According to the National Association of Realtors, 54% of real estate firms reported that they're concerned about millennials' ability to buy homes due to stagnant wage growth, a weak job market and overwhelming debt.

The firms also expressed concern about their ability to recruit quality talent from millennials and Generation X to replace soon-to-retire real estate professionals from the baby boomer generation.

These issues were just a few concerns Realtors expressed in a recent survey, which the NAR used to produce its 2015 Profile of Real Estate Firms.

“A majority of firms have a positive view of the future, with 95% of all firms expecting their net income to either increase or stay the same in the next year,” NAR President Chris Polychron, who is also an executive broker for 1st Choice Realty in Hot Springs, Ark., said. “The improving economy continues to fuel job growth, and while some markets are still recovering, the demand for real property is back, and prospects are looking good for the real estate industry.”

The NAR reported that the typical residential firm has been operating for a median time period of 13 years, and the typical commercial firm has been in business for 20 years. Seventy-nine percent of firms have one office and two full-time real estate licensees, while 9% of firms have four or more offices and a median of 125 full-time licensees, the association said.

In addition, the NAR reported a typical residential real estate firm's brokerage sales volume was $5.6 million in 2014, and the typical commercial real estate firm's brokerage sales volume was $4.4 million. The size of a firm has a large impact on its sales volume – firms with only one office had a median brokerage sales volume of $4.1 million in 2014, while those with four or more offices had a median brokerage sales volume of $250 million, NAR added.

Instant Insights /

Realtors Fear Millennials Won't Buy Homes: NAR

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