend” and statements that an event or
result “may”, “will”, “should”, “could” or “might” occur or be
achieved and other similar expressions. These statements reflect
management’s current beliefs and are based on information currently
available to management as of the date hereof. Forward-looking
information in this press release includes, without limiting the
foregoing, expectations regarding the residential real estate
market in the U.S. and Canada.
Forward-looking information is based on assumptions that may
prove to be incorrect, including but not limited to Real’s business
objectives, expected growth, results of operations, performance,
business projects and opportunities and financial results. Real
considers these assumptions to be reasonable in the circumstances.
However, forward-looking information is subject to known and
unknown risks, uncertainties and other factors that could cause
actual results, performance or achievements to differ materially
from those expressed or implied in the forward-looking information.
Important factors that could cause such differences include, but
are not limited to, slowdowns in real estate markets and economic
and industry downturns. These factors should be carefully
considered and readers should not place undue reliance on the
forward-looking statements. Although the forward-looking statements
contained in this press release are based upon what management
believes to be reasonable assumptions, Real cannot assure readers
that actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this press release, and Real assumes no obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240521486959/en/
Investor inquiries, please contact: Ravi Jani Vice President,
Investor Relations and Financial Planning & Analysis
investors@therealbrokerage.com 908.280.2515 For media inquiries,
please contact: Elisabeth Warrick Senior Director, Marketing,
Communications & Brand press@therealbrokerage.com
201.564.4221
Real Brokerage (NASDAQ:REAX)
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