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ccording to the National Association of Realtors’ 2025 Profile of Real Estate Firms, brokerage companies are bracing for another year of challenges as housing affordability worsens and operating expenses climb. More than half (56%) view affordability as the top hurdle for 2026, while 36% cite rising costs and 35% point to local economic conditions. Despite these pressures, optimism remains: 38% foresee higher profits in 2025. “Real‑estate firms are on the front lines, witnessing how affordability and local economies affect clients,” said NAR deputy chief economist Jessica Lautz. “They also feel the cost of running a business, yet most expect profitability to stay steady.” The survey, based on broker‑member responses, also reports that repeat buyers account for 46% of sales and past‑client referrals 44%. Only 35% are actively recruiting, a 5‑point drop. Eighty‑one percent operate a single office, with an average of two full‑time licensees. Residential firms average 19 years in business; commercial firms average 25 years. Seventy‑one percent encourage agents to earn certifications, and 61% promote additional training.