As Real Estate Gravy Train Slows Down, Realtors Bail
There are thousands of realtors quitting across the country as home prices have declined by record proportions. The average agent, age 51, has suffered a $2,000 annual pay cut. There was a rush of new realtors riding the wave of success during the peak time. Now, however, a sort of “weeding out” is occurring — the ambitious yet inexperienced hopefuls from the die-hard dedicated veterans.
Some are leaving to pursue new or old careers. Some are retiring. Some are sticking with it and changing up the modus operandi, perhaps focusing on foreclosure deals instead. Despite the current skittishness of many real estate agents, the National Association of Realtors reports that its membership grew to 1.35 million this year, according to The Christian Science Monitor. Rather than indicating an increase in legitimate real estate agents, the growing membership could possibly be caused by “unaffiliated agents scrambling for clout in a tough market,” the Science Monitor reports.
And skittishness is not such a bad thing. After all, you’ve got to look out for number one and maybe those who are getting out now instead of weathering the storm have got the right idea. Not everyone can succeed — some have got to give in. Perhaps the best quote on the matter comes from the Austin Real Estate blog, regarding the so-called “light at the end of the tunnel.”
“Remember when you see a light at the end of the tunnel, sometimes it’s a train coming to run you over.”
How true, indeed.
