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Highlights

• The typical residential firm had been operating for 16 years (up from 14 years), while the typical commercial firm had been operating for 30 years (up from 23 years).
• Firms typically generated 30% of their sales volume from past client referrals, 30% from repeat business from past clients, 10% from their website, and 10% through social media.
• The most common benefit that firms offered to independent contractors, licensees, and agents was errors and omissions/liability insurance at 42%.
• 38% of firms reported they were actively recruiting sales agents in 2021.
• Maintaining sufficient inventory, housing affordability, and competition from nontraditional market participants were among the biggest challenges cited for firms in the next two years.