If it ever seems there are a lot of realtors in Maine, it is because there are. According to the most recent statistics there are 6,193 individual licensees. Of these 5,078 are active and broken down as follows:
- Designated Brokers 909
- Brokers 1,495
- Associate Brokers 2,212
- Sales Agents 462
During the last there years, however, there has been a steady decline in individual licenses. In 2009 there were 6,829. That dropped to 6,432 in 2010 and stands today at 6,193. The three year decline of 636 represents 9.3% reduction.
This drop in the number of agents in Maine is similar to what is happening across the country and is clearly related to the decrease in overall commission income being earned. The chart below, prepared by NAR, illustrates the industry income decline, which began in 2005.
Marketing Budgets Decline
As a by product of this dramatic decline in income, marketing spending is down approximately 30% through June of 2011 and investments in online marketing are only 10% of the total advertising budget. The low level of internet marketing is very counter intuitive, since this is where most potential buyers can be found.
Real estate licenses are regulated by the state of Maine, which administers training and testing. The most current data reveals a failure rate of 42% of all candidates taking the Sales Agent exam, which is essentially the entry level.