Usually, when unemployment goes up we do see an increase in the number of people who get real estate licenses.
Most real estate agents are independent contractors who work on a 100% commission basis.
All Minnesota real estate agents have to work under a broker. Real estate companies have brokers and most are always looking for more agents because agents sell real estate and generate revenue for the company.
Membership in the Minnesota Realtors® association has gone up 3.38% in the last year. There are 21,479 Realtors® in Minnesota.
There are more than enough real estate agents but there is always room for more.
There will be retirements this year too and people who quit. We normally see that at the end of the year when REALTORS pay their dues for the next year.
It will be interesting to see if there are more agents or fewer agents at the beginning of next year. I’ll go out on a limb and predict there will be more agents because there will probably be fewer jobs in other industries due to the pandemic.
New agents often start out at larger companies and then as they gain experience some move to smaller companies or they start their own company like I did.
New real estate agents usually charge the same amount as experienced agents charge.
Experience does matter, that is really all an agent has to sell. People without experience. They can ask for help but often they don’t know what they don’t know.
The best way to get experience is to work with another agent or on a team. When I started I was motivated to learn quickly and worked with an experienced agent as an assistant.
The hardest part of the job for a new agent is finding clients. Finding clients is a big part of the job for experienced agents too.