Education is an investment in which the individual decision to acquire a higher education depends on the probability of higher future earnings potential. The economic benefit of higher education has societal implications as well, since a productive population affects the aggregate economic output of a society. Selma Hepp, of the California Association of REALTORS® and Casey Dawkins, of the University of Maryland, approach the question: Does having college or graduate education make one a more successful real estate agent?
While the relationship between education and an individual’s earnings has been explored widely in numerous professions and industries, and a positive relationship between education and earnings regardless of profession, country, or time period, research focusing on the real estate profession specifically has tried to measure the impact of such variables as education, experience, demographics, age, firm association, and previous work experience on real estate agents’ earnings. It is most often found that earnings are positively affected by education and experience.
Hepp and Dawkins focus on the relationship between post-secondary education and REALTOR® income and estimate the impact of post-secondary schooling. Using recent data on REALTOR® income from the Member Profile Survey produced by the NATIONAL ASSOCIATION OF REALTORS®, the authors model and measure whether, and to what extent, post-secondary education has on REALTOR® income. The analysis also evaluates the impact of holding an NAR certification and/or designation.
Selected Key Findings:
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