According to the National Association of Realtors, 54% of real estate firmsreported that they're concerned about millennials' ability tobuy homes due to stagnant wage growth, a weak job market andoverwhelming debt.

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The firms also expressed concern about their ability to recruitquality talent from millennials and Generation X to replacesoon-to-retire real estate professionals from the baby boomergeneration.

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

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“A majority of firms have a positive view of the future, with95% of all firms expecting their net income to either increase orstay the same in the next year,” NAR President Chris Polychron, whois 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 realproperty is back, and prospects are looking good for the realestate industry.”

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Seventy-nine percent of firms have one office and two full-timereal estate licensees, while 9% of firms have four or more officesand a median of 125 full-time licensees, the association said.

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

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