Minnesota Realtors® has seen a 30% year-over-year increase in new members since June 2020, with 73% concentrated in the Twin Cities Metro area. I know I wrote about this a week ago and cited a much smaller number which I will correct once I figure out how I got it wrong.
Many were attracted to real estate sales because of the busy housing market (14%). For others, it was a layoff that was the reason for the leap into real estate (9%). 61% of the people who joined us had wanted to work in real estate sales and finally moved to it.
As I said last week 51% of the new members are over 50 which is typical. Full time 100% commissioned sales jobs do not attract all that many younger people. There is no health insurance except for what we buy for ourselves.
Most local REALTORS are 1099 independent contractors. I have been self-employed for almost 20 years. It isn’t an easy life but it can be very rewarding.
Real estate agents get better with experience. As they start out they don’t know what it is they don’t know but there is always business for new agents and they gain experience as they work with friends and family. Most new agents get paid as much as experienced agents.
During periods of higher unemployment, we often see an increase in the number of REALTORS. During the housing crash, we saw a decrease and the average age of members went down a bit as members retired.
There will likely be some retirements at the end of the year too. Retirements will show up when members do not renew their membership for 2021.