According to a recent press release from the Consumer Federation of America, there are too many real estate agents as compared with the number of home sales. Agents with five years of experience or less are making 25 to 30 percent of the home sales in Minnesota, according to the same press release.
I have to agree. Experience matters when it comes to selling real estate. On the other hand, anyone who wants to pay a new agent to sell their house has the right to do so, and if that agent is licensed he or she has the right to sell that house.
Being a real estate agent is more about finding business than it is about selling houses. It has always been that way and I don’t think it will change. There was an influx of agents shortly before and during the pandemic.
Some agents will not have enough business to stay in business and they will quit or they will find a side hustle. The part-time agents who sell real estate as a side hustle will remain in business for as long as they can afford to do so.
The press release also points out the low-income level of some agents and the incompetence of others. There are incompetent individuals in every occupation and low-paying jobs can be found in every industry.
Heck, I even know of people who have full-time jobs that they do from home while at the same time, they are full-time real estate agents.
If you plan on working with a real estate agent it is a good idea to ask them how much experience they have so that you get the most from your commission dollars.
