PA real estate firms in business longer than national average

Real estate firms tend to have more staying power in Pennsylvania compared to national averages, according to a recent survey conducted for the Pennsylvania Association of Realtors®.

Fifty-nine percent of firms owned by association members report their firms have been in business for at least 16 years, compared to just 46% of firms nationwide that have been in business at least as long. According to research collected by Keystone Analytics®, 69% of firms in Pennsylvania have been in business for at least 11 years, also outpacing the nationwide average of 55% of firms who make it to more than 10 years of business.

“Pennsylvania has a steady real estate market,” according to PAR President Ron Croushore. “It’s no surprise that firms here have a long history in their communities. This expertise and knowledge of the real estate market makes Pennsylvania Realtors® a valuable resource to home buyers and sellers.”

The survey also revealed that Pennsylvania real estate firms are less likely than firms nationwide to be confined to a single office. In the National Association of Realtors®’ (NAR) survey of firm owners nationwide, 81% of firms were identified as having a single office, where 70% of firm owners in PA had a single office. Twenty-four percent of Pennsylvania firms had at least two offices, compared to 19% of firms nationwide.

Firms in PA overwhelmingly favor residential brokerage services as their primary business service, just as firms nationwide do. Seventy-eight percent of firms in Pennsylvania make residential brokerage their primary business activity, compared to 81% of firms nationwide.

That said, Pennsylvania firms are much more likely than firms nationwide to offer a number of different ancillary services. Firms in Pennsylvania are more than twice as likely to offer relocation services, three times as likely to offer home warranty services and title/escrow services, and four times as likely to provide settlement services.

The online survey of Pennsylvania real estate firm managers compared the characteristics of real estate firms in the Commonwealth to firms across the nation recently surveyed by NAR. The survey yielded a statistically valid response rate of 6%, with 165 Realtor® members identified as likely firm owners responding from a sample of about 2,700 members.