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Realtors dropping like flies

Realtors dropping like flies
by Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate

Subprime crisis. Lenders suffering massive layoffs. Construction jobs disappearing. Etc. The real estate downturn has and is continuing to have a huge impact on numerous facets/segments of our society. It was only a matter of time before this impact was to be felt by Realtors. See this article from the New York Times.

Membership no longer increasing at ridiculous rates. "Successful" agents leaving the business. Going back to former professions in areas such as IT. I still don't think this is "enough". There are still too many agents out there. Maybe the rate at which agents are joining the ranks is decreasing....but the overall numbers still aren't dropping.

Still too many agents who just got in to "make a fast buck" that don't truly understand the intricacies of the business or actually understand what it takes to represent their clients' best interests.

I suspect we'll be seeing more such articles from the Times and other publications as additional Realtors leave the business...

Thanks for Reading :)

Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate

Posted by Kaushik Sirkar on 09/08/2007 08:40 PM

Comments (14)

realtors, realtor attrition

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14 Comments on Realtors dropping like flies

SEP

2007

Kaushik, I heard that our local board, here in Fort Myers Beach, FL, is down approx 20 %. Surely, more will leave.

This is not a bad thing if you are able to wait it out. Which I intend to do.

My goal from day 1, was to out last those that had gotten in the past few years. It is actually taking longer than I thought, but long over due.

Aside from the lenders who helped cause this problem, agents who are strong arming family members to use them to buy, have caused quite a few waves as well.

I turned down a listing client not long ago, because although her sister helped her find a condo to invest in, the rental return is about 40% of her mortgage payment, and they have a 1 year lease. Her sister made $25k on the buyers agent side, but now the buyer (the other sister) is asking about the foreclosure process. This is why it is hard for us to get friends and neighbors to trust us..... if family members are doing this, what is stopping friends and neighbors from taking advantage of people.....

Buyers and Sellers need to interview, then feel comfortable about who they choose. Then the agents need to justify the purchase with facts, not with their own pocket book.

When in large Realtor groups, usually when talking a class, I hear lots of talk from those who intend to leave for greener pastures. They may be leaving, but the classes are still packed to capacity (60).

SEP

2007

The down turn in the industry certainly "weeds out" the true professionals from those who jump in to make a fast buck. I don't think it is a bad thing and can only help our profession when those not truly committed and trained leave the business.

I've noticed the same thing as Rosario. With every "agent" that jumps ship, their seem to be 2 more willing to take his/her place. There is always a batch of buffoons unfortunately looking to get rich for little effort. Even the ones who decide that this isn't for them will hold onto their licenses to "help" the occassional friend or sell a personal residence. If this tough market does anything to clean house, I'm all for it. I don't mind competition. I mind incompetence.

Kaushik - Over the next year I am sure quite a few more will leave. This is a good thing. It is too easy to become a Realtor anyways. It should be more difficult to get your license than just taking a test. The last five years have seen a whole host of new agents who thought they would make it big. Unfortunately selling real estate is a whole lot more difficult than it looks from the outside.

Hi Kaushik,

I don't spend much time wasting energy being concerned about how many agents there are in my area nor their competitive spirits. I focus my time and energy on being the best agent I can be while offering my Clients the utmost in service. Sure, some are leaving...and more are signing up to take their place. Every field experiences folks leaving a trade. Let's face it...some have to do what is best for their families and I respect their decision to leave the industry and wish them well.

Just my thoughts...

-Keith

RE/MAX Olympic, Manassas VA

www.MyRealtorKeith.com

I am hopeful that many of the "Here for a Buck" will leave. Let's keep our fingers crossed and hope for the best.

My Motto "Everyone needs a Hobby - It just should not revolve around someone else's largest and most important asset they ever buy"

It's important to concentrate on my own business model. If the value is there, the clients will come regardless of market conditions. Thanks for posting this blog. I've added you as an associate; I'll be back to read some more of your posts!

Mike in Tucson

SEP

2007

Good Points! Those of us that stick through it will come out on the other end of this market correction smelling like a rose. We will show to our clients that we aren't going anywhere.

Well, lenders are cleaning house. I heard that the Minnesota Board of Realtors told agents not doing well to leave the business. Very interesting that your own trade group would do that to you.

SEP

2007

The same is to be said of all the "loan officers and mortgage consultant" and that term is used loosely who two years ago where flipping burgers and will again be asking would you like to add two apple pies to that. It is a shame that our industry, whether Realtors or LO's was and is just so saturated with people trying to get rich. Those people should buy one of those books from late night infomercials if they want to get paid for doing nothing.

The fewer the better is my take on the subject. Over the past 30 years I have seen people get a license whenever the market is hot so they can make a quick buck, but they crawl back in the woodwork as soon as the market goes south. The only way to change that is to increas initiation fees and membership fees, Karen

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