Don’t look now, but Realtors are vanishing.
Oops, there goes another one. Already 3 out of 10 Realtors have disappeared in the past 6 years.
Granted, our country has experienced the worst recession in at least 50 years and that alone has contributed greatly to this drop in Realtor membership. Nonetheless, the number of Realtors has declined from a peak of 1.357 million to less than 1.0 million in just six short years, nearly a 30% decline according to the National Association of Realtors.
NAR spokesperson Walt Molony told Tara Steele of AGBeat, “Monthly membership fluctuates because local dues cycles vary, and outside of the boom years there generally has been a seasonal dip from December to January. We focus on year-end numbers.
Annual totals for the past decade:
- 2012 TBD (964,886 as of February month end)
- 2011 1,009,940
- 2010 1,066,658
- 2009 1,112,645
- 2008 1,197,529
- 2007 1,338,001
- 2006 1,357,732
- 2005 1,264,640
- 2004 1,102,250
- 2003 976,960
- 2002 876,195
Regardless of whether the annual membership of NAR dips below 900,000 or stays slightly below 1,000,000, there will continue to be a need for Realtors and those that have weathered the recent tumultuous storms are much better positioned to seize growth opportunities as the economy continues to rebound.
Presently, even as sales prices are declining, residential real estate transactions are no longer falling throughout the country. So, in essence there is more business to go around for those that have stuck it out. Some Realtors are even scrambling to hire additional staff to handle this new business due to the large declines in the Realtor profession. “I have been actively looking for two sales agents for a couple months now and it is tough to find good people”, said Adam Wavrunek, Owner of Domain Realty.
Like all good gardens, there must be a period of pruning. It would appear that the Realtor industry is coming through the pruning period.
Michael Hobbs, PahRoo Appraisal & Consultancy
Speaking of growth:
EMPLOYMENT OPPORTUNITY: Chicago or Suburbs Certified Real Estate Appraiser, compensation $50 - $85,000