Minnesota agent population declines

 January is a great time to write about how well our Minnesota Realtors are doing.  This is the time of year when people decide to be come real estate agents. This is the time of year when they call and ask questions.    

First off let me point out that a Realtor is a member of the National Association of Realtors and that is it possible to be a real estate agent and not a member of the association.  A real estate agent in this context is a someone with a real estate license. It is that license that allows us to work on behalf of others for a fee.

In 2001 there were 14,230 Realtors in Minnesota.  Durning the peak of the real estate boom in 2006 there were 25,429 Realtors.   In 2011 we had 15,892 agents which is still way to many.  There were more home sales in 2001 than there were in 2011 and home prices were about the same both years. 

Minnesota Realtors

There is always churning.  Most of us are self employed independent contractors.  There were people who became Realtors in 2011 and people who left.  The failure rate is very high.  When the unemployment rate goes up people decide to become Realtors and some of them succeed.  Being in 100% commissioned sales is something that most people never experience and even if it doesn’t work out it is a learning opportunity like no other. 

Getting a real estate license is easy and once licensed an agent can join the National Association of Realtors by paying dues.  

When choosing an agent experience matters.  An agent with no experience will  charge the same amount as an agent with decades of experience.  Real estate companies give agents training but they are on their own, real estate companies do not sell real estate. [see The Truth About real estate companies]  

Also see How Many Realtors in Minnesota?