1. REALTOR® vs Licensee
Performance Metrics Study
University of Denver
© 2014 REcolorado All rights reserved.

2. Image space
• Purpose
• Research Team
• Research Methodology
• Findings
• Conclusions
Introduction
2© 2014 REcolorado All rights reserved.

3. Image space
Purpose
• Gain an In-Depth Understanding of our
Customers
• Compare Performance Metrics
between REALTOR® and Licensee Agents
• Analyze Member Data using an objective,
third party, statistical approach
• Understand the REALTOR®
Value Proposition
3© 2014 REcolorado All rights reserved.

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Philip Beaver, PhD
Clinical Professor, Department of Business Information and Analytics
Donald J. McCubbrey, PhD
Clinical Professor, Department of Business Information and Analytics
Interim Director, Burns School of Real Estate & Construction
Management
Research Team
4© 2014 REcolorado All rights reserved.

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Research Methodology
• No assumptions made about
differences between REALTORS
and Licensees
• Statistical analysis techniques
used to support any conclusions
• The study used Metrolist data
from 2009 through June 2014
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Metrolist Membership
• Metrolist Licensees membership is growing
• 9% in 2011
• 12% in 2012
• 18% in 2013
• 22% in 2014
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FindingsREALTORS: 98% of Top Producers
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• REALTORS have
92% of list sides
• 94% of sell sides
by REALTORS
REALTORS: Average Twice the Sides
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REALTORS: Twice the Transactions
0%
20%
40%
60%
2009 2010 2011 2012 2013
PercentofTotal
Percent Total Transactions by Licensee
1
2 to 5
6 to 12
More
0%
10%
20%
30%
40%
2009 2010 2011 2012 2013
PercentofTotal
Percent Total Transactions by REALTOR
1
2 to 5
6 to 12
More
9© 2014 REcolorado All rights reserved.

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• Average dollar volume for REALTORS was three
times higher
REALTORS: Higher Dollar Volume
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
2009 2010 2011 2012 2013
AverageDollarsinMillions
REALTOR Average Total Dollars in Transactions
REALTOR®
Licensee
10© 2014 REcolorado All rights reserved.

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• Almost 60% of active Colorado communities had
no Licensees, with most higher-priced
communities served exclusively by REALTORS
0
50
100
150
200
250
2009 2010 2011 2012 2013 2014
NumberofCities
Cities Not Represented by Licensees
Total Cities
No Licensees
REALTORS: In More Communities
63% of communities
had no Licensees
11© 2014 REcolorado All rights reserved.

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REALTOR: Higher Closing Prices
$322,767
$279,032
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
2009 2010 2011 2012 2013 2014
AverageClosingPrice
Average Closing Price
REALTOR®
Licensee
12© 2014 REcolorado All rights reserved.

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REALTOR: Higher Average Price
-10000
-8000
-6000
-4000
-2000
0
2000
4000
2009 2010 2011 2012 2013 2014
ChangeperUnitIncrease
Change in Average Price
Per Number of Listings
REALTOR®
Licensee
• REALTORS’
average closing
prices increase as
listing volume
increases
• Higher volume
Licensees tend
towards the
lower-end
markets
-10000
-8000
-6000
-4000
-2000
0
2000
4000
2009 2010 2011 2012 2013 2014
ChangeperUnitIncrease
Change in Average Price
Per Sells
REALTOR®
Licensee
13© 2014 REcolorado All rights reserved.

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Licensees: Listing and Selling Agent
• Licensees were twice as likely to act as both the
listing and the selling agent for their transactions
0.00%
5.00%
10.00%
15.00%
20.00%
2009 2010 2011 2012 2013 2014
PercentBothSides
Percent Both Sides
REALTOR®
Licensee
14© 2014 REcolorado All rights reserved.

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• Licensees are
more likely to
sell their own
homes or
tenant-
occupied
homes
Licensees: Sell Own Home
0%
5%
10%
15%
2009 2010 2011 2012 2013 2014
PercentofTotalSales
Percent Agent Owner
REALTOR
®
0%
2%
4%
6%
2009 2010 2011 2012 2013 2014
PercentofTotal
Sales
Percent Tenant Occupied
REALTOR
®
15© 2014 REcolorado All rights reserved.

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0%
2%
4%
6%
8%
10%
12%
14%
16%
2009 2010 2011 2012 2013 2014
PercentofTotalSales
Percent Short Sale
REALTOR®
Licensee
Licensees: More Likely to List a Short Sale
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Licensees: Offer More Concessions
0%
5%
10%
15%
2009 2010 2011 2012 2013 2014
PercentofTotalSales Percent Cash Concessions
REALTOR®
Licensee
0.00%
0.20%
0.40%
0.60%
2009 2010 2011 2012 2013 2014
PercentofTotal
Sales
Percent Personal Property
REALTOR®
Licensee
17© 2014 REcolorado All rights reserved.

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• Same average Days On
Market
• No difference in
closing price as
a percent of list
price
• Similar price
reductions
List Agent Performance
95%
96%
97%
98%
99%
100%
2009 2010 2011 2012 2013 2014
AverageClosing/ListRatio
Average Closing as Percent of List
REALTOR
®
18© 2014 REcolorado All rights reserved.

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Conclusion: Similarities
Metrolist Licensee members have grown from
13% in 2009 to 22% in 2014
• REALTOR and Licensees are similar in terms of:
• Days on market
• Sale price as a percent of list price
• Contract characteristics
19© 2014 REcolorado All rights reserved.

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Conclusion: Differences
• 98% of top producers are REALTORS
• REALTORS list and sell twice as many
properties
• REALTORS operate in a higher-priced market
• REALTORS are more reactive to market
conditions, with Licensees showing
similar behavior from year to year
• Licensees tend to pursue a lower-cost model
20© 2014 REcolorado All rights reserved.

21. Contact
Deborah Shipley
Marketing Communications Manager
dshipley@REcolorado.com
303.796.2574
© 2014 REcolorado All rights reserved.