During the boom’s peak from 2002 to 2004, the National Association of Realtors (NAR) saw memberships soar 26 percent. Today, over 1.2 million Americans call themselves Realtors.
But the exuberance couldn’t last forever: the NAR forecasts existing home sales to fall 7.6 percent in 2006. Agents, who work on commission, are already beginning to feel the bite.
Real estate is a notoriously difficult industry for newcomers. The NAR reported in 2005 that those who have been in the business for two years or less had an average income of only $12,850 a year. Long-time brokers – those with at least 26 years of experience – had an average of $92,600.
Hey, I’m all for it.
Words of wisdom for those agents having a hard time of it, right now.
Things aren’t going to get better.
More: Real estate downturn hits real estate agents – By Rob Kelley, CNNMoney.com