Fewer join Realtors group
Puget Sound Business Journal (Seattle) - by Kirsten Grind Staff Writer
As more real estate agents abandon the business, they’re leaving behind a gaping budget hole for the Seattle-King County Association of Realtors.
The trade organization is expecting its paid membership to drop 10 percent to about 8,200 members by the end of the year, with another 11 percent membership decline projected for 2009.
The result is a budget deficit of about $148,800 for 2008 and another decline in revenue of $144,000 for 2009.
The association receives about $160 in annual fees from each member, and its total budget is about $2.2 million, which is based largely on membership fees but also includes revenues from the association’s building ownership.
As a result of the loss in fees, the association has faced some “general belt tightening,” said Russell Hokanson, chief executive.
That means less advertising, no equipment upgrades and fewer meetings at off-site locations, among other cutbacks.
What won’t be cut: local lobbying and classes for members because they are core services provided by the association.
However, Hokanson said there could be some “adjustments” to classes based on attendance, which is likely to be down because of membership declines.
“We haven’t come out of it as rapidly as we had hoped,” said Hokanson about the housing market decline. “Now we’re probably going to have to wait and see what happens.”
KGRIND@bizjournals.com | 206.876.5434
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