Real Estate News: Brooklyn And Queens See A Rise In Number Of Brokers And Agents

For two years in a row, the number of brokers and agents in Brooklyn and Queens have increased by 6.5 and 6.0 percent, respectively, beating the growth rate in Manhattan which is only at 2.9 percent. The said jump is an indication that brokers are following homebuyers and sellers into neighborhoods with rising inventory and increased prices.

"Brokers understand where the deals are getting done and there's a lot of that in the outer boroughs. More people are living these areas and you need brokers to service those people," explained Jason Haber, a broker at Walburg Realty.

In Brooklyn neighborhoods like Bay Ridge, big name brokers are starting to join the market said Susan Little, a broker at Corcoran. For instance, Clare Saliba used to compete against mom-and-pop brokerage shops but according to Corcoran, that is no longer the case.

Brooklyn had 10,009 brokers and agents which increased to 10,663 this year. Queens, on the other hand, had 11,044 last year but grew to 11,702 by the end of 2015. Staten Island also showed promising figures. In 2014, the borough had 2,433 brokers and agents which jumped to 2,540 showing a growth rate of 4.40 percent.

Meanwhile, the borough which showed the least amount of growth rate in its number of brokers and agents is the Bronx. In 2014, there were 4,982 people moving the market and by the end of 2015, the number increased only to 5,120, registering a growth rate of .6 percent.

Manhattan saw an average growth with a rate of 2.90 percent. In 2014, the borough had 30,209 real estate professionals but in 2015, there were already 31,075 brokers and agents engaged in the market.

Overall, the rise in the number of brokers and agents in New York City increased at a slower pace than last year, 4 percent in 2015 compared to a 5.5 percent increase in 2014. Also, in 2014, the city had a total of 56,193 real estate professionals which increased to 58,492 in 2015.