Until recently, all you heard about the real estate market was bad news. Prices dropping, over supply of inventory, excess bank foreclosures, short sales, etc. Income fell by 35 percent for real estate agents on average. Times were tough. Since the peak of the market in July 2007, thousands of real estate agents left the business and the interest in getting into real estate died.
That trend is reversing. It’s actually a great time to be in real estate sales. Home prices have increased month over month for the last 8 months, interest rates are still at historic lows, buyer demand is strong, bank foreclosures and short sales are down dramatically (35% of overall sales compared to 65% just 2 years ago) and new home inventory is on the rise.
According to a survey done by the National Association of Realtors®, the income of its members in 2012 was up for the second year in a row following nine years of decline. The median gross income of a Realtor® rose to $43,500 in 2012 from $34,900 in 2011. Income for real estate agents is projected to continue to increase over the next few years.
Not since 2006 has there been a better time to be a real estate agent. Real estate agents who are armed with the right tools, resources and support can maximize their income in today’s real estate market. Whether you’re already licensed and are re-entering real estate sales or you need to go through the licensing process, you should carefully examine your options when joining a real estate company.
Many agents never look further than compensation and fees when choosing a company. That can be a costly mistake. In addition to compensation and fees, what the company provides in terms of training, on-going support, technology tools including agent websites and contact management, office facilities, brand recognition, administrative support, residual income for retirement, mortgage, insurance and closing services will have a direct impact on an agent’s success.
An agent must be armed with all the right tools, resources and support in order to effectively compete in one of the best real estate markets in years.
It’s a great time to be in real estate sales!
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