So, apparently a lot of real estate agents are throwing in the towel, and dropping out of the business.
With home and condo sales in a deep freeze, the number of real estate brokers across the state is taking a dive.
The number of licensed real estate professionals has dropped by more than 1,300 over the past year, to 82,722, according to the stateâ€™s Board of Registration of Real Estate.
Of course, no one should be surprised.
The thing is, I think those who dropped out of the business never made much money, to begin with.
Your average real estate agent tries to look successful, but in reality, I think very few make a lot, the rest make a moderate amount, or nothing.
There just isn’t enough business to go around. I mean, 82,000 real estate agents!?!? MLS data shows 63,000 single-family homes and condominiums were sold in 2006 (not a complete number, by any means). Even after adding another 20,000 sales out in Western Massachusetts and those sold by an agent through a developer, that’s one deal per agent.
Truthfully, there are many less agents actively working with buyers and sellers; many people (housewives) do real estate on the side.
My guess would be that about 10% of the licensed agents make 50% of all deals. The next 10% of the licensed agents make about 20% of all deals. The remaining 30% of all deals are spread out among 30% of the licensed agents. The remaining 50% of licensed agents either aren’t working in real estate, or just never do a deal.
Oh, wait, there was one piece of juicy gossip in the Herald article:
Coldwell Banker recently closed one South End office, folding it into another one nearby. The manager, Jon Goode, insists it was an expansion move. Another longtime South End office run by another firm is also considering its options, one executive said.
Mmmm. I heard about that. Let me just say, it’s a big deal.
Source: When the going gets tough…Real estate values sink, agents bail out – By Scott Van Voorhis, The Boston Herald
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