According to the National Association of Realtors, there has been a 1.9% increase in new Real Estate agents, from this same time last year. This may be due to the pandemic, causing people to lose their jobs and they sought out new careers, where they have more control over their time and money. However, this increase may also be due to the record high sales in the housing market, due to low interest rates, caused by the pandemic.
Whatever the actual cause for the increase in Real Estate Agents; we have seen increases like this before. Whenever there is a booming Real Estate Market, we see a flood of people wanting to become Real Estate Agents and it makes sense. People see the large amounts of money Real Estate agents make from one transaction and they see the number of people buying and selling homes and the math just makes sense.
However, what they do not see is the 85% failure rate of Real Estate Agents, or that the average number of closed deals that agents make per year is 4. They also do not see the amount of work it takes, to get buyers who are ready, willing, and able to buy or to get listings from sellers. They do not see the amount of money spent on marketing to stand out in a sea of other Real Estate Agents and they also do not see all the behind the scenes, paperwork, phone calls and issues, Real Estate Agents deal with on a daily basis to keep deals together.
Yes, being a Real Estate Agent can be an attractive career. Agents show beautiful homes, they stand out in their community, they have freedom, and they can make a lot of money.
However, Real Estate is not for the faint of heart, it is a career that requires perseverance, consistency, zeal, wanting what’s best for your clients before thinking about what’s best for yourself and you have to 100% love what you do, in good and bad markets.
These are all the things I’ve learned throughout my 9-year career in Real Estate and these are the things, I teach my agents, as the Broker-Owner of West East Real Estate. None of this is to scare them, or anyone thinking about becoming a Real Estate agent, but it is to prepare them.
As a Real Estate agent, many days I found the job to be too hard, I cried, I quit and then I remembered the client’s I helped and how much I loved the job and it helped me to continue to preserve. Now I own a Brokerage with locations in 2 states.
My advice to people flocking to become Real Estate Agents is this: make sure you are getting into Real Estate because you love it, not because you see dollar signs. Learn your paperwork, procedures and how to attract clients. Learning these things will give you the tools and zeal to preserve.
Seekia Morrison, Real Estate Broker-Owner
West East Real Estate