1.2 Million and Falling

Did you know there are 1.2 million real estate agents in this country? That’s what it says here.

The number of agents is going to fall and fall hard in my opinion as the market continues to cool and agents actually have to “sell” property. Anyone with less than eight years of experience has only experienced a booming market where property almost always sold itself. Marketing, pricing, and negotiating have not been without challenges, but relative to the market 14-15 years ago, it has been a piece of cake.

I have newer agents constantly asking me for clients and some are even going back to previous careers considering new ones. I have also heard rumors of agents leaving offices in droves. I can’t tell you how many times in this recent market I have heard people at the closing table suggest that they should be in the real estate business. Most are clueless to the amount of expertise it takes to really bring value to a buyer or seller. Try convincing someone to pay 6% when you have no track record. No easy task.

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One Response to 1.2 Million and Falling

  1. avatar Noah says:

    Great point Douglas. Agreed. I’m already seeing the grim faces on many agents either from lack of business or facing denial over the idea of finding new work.
    I would expect a major correction in the # of agents in NYC brokerages by this time next year, and hope I can make it through myself!

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