Value added: Strong residential and commercial construction in Michigan has boosted the industry

The Real Estate Sales and Brokerage industry in Michigan is closely aligned with the performance of the commercial and residential real estate markets in the state, which grew strongly over the five years to 2018. Industry revenue is directly correlated with real estate transaction volumes and property prices because real estate agents are typically based completely on a commission basis, therefore receiving their fee only when they close a deal. Over the five years to 2018, state-specific industry revenue is anticipated to increase at an annualized rate of 2.4% to $2.2 billion, including an increase of 1.8% in 2018 alone...purchase to read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
2.4%
Forecast Growth 18-23
Profit
Employment
22,876
Businesses
18,467

Industry Threats & Opportunities

  • The internet is expected to become an integral tool used by agents and brokers
  • Additional Insights for the Real Estate Sales & Brokerage in Michigan Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Real Estate Sales & Brokerage in Michigan Industry are

  • Effective product promotion
  • Effective cost controls
  • Having contacts within key markets
  • IBISWorld analysts also discuss how external factors such as Housing starts in Michigan and Home price index in Michigan in the Real Estate Sales & Brokerage in Michigan industry impact industry performance..

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    What's in this report

    What is the Real Estate Sales & Brokerage in Michigan Industry?

    This industry comprises brokers and agents who sell, buy or rent real estate for others. Industry operators do not own these properties but act as intermediaries between owners or sellers and buyers or tenants.

    Industry Products
  • Residential sales
  • Residential rentals
  • Commercial sales
  • Commercial rentals
  • Transaction, advisory and other services
  • Industry Activities
  • Selling residential or commercial real estate for others
  • Buying residential or commercial real estate for others
  • Renting residential or commercial real estate for others
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Housing starts in Michigan
  • Home price index in Michigan
  • year conventional mortgage rate
  • Access to credit in Michigan
  • Value of private nonresidential construction in Michigan

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Real Estate Sales & Brokerage in Michigan Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Real Estate Investment Trusts
  • Apartment Rental
  • Commercial Leasing
  • Storage & Warehouse Leasing

  • Key Selling Industries
  • Billboard & Outdoor Advertising
  • Newspaper Publishing
  • Printing
  • VoIP
  • Wired Telecommunications Carriers
  • Wireless Telecommunications Carriers

  • Products & Services
  • Residential sales
  • Commercial rentals
  • Commercial sales
  • Transaction, advisory and other services
  • Residential rentals
  • Chart: Real Estate Sales & Brokerage in Michigan Industry Products and Services Segmentation

  • Major Markets
  • Married or partnered residential homeowner or renter
  • Single residential homeowner or renter
  • Retail space
  • Office and professional space
  • Warehousing
  • Manufacturing
  • Chart: Major Market Segmentation for the Real Estate Sales & Brokerage in Michigan Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    Basis of Competition
    Barriers to Entry
    CBRE Group Inc., Cushman & Wakefield Inc., Newmark Knight Frank, Realogy Holdings Corporation,
  • Table: CBRE Group Inc. - financial performance
  • Table: Cushman & Wakefield Inc. - financial performance
  • Table: Newmark Knight Frank - financial performance
  • Table: Realogy Holdings Corporation - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Real Estate Sales & Brokerage in Michigan Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Real Estate Sales & Brokerage in Michigan Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Value of Residential Construction in Michigan (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Foreclosure
  • The legal process in which an owner's right to a property is terminated, usually because the owner defaulted on the property's mortgage.
  • Franchise
  • A form of business that operates under a contract agreement and usually pays a business organization a fee to operate under the franchiser's trade name.
  • Real Estate Broker
  • An individual who runs a real estate office and manages agents.
  • Write-Down
  • The process of reducing the book value of an asset because it is overvalued compared with its current market value.
  • What Our Customers Say

    Why buy this report?

    The Real Estate Sales & Brokerage in Michigan Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Real Estate Sales & Brokerage in Michigan:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Real Estate Sales & Brokerage in Michigan market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Real Estate Sales & Brokerage in Michigan, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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